325 Capital LLC Buys New Stake in Magnite, Inc. $MGNI

325 Capital LLC bought a new stake in Magnite, Inc. (NASDAQ:MGNI) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 650,061 shares of the company’s stock, valued at approximately $14,158,000. Magnite accounts for approximately 4.3% of 325 Capital LLC’s investment portfolio, making the stock its 9th biggest holding. 325 Capital LLC owned 0.45% of Magnite as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of MGNI. Vanguard Group Inc. grew its stake in shares of Magnite by 8.1% in the third quarter. Vanguard Group Inc. now owns 14,654,432 shares of the company’s stock valued at $319,174,000 after buying an additional 1,092,147 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Magnite by 63.1% in the 2nd quarter. American Century Companies Inc. now owns 4,829,197 shares of the company’s stock valued at $116,480,000 after buying an additional 1,868,188 shares during the period. Geode Capital Management LLC lifted its stake in Magnite by 6.0% during the 2nd quarter. Geode Capital Management LLC now owns 3,216,842 shares of the company’s stock worth $77,597,000 after acquiring an additional 183,414 shares in the last quarter. State Street Corp lifted its stake in Magnite by 5.2% during the 2nd quarter. State Street Corp now owns 3,053,607 shares of the company’s stock worth $73,653,000 after acquiring an additional 150,547 shares in the last quarter. Finally, Frontier Capital Management Co. LLC boosted its holdings in Magnite by 419.4% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 1,793,830 shares of the company’s stock valued at $43,267,000 after acquiring an additional 1,448,456 shares during the period. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Magnite

In related news, insider Adam Lee Soroca sold 21,529 shares of the company’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $12.00, for a total transaction of $258,348.00. Following the sale, the insider directly owned 388,425 shares in the company, valued at approximately $4,661,100. This represents a 5.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.80% of the company’s stock.

Magnite Price Performance

MGNI stock opened at $11.88 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a market capitalization of $1.72 billion, a P/E ratio of 12.64, a P/E/G ratio of 0.64 and a beta of 2.34. The business’s 50-day moving average is $13.64 and its two-hundred day moving average is $16.87. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $26.65.

Wall Street Analysts Forecast Growth

MGNI has been the subject of several research reports. Scotiabank dropped their target price on Magnite from $30.00 to $16.00 and set a “sector outperform” rating for the company in a research report on Thursday, February 26th. Weiss Ratings reissued a “hold (c)” rating on shares of Magnite in a research note on Thursday, January 22nd. Wells Fargo & Company dropped their price objective on shares of Magnite from $20.00 to $13.00 and set an “equal weight” rating for the company in a report on Friday, February 27th. Evercore reaffirmed an “outperform” rating and set a $20.00 target price on shares of Magnite in a research note on Thursday, February 26th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $39.00 target price on shares of Magnite in a report on Thursday, February 26th. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $24.10.

Magnite Company Profile

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).