Geode Capital Management LLC Increases Holdings in Magnite, Inc. (NASDAQ:MGNI)

Geode Capital Management LLC lifted its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 2.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,968,286 shares of the company’s stock after purchasing an additional 63,545 shares during the quarter. Geode Capital Management LLC owned 2.11% of Magnite worth $41,118,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Barclays PLC increased its position in shares of Magnite by 352.9% during the third quarter. Barclays PLC now owns 210,598 shares of the company’s stock valued at $2,917,000 after buying an additional 164,093 shares during the period. Nomura Asset Management Co. Ltd. bought a new stake in Magnite during the 3rd quarter worth approximately $23,917,000. Y Intercept Hong Kong Ltd purchased a new stake in Magnite in the 3rd quarter worth approximately $380,000. XTX Topco Ltd bought a new position in Magnite in the 3rd quarter valued at $220,000. Finally, Wellington Management Group LLP grew its position in shares of 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 in the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Magnite Price Performance

Shares of NASDAQ:MGNI opened at $16.42 on Wednesday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. The stock has a market cap of $2.31 billion, a PE ratio of 273.67, a PEG ratio of 1.35 and a beta of 2.50. The company’s fifty day moving average is $15.04 and its 200 day moving average is $13.99. Magnite, Inc. has a 52 week low of $8.38 and a 52 week high of $18.38.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on MGNI shares. Benchmark reissued a “buy” rating and set a $21.00 price objective on shares of Magnite in a research note on Wednesday, October 2nd. Needham & Company LLC lifted their price target on Magnite from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. Royal Bank of Canada restated an “outperform” rating and issued a $19.00 price objective on shares of Magnite in a research report on Friday, September 27th. Macquarie reiterated an “outperform” rating and set a $18.00 target price on shares of Magnite in a research report on Friday, November 8th. Finally, Wells Fargo & Company initiated coverage on shares of Magnite in a report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price target on the stock. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, Magnite presently has a consensus rating of “Moderate Buy” and an average price target of $17.73.

Insider Activity

In related news, CRO Sean Patrick Buckley sold 10,001 shares of the company’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $15.60, for a total transaction of $156,015.60. Following the completion of the sale, the executive now directly owns 303,743 shares in the company, valued at $4,738,390.80. This represents a 3.19 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Brian Gephart sold 2,156 shares of the stock in a transaction 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 sale, the chief accounting officer now directly owns 116,982 shares of the company’s stock, valued at $1,754,730. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 352,752 shares of company stock valued at $5,938,282. 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.