Magnite, Inc. $MGNI Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. decreased its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 29.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 170,152 shares of the company’s stock after selling 71,786 shares during the period. Envestnet Asset Management Inc. owned approximately 0.12% of Magnite worth $3,706,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Stephens Inc. AR boosted its holdings in shares of Magnite by 0.6% in the third quarter. Stephens Inc. AR now owns 83,468 shares of the company’s stock valued at $1,818,000 after acquiring an additional 517 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in Magnite by 20.5% in the second quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company’s stock worth $82,000 after purchasing an additional 577 shares during the period. CWM LLC boosted its stake in Magnite by 133.6% during the 2nd quarter. CWM LLC now owns 1,775 shares of the company’s stock valued at $43,000 after purchasing an additional 1,015 shares in the last quarter. AlphaQuest LLC increased its position in shares of Magnite by 8.4% during the 3rd quarter. AlphaQuest LLC now owns 13,491 shares of the company’s stock valued at $294,000 after purchasing an additional 1,044 shares during the period. Finally, Nisa Investment Advisors LLC raised its stake in shares of Magnite by 66.0% in the 2nd quarter. Nisa Investment Advisors LLC now owns 2,780 shares of the company’s stock worth $67,000 after buying an additional 1,105 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on MGNI shares. Benchmark reaffirmed a “buy” rating on shares of Magnite in a research note on Monday, January 12th. Rosenblatt Securities restated a “buy” rating and set a $39.00 price objective on shares of Magnite in a research report on Thursday, November 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a research note on Thursday, January 22nd. Wells Fargo & Company dropped their target price on shares of Magnite from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Friday, November 7th. Finally, Wall Street Zen cut shares of Magnite from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Magnite currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.00.

Magnite Stock Up 3.4%

MGNI stock opened at $11.70 on Wednesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.01 and a quick ratio of 1.01. The firm has a market capitalization of $1.68 billion, a P/E ratio of 30.79, a P/E/G ratio of 0.62 and a beta of 2.39. Magnite, Inc. has a 52-week low of $8.22 and a 52-week high of $26.65. The company’s 50 day simple moving average is $14.46 and its 200-day simple moving average is $17.75.

Insider Transactions at Magnite

In other Magnite news, insider Adam Lee Soroca sold 21,529 shares of the business’s stock in a transaction 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 of the company’s stock, valued at $4,661,100. The trade was a 5.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 4.30% of the stock is currently owned by company insiders.

About Magnite

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).