Millrace Asset Group Inc. Sells 48,361 Shares of Magnite, Inc. (NASDAQ:MGNI)

Millrace Asset Group Inc. lowered its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 22.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 165,330 shares of the company’s stock after selling 48,361 shares during the quarter. Magnite comprises approximately 2.3% of Millrace Asset Group Inc.’s holdings, making the stock its 9th largest holding. Millrace Asset Group Inc. owned 0.12% of Magnite worth $2,290,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Magnite by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 12,818,197 shares of the company’s stock worth $137,796,000 after purchasing an additional 166,522 shares during the last quarter. Marshall Wace LLP grew its position in Magnite by 59.0% during the second quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock worth $20,726,000 after buying an additional 578,678 shares in the last quarter. Royce & Associates LP grew its position in Magnite by 5.2% during the third quarter. Royce & Associates LP now owns 1,488,301 shares of the company’s stock worth $20,613,000 after buying an additional 73,555 shares in the last quarter. Victory Capital Management Inc. increased its stake in Magnite by 2.9% during the third quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company’s stock valued at $18,569,000 after acquiring an additional 37,601 shares during the period. Finally, Meros Investment Management LP raised its holdings in Magnite by 1.3% in the 2nd quarter. Meros Investment Management LP now owns 1,044,209 shares of the company’s stock valued at $13,878,000 after acquiring an additional 13,570 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Magnite Stock Performance

NASDAQ:MGNI opened at $16.60 on Tuesday. The stock has a market capitalization of $2.34 billion, a P/E ratio of 276.67, a price-to-earnings-growth ratio of 1.40 and a beta of 2.43. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite, Inc. has a 1 year low of $7.97 and a 1 year high of $18.38. The firm has a 50 day moving average of $13.44 and a 200-day moving average of $13.28.

Insider Activity at Magnite

In other Magnite news, CRO Sean Patrick Buckley sold 10,001 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $15.60, for a total transaction of $156,015.60. Following the sale, the executive now owns 303,743 shares of the company’s stock, valued at $4,738,390.80. This represents a 3.19 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Aaron Saltz sold 5,112 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $13.50, for a total transaction of $69,012.00. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. Insiders sold 140,051 shares of company stock valued at $2,233,314 in the last three months. Corporate insiders own 4.30% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on MGNI. Craig Hallum reissued a “buy” rating and set a $20.00 price objective on shares of Magnite in a report on Wednesday, August 21st. Macquarie reiterated an “outperform” rating and set a $18.00 price target on shares of Magnite in a research note on Friday, November 8th. Benchmark restated a “buy” rating and issued a $21.00 price objective on shares of Magnite in a research note on Wednesday, October 2nd. Royal Bank of Canada reiterated an “outperform” rating and set a $19.00 target price on shares of Magnite in a research report on Friday, September 27th. Finally, Bank of America upped their target price on shares of Magnite from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Monday, July 29th. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $16.96.

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.