Meros Investment Management LP Decreases Position in Magnite, Inc. (NASDAQ:MGNI)

Meros Investment Management LP lowered its position in Magnite, Inc. (NASDAQ:MGNI) by 0.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,042,395 shares of the company’s stock after selling 1,814 shares during the period. Magnite accounts for 6.6% of Meros Investment Management LP’s portfolio, making the stock its largest holding. Meros Investment Management LP’s holdings in Magnite were worth $14,437,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. UMB Bank n.a. grew its holdings in Magnite by 111.8% during the 2nd quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock worth $30,000 after acquiring an additional 1,188 shares during the last quarter. Asset Dedication LLC bought a new stake in shares of Magnite during the second quarter valued at approximately $52,000. Blue Trust Inc. acquired a new stake in shares of Magnite in the second quarter valued at approximately $56,000. Benjamin F. Edwards & Company Inc. raised its position in Magnite by 973.5% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock worth $58,000 after purchasing an additional 3,972 shares during the last quarter. Finally, Quarry LP raised its position in Magnite by 446.8% in the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after purchasing an additional 4,508 shares during the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Magnite

In related news, CRO Sean Patrick Buckley sold 10,001 shares of the firm’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 sale, the executive now directly owns 303,743 shares in the company, valued at $4,738,390.80. This trade represents a 3.19 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Michael G. Barrett sold 147,996 shares of the business’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $17.52, for a total transaction of $2,592,889.92. Following the completion of the sale, the chief executive officer now directly owns 634,914 shares in the company, valued at $11,123,693.28. This represents a 18.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 339,139 shares of company stock valued at $5,714,741 over the last 90 days. 4.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Scotiabank initiated coverage on Magnite in a research note on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 target price for the company. Benchmark reiterated a “buy” rating and issued a $21.00 price objective on shares of Magnite in a research report on Wednesday, October 2nd. Wells Fargo & Company began coverage on shares of Magnite in a research report on Monday, October 28th. They set an “equal weight” rating and a $13.00 target price on the stock. Craig Hallum reaffirmed a “buy” rating and issued a $20.00 target price on shares of Magnite in a research note on Wednesday, August 21st. Finally, Macquarie reissued an “outperform” rating and set a $18.00 price target on shares of Magnite in a research note on Friday, November 8th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $17.73.

Magnite Stock Performance

Shares of Magnite stock opened at $16.81 on Wednesday. The stock’s fifty day simple moving average is $14.30 and its 200 day simple moving average is $13.76. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $2.36 billion, a PE ratio of 280.17, a PEG ratio of 1.47 and a beta of 2.50. Magnite, Inc. has a 12 month low of $8.23 and a 12 month high of $18.38.

Magnite 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.