Barclays PLC Purchases 164,093 Shares of Magnite, Inc. (NASDAQ:MGNI)

Barclays PLC increased its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 352.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 210,598 shares of the company’s stock after buying an additional 164,093 shares during the period. Barclays PLC owned about 0.15% of Magnite worth $2,917,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in MGNI. Wellington Management Group LLP increased its position in Magnite by 125.3% during the 3rd quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock valued at $91,128,000 after purchasing an additional 3,659,759 shares during the period. Nomura Asset Management Co. Ltd. bought a new position in Magnite in the third quarter worth approximately $23,917,000. Granite Investment Partners LLC bought a new position in Magnite in the second quarter worth approximately $11,227,000. Driehaus Capital Management LLC purchased a new stake in Magnite during the second quarter worth $9,938,000. Finally, Marshall Wace LLP boosted its position in Magnite by 59.0% during 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 in the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on MGNI shares. Benchmark restated a “buy” rating and set a $21.00 price objective on shares of Magnite in a research note on Wednesday, October 2nd. Wells Fargo & Company initiated coverage on shares of Magnite in a research report on Monday, October 28th. They set an “equal weight” rating and a $13.00 price target for the company. Macquarie reaffirmed an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a research report on Friday, November 8th. Scotiabank began coverage on shares of Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 target price for the company. Finally, Needham & Company LLC raised 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. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, Magnite has a consensus rating of “Moderate Buy” and a consensus price target of $17.73.

Magnite Stock Performance

Shares of MGNI opened at $16.42 on Wednesday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a 50-day moving average of $15.04 and a two-hundred day moving average of $13.99. The stock has a market cap of $2.31 billion, a P/E ratio of 273.67, a P/E/G ratio of 1.35 and a beta of 2.50. Magnite, Inc. has a one year low of $8.38 and a one year high of $18.38.

Insider Transactions at Magnite

In other Magnite news, CAO Brian Gephart sold 2,156 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $15.00, for a total transaction of $32,340.00. Following the completion of the transaction, the chief accounting officer now directly owns 116,982 shares of the company’s stock, valued at approximately $1,754,730. This trade represents a 1.81 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Aaron Saltz sold 5,112 shares of Magnite stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $13.50, for a total transaction of $69,012.00. Following the sale, the insider now owns 307,745 shares of the company’s stock, valued at approximately $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 352,752 shares of company stock worth $5,938,282 over the last three months. 4.30% of the stock is currently owned by insiders.

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.