JPMorgan Chase & Co. Sells 50,124 Shares of Magnite, Inc. (NASDAQ:MGNI)

JPMorgan Chase & Co. decreased its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 3.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,426,942 shares of the company’s stock after selling 50,124 shares during the period. JPMorgan Chase & Co. owned 1.01% of Magnite worth $19,763,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Benjamin F. Edwards & Company Inc. boosted its stake in Magnite by 973.5% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock worth $58,000 after purchasing an additional 3,972 shares in the last quarter. Quarry LP raised its holdings in shares of Magnite by 446.8% in the third quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after buying an additional 4,508 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in shares of Magnite during the second quarter worth $93,000. Blue Trust Inc. grew its holdings in shares of Magnite by 87.0% during the third quarter. Blue Trust Inc. now owns 7,931 shares of the company’s stock valued at $105,000 after buying an additional 3,689 shares during the last quarter. Finally, Lebenthal Global Advisors LLC acquired a new position in shares of Magnite in the 3rd quarter valued at $141,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Magnite Price Performance

Shares of Magnite stock opened at $16.46 on Friday. The firm has a market cap of $2.32 billion, a PE ratio of 274.33, a P/E/G ratio of 1.35 and a beta of 2.51. Magnite, Inc. has a twelve month low of $8.38 and a twelve month high of $18.38. The business has a 50-day moving average price of $16.11 and a 200 day moving average price of $14.26. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76.

Insider Activity at Magnite

In related news, CFO David Day sold 13,345 shares of Magnite stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $17.00, for a total value of $226,865.00. Following the sale, the chief financial officer now directly owns 374,014 shares in the company, valued at approximately $6,358,238. The trade was a 3.45 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CRO Sean Patrick Buckley sold 10,001 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $15.60, for a total value of $156,015.60. Following the transaction, the executive now directly owns 303,743 shares of the company’s stock, valued at $4,738,390.80. The trade was a 3.19 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 366,097 shares of company stock valued at $6,165,147. 4.30% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Wells Fargo & Company assumed coverage on Magnite in a research report on Monday, October 28th. They set an “equal weight” rating and a $13.00 price target for the company. Royal Bank of Canada lifted their target price on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Needham & Company LLC increased their price target on shares of Magnite from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Benchmark reissued a “buy” rating and set a $21.00 price target on shares of Magnite in a research report on Wednesday, October 2nd. Finally, Macquarie reaffirmed an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a 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 stock. According to data from MarketBeat.com, Magnite has an average rating of “Moderate Buy” and an average target price of $18.19.

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.