Nomura Asset Management Co. Ltd. Takes Position in Magnite, Inc. (NASDAQ:MGNI)

Nomura Asset Management Co. Ltd. purchased a new position in Magnite, Inc. (NASDAQ:MGNI) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 1,726,861 shares of the company’s stock, valued at approximately $23,917,000. Nomura Asset Management Co. Ltd. owned approximately 1.23% of Magnite as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in MGNI. UMB Bank n.a. raised its holdings in Magnite by 111.8% in the second quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock valued at $30,000 after acquiring an additional 1,188 shares in the last quarter. Asset Dedication LLC bought a new position in shares of Magnite during the second quarter worth about $52,000. Blue Trust Inc. acquired a new position in Magnite in the second quarter worth about $56,000. Benjamin F. Edwards & Company Inc. grew its stake in Magnite by 973.5% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock worth $58,000 after purchasing an additional 3,972 shares in the last quarter. Finally, Quarry LP increased its holdings in Magnite by 446.8% in the third quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after buying an additional 4,508 shares during the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on MGNI shares. Royal Bank of Canada reiterated an “outperform” rating and issued a $19.00 target price on shares of Magnite in a research report on Friday, September 27th. Needham & Company LLC boosted their target price on shares of Magnite from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Benchmark reissued a “buy” rating and set a $21.00 target price on shares of Magnite in a report on Wednesday, October 2nd. Craig Hallum reaffirmed a “buy” rating and issued a $20.00 price target on shares of Magnite in a report on Wednesday, August 21st. Finally, Macquarie reiterated an “outperform” rating and set a $18.00 price objective on shares of Magnite in a research note on Friday, November 8th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $17.73.

Insider Activity

In other Magnite news, CEO Michael G. Barrett sold 147,996 shares of the stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $17.52, for a total transaction of $2,592,889.92. Following the completion of the transaction, the chief executive officer now directly owns 634,914 shares of the company’s stock, valued at approximately $11,123,693.28. This trade represents a 18.90 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Aaron Saltz sold 5,112 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $13.50, for a total value of $69,012.00. Following the completion of the sale, the insider now directly owns 307,745 shares in the company, valued at $4,154,557.50. This represents a 1.63 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 339,139 shares of company stock valued at $5,714,741. Company insiders own 4.30% of the company’s stock.

Magnite Stock Up 0.2 %

MGNI opened at $16.81 on Wednesday. The stock’s 50 day moving average price is $14.21 and its 200 day moving average price is $13.73. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market cap of $2.36 billion, a P/E ratio of 280.17, a P/E/G ratio of 1.47 and a beta of 2.50. Magnite, Inc. has a 12 month low of $8.23 and a 12 month high of $18.38.

About Magnite

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company’s platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.