HighTower Advisors LLC Acquires 3,229 Shares of Magnite, Inc. (NASDAQ:MGNI)

HighTower Advisors LLC increased its holdings in Magnite, Inc. (NASDAQ:MGNI) by 18.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,551 shares of the company’s stock after purchasing an additional 3,229 shares during the period. HighTower Advisors LLC’s holdings in Magnite were worth $327,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MGNI. SBI Securities Co. Ltd. bought a new stake in shares of Magnite during the fourth quarter valued at approximately $25,000. Larson Financial Group LLC increased its holdings in Magnite by 179.2% in the 4th quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock valued at $58,000 after acquiring an additional 2,341 shares during the last quarter. Quarry LP lifted its stake in Magnite by 446.8% in the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after purchasing an additional 4,508 shares in the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of Magnite by 20.6% during the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock valued at $93,000 after purchasing an additional 1,000 shares during the last quarter. Finally, KBC Group NV boosted its holdings in shares of Magnite by 66.5% during the 4th quarter. KBC Group NV now owns 5,943 shares of the company’s stock valued at $95,000 after purchasing an additional 2,374 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on MGNI shares. Needham & Company LLC reissued a “buy” rating and set a $20.00 price target on shares of Magnite in a research note on Thursday, February 27th. Wolfe Research increased their target price on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Scotiabank started coverage on shares of Magnite in a research report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price target on the stock. Wells Fargo & Company increased their price objective on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Finally, Royal Bank of Canada boosted their target price on shares of Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $19.27.

Magnite Stock Performance

Shares of NASDAQ:MGNI opened at $11.40 on Wednesday. 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 12 month low of $8.38 and a 12 month high of $21.29. The company has a market capitalization of $1.63 billion, a price-to-earnings ratio of 190.00, a PEG ratio of 1.00 and a beta of 2.79. The firm’s 50-day moving average is $15.91 and its 200 day moving average is $15.17.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, February 26th. The company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.14). Magnite had a net margin of 2.62% and a return on equity of 4.64%. The business had revenue of $180.20 million for the quarter, compared to the consensus estimate of $183.90 million. Research analysts predict that Magnite, Inc. will post 0.33 EPS for the current year.

Insiders Place Their Bets

In other Magnite news, insider Adam Lee Soroca sold 15,499 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $15.75, for a total value of $244,109.25. Following the transaction, the insider now directly owns 458,386 shares in the company, valued at $7,219,579.50. This represents a 3.27 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Sean Patrick Buckley sold 18,693 shares of Magnite stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $20.00, for a total transaction of $373,860.00. Following the sale, the insider now directly owns 408,529 shares of the company’s stock, valued at $8,170,580. This represents a 4.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 258,250 shares of company stock worth $4,945,720 over the last quarter. Company insiders own 4.30% of the company’s stock.

Magnite 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.