Charles Schwab Investment Management Inc. Boosts Stock Holdings in Magnite, Inc. (NASDAQ:MGNI)

Charles Schwab Investment Management Inc. boosted its position in Magnite, Inc. (NASDAQ:MGNI) by 2.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,033,104 shares of the company’s stock after purchasing an additional 26,656 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.73% of Magnite worth $14,308,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of MGNI. Verdence Capital Advisors LLC increased its stake in Magnite by 4.8% during the 3rd quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company’s stock valued at $268,000 after purchasing an additional 892 shares in the last quarter. Mount Yale Investment Advisors LLC lifted its stake in Magnite by 4.6% in the 3rd quarter. Mount Yale Investment Advisors LLC now owns 24,229 shares of the company’s stock valued at $336,000 after buying an additional 1,068 shares in the last quarter. Arizona State Retirement System lifted its position in shares of Magnite by 3.4% in the second quarter. Arizona State Retirement System now owns 35,256 shares of the company’s stock valued at $469,000 after acquiring an additional 1,160 shares in the last quarter. UMB Bank n.a. increased its position in shares of Magnite by 111.8% during the second quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock worth $30,000 after purchasing an additional 1,188 shares in the last quarter. Finally, Fulton Bank N.A. grew its holdings in shares of Magnite by 6.4% during the third quarter. Fulton Bank N.A. now owns 28,311 shares of the company’s stock worth $392,000 after buying an additional 1,696 shares in the last quarter. Institutional investors own 73.40% of the company’s stock.

Insider Activity at Magnite

In other news, insider Aaron Saltz sold 6,110 shares of Magnite stock in a transaction on Monday, November 25th. The shares were sold at an average price of $17.50, for a total value of $106,925.00. Following the transaction, the insider now directly owns 297,482 shares of the company’s stock, valued at $5,205,935. The trade was a 2.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Michael G. Barrett sold 27,004 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $17.63, for a total transaction of $476,080.52. Following the completion of the sale, the chief executive officer now owns 782,910 shares of the company’s stock, valued at approximately $13,802,703.30. This trade represents a 3.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 339,139 shares of company stock valued at $5,714,741 in the last ninety days. Insiders own 4.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Benchmark restated a “buy” rating and issued a $21.00 price target on shares of Magnite in a research report on Wednesday, October 2nd. Needham & Company LLC increased their price target on Magnite from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday. 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 price objective for the company. Scotiabank began coverage on Magnite in a research note on Thursday. They set a “sector outperform” rating and a $22.00 price target on the stock. Finally, Macquarie reaffirmed an “outperform” rating and set a $18.00 price objective on shares of Magnite in a research report on Friday, November 8th. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $17.73.

Magnite Stock Performance

Shares of MGNI opened at $18.00 on Monday. The company has a market capitalization of $2.53 billion, a price-to-earnings ratio of 300.00, a price-to-earnings-growth ratio of 1.43 and a beta of 2.50. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite, Inc. has a 52-week low of $8.05 and a 52-week high of $18.38. The stock has a 50 day moving average price of $14.15 and a 200 day moving average price of $13.69.

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.