272 Capital LP Makes New $598,000 Investment in Magnite, Inc. (NASDAQ:MGNI)

272 Capital LP purchased a new stake in shares of Magnite, Inc. (NASDAQ:MGNI) in the 3rd quarter, HoldingsChannel reports. The institutional investor purchased 43,200 shares of the company’s stock, valued at approximately $598,000.

Several other institutional investors have also modified their holdings of the company. Comerica Bank grew its position in Magnite by 6,214.5% in the 1st quarter. Comerica Bank now owns 27,847 shares of the company’s stock worth $299,000 after purchasing an additional 27,406 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Magnite by 517.2% in the second quarter. Assenagon Asset Management S.A. now owns 142,283 shares of the company’s stock worth $1,891,000 after purchasing an additional 119,229 shares in the last quarter. Outlook Wealth Advisors LLC bought a new stake in shares of Magnite during the second quarter valued at about $276,000. Blue Trust Inc. acquired a new stake in Magnite in the second quarter worth about $56,000. Finally, Calamos Advisors LLC bought a new position in Magnite in the 2nd quarter valued at about $2,048,000. Institutional investors own 73.40% of the company’s stock.

Insider Activity at Magnite

In other news, CAO Brian Gephart sold 2,156 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $15.60, for a total transaction of $33,633.60. Following the sale, the chief accounting officer now directly owns 112,795 shares in the company, valued at approximately $1,759,602. The trade was a 1.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Aaron Saltz sold 5,112 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $13.50, for a total value of $69,012.00. Following the completion of the transaction, the insider now owns 307,745 shares of the company’s stock, valued at $4,154,557.50. The trade was a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 339,139 shares of company stock worth $5,714,741 in the last 90 days. 4.30% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on MGNI. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $19.00 price target on shares of Magnite in a research note on Friday, September 27th. Wells Fargo & Company started coverage on shares of Magnite in a research report on Monday, October 28th. They set an “equal weight” rating and a $13.00 price objective for the company. Craig Hallum reiterated a “buy” rating and issued a $20.00 target price on shares of Magnite in a report on Wednesday, August 21st. Macquarie reissued an “outperform” rating and set a $18.00 price target on shares of Magnite in a research report on Friday, November 8th. Finally, Scotiabank started coverage on shares of Magnite in a research report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 target price for the company. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $17.73.

Magnite Stock Performance

Shares of MGNI opened at $16.50 on Friday. The company has a market capitalization of $2.32 billion, a PE ratio of 274.00, a price-to-earnings-growth ratio of 1.38 and a beta of 2.50. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. Magnite, Inc. has a one year low of $8.38 and a one year high of $18.38. The company’s fifty day moving average price is $14.48 and its 200 day moving average price is $13.80.

Magnite Company Profile

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.