KBC Group NV Trims Stock Holdings in Magnite, Inc. (NASDAQ:MGNI)

KBC Group NV cut its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 34.5% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,569 shares of the company’s stock after selling 1,881 shares during the period. KBC Group NV’s holdings in Magnite were worth $49,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. UMB Bank n.a. raised its holdings in 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 during the last quarter. Asset Dedication LLC purchased a new position in Magnite in the second quarter valued at approximately $52,000. Blue Trust Inc. purchased a new stake in Magnite during the 2nd quarter worth $56,000. Benjamin F. Edwards & Company Inc. raised its holdings in shares of Magnite by 973.5% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock valued at $58,000 after buying an additional 3,972 shares during the period. Finally, DekaBank Deutsche Girozentrale acquired a new stake in Magnite during the 2nd quarter valued at $93,000. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Needham & Company LLC reissued a “buy” rating and set a $15.00 price target on shares of Magnite in a research report on Wednesday, October 2nd. Craig Hallum reaffirmed a “buy” rating and issued a $20.00 target price on shares of Magnite in a research report on Wednesday, August 21st. Bank of America increased their price target on Magnite from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Wells Fargo & Company began coverage on shares of Magnite in a research note on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price target for the company. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $19.00 target price on shares of Magnite in a report on Friday, September 27th. 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, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.96.

Magnite Price Performance

Shares of MGNI opened at $17.13 on Friday. The business’s 50-day moving average is $13.39 and its 200-day moving average is $13.19. The company has a market capitalization of $2.41 billion, a price-to-earnings ratio of 285.50, a P/E/G ratio of 1.35 and a beta of 2.43. Magnite, Inc. has a fifty-two week low of $7.97 and a fifty-two week high of $17.19. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11.

Insider Transactions at Magnite

In related news, Director Robert F. Spillane sold 12,500 shares of Magnite stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $16.12, for a total value of $201,500.00. Following the completion of the sale, the director now owns 70,651 shares of the company’s stock, valued at approximately $1,138,894.12. The trade was a 15.03 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael G. Barrett sold 100,000 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $16.14, for a total value of $1,614,000.00. Following the transaction, the chief executive officer now directly owns 809,914 shares in the company, valued at approximately $13,072,011.96. This represents a 10.99 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 140,051 shares of company stock valued at $2,233,314. 4.30% of the stock is 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.