California State Teachers Retirement System reduced its position in shares of Magnite, Inc. (NASDAQ:MGNI – Free Report) by 1.4% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 154,667 shares of the company’s stock after selling 2,192 shares during the quarter. California State Teachers Retirement System owned about 0.11% of Magnite worth $1,432,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also bought and sold shares of the company. State of Wyoming purchased a new position in shares of Magnite during the fourth quarter valued at $29,000. Covestor Ltd raised its holdings in shares of Magnite by 7,927.8% in the 1st quarter. Covestor Ltd now owns 2,890 shares of the company’s stock valued at $38,000 after purchasing an additional 2,854 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of Magnite in the 4th quarter worth approximately $42,000. Captrust Financial Advisors boosted its stake in shares of Magnite by 48.5% during the first quarter. Captrust Financial Advisors now owns 3,767 shares of the company’s stock valued at $50,000 after purchasing an additional 1,230 shares in the last quarter. Finally, Kistler Tiffany Companies LLC increased its holdings in Magnite by 108.7% during the first quarter. Kistler Tiffany Companies LLC now owns 6,200 shares of the company’s stock valued at $57,000 after buying an additional 3,229 shares during the period. 73.40% of the stock is owned by institutional investors.
Analysts Set New Price Targets
Several brokerages have issued reports on MGNI. Susquehanna dropped their target price on Magnite from $15.00 to $13.00 and set a “positive” rating on the stock in a research report on Thursday, August 10th. TheStreet upgraded shares of Magnite from a “d+” rating to a “c-” rating in a report on Monday, July 31st. 22nd Century Group reissued a “reiterates” rating on shares of Magnite in a research report on Monday, May 22nd. Cannonball Research downgraded shares of Magnite from a “buy” rating to a “neutral” rating in a research report on Monday, June 5th. Finally, Royal Bank of Canada decreased their target price on shares of Magnite from $20.00 to $18.00 and set an “outperform” rating for the company in a research report on Thursday, August 10th. Two research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Magnite presently has a consensus rating of “Moderate Buy” and an average price target of $14.75.
Magnite Price Performance
Shares of MGNI opened at $8.31 on Thursday. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.14 and a quick ratio of 1.14. The company’s fifty day moving average price is $12.42 and its 200-day moving average price is $11.31. Magnite, Inc. has a 1-year low of $5.59 and a 1-year high of $15.73. The firm has a market capitalization of $1.14 billion, a PE ratio of -4.83 and a beta of 2.15.
Insiders Place Their Bets
In other news, CTO David Buonasera sold 6,624 shares of the firm’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $13.43, for a total value of $88,960.32. Following the completion of the transaction, the chief technology officer now directly owns 215,338 shares in the company, valued at $2,891,989.34. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CTO David Buonasera sold 6,624 shares of the stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $13.43, for a total value of $88,960.32. Following the transaction, the chief technology officer now owns 215,338 shares in the company, valued at approximately $2,891,989.34. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Michael G. Barrett sold 25,000 shares of Magnite stock in a transaction that occurred on Tuesday, July 11th. The shares were sold at an average price of $15.02, for a total transaction of $375,500.00. Following the sale, the chief executive officer now owns 1,405,072 shares of the company’s stock, valued at $21,104,181.44. The disclosure for this sale can be found here. In the last 90 days, insiders sold 160,847 shares of company stock valued at $1,979,167. 4.30% of the stock is owned by company insiders.
Magnite, Inc operates an independent 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 provides applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory.
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