Royce & Associates LP Buys 73,555 Shares of Magnite, Inc. (NASDAQ:MGNI)

Royce & Associates LP raised its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 5.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,488,301 shares of the company’s stock after acquiring an additional 73,555 shares during the period. Royce & Associates LP owned about 1.05% of Magnite worth $20,613,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of MGNI. Granite Investment Partners LLC bought a new position in Magnite during the 2nd quarter valued at $11,227,000. Driehaus Capital Management LLC bought a new stake in shares of Magnite during the 2nd quarter worth $9,938,000. Marshall Wace LLP raised its stake in Magnite by 59.0% in the 2nd quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock valued at $20,726,000 after acquiring an additional 578,678 shares during the period. Harbor Capital Advisors Inc. raised its stake in Magnite by 136.0% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 921,531 shares of the company’s stock valued at $12,763,000 after acquiring an additional 531,069 shares during the period. Finally, Dana Investment Advisors Inc. bought a new stake in Magnite in the 2nd quarter valued at about $6,556,000. 73.40% of the stock is currently owned by institutional investors.

Insider Transactions at Magnite

In other news, CRO Sean Patrick Buckley sold 2,623 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $12.53, for a total value of $32,866.19. Following the transaction, the executive now owns 331,742 shares in the company, valued at approximately $4,156,727.26. This trade represents a 0.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Aaron Saltz sold 5,112 shares of the firm’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 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. Over the last 90 days, insiders have sold 17,801 shares of company stock worth $233,805. Insiders own 4.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on MGNI shares. Wells Fargo & Company started coverage on Magnite in a research report on Monday, October 28th. They set an “equal weight” rating and a $13.00 target price for the company. Bank of America upped their price objective on Magnite from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Lake Street Capital initiated coverage on Magnite in a report on Thursday, July 25th. They issued a “buy” rating and a $21.00 price objective for the company. Craig Hallum reaffirmed a “buy” rating and issued a $20.00 target price on shares of Magnite in a research note on Wednesday, August 21st. Finally, Macquarie reiterated an “outperform” rating and set a $18.00 price target on shares of Magnite in a research report on Friday, November 8th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $16.96.

Magnite Stock Down 4.9 %

Shares of Magnite stock opened at $15.85 on Friday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. Magnite, Inc. has a 52-week low of $7.61 and a 52-week high of $17.00. The stock has a market capitalization of $2.23 billion, a price-to-earnings ratio of 264.17, a P/E/G ratio of 1.56 and a beta of 2.43. The company’s 50 day moving average price is $13.08 and its 200-day moving average price is $12.92.

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.