Magnite, Inc. (NASDAQ:MGNI) Shares Purchased by West Tower Group LLC

West Tower Group LLC lifted its holdings in Magnite, Inc. (NASDAQ:MGNI) by 38.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,630 shares of the company’s stock after purchasing an additional 10,986 shares during the quarter. Magnite comprises about 1.2% of West Tower Group LLC’s portfolio, making the stock its 22nd biggest position. West Tower Group LLC’s holdings in Magnite were worth $549,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in Magnite by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 12,818,197 shares of the company’s stock worth $137,796,000 after acquiring an additional 166,522 shares during the last quarter. O Shaughnessy Asset Management LLC purchased a new position in shares of Magnite during the 1st quarter valued at about $108,000. Price T Rowe Associates Inc. MD raised its stake in shares of Magnite by 6.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 83,460 shares of the company’s stock valued at $898,000 after buying an additional 4,879 shares during the last quarter. Silvercrest Asset Management Group LLC raised its stake in shares of Magnite by 4.4% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 853,595 shares of the company’s stock valued at $9,176,000 after buying an additional 36,298 shares during the last quarter. Finally, Bayesian Capital Management LP purchased a new position in shares of Magnite during the 1st quarter valued at about $132,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Analysts Set New Price Targets

MGNI has been the subject of a number of recent research reports. Royal Bank of Canada reiterated an “outperform” rating and set a $19.00 price objective on shares of Magnite in a research note on Friday, September 27th. Bank of America raised their target price on Magnite from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Craig Hallum restated a “buy” rating and set a $20.00 target price on shares of Magnite in a research report on Wednesday, August 21st. Wells Fargo & Company began coverage on Magnite in a research report on Monday, October 28th. They set an “equal weight” rating and a $13.00 target price on the stock. Finally, Needham & Company LLC restated a “buy” rating and set a $15.00 target price on shares of Magnite in a research report on Wednesday, October 2nd. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $16.96.

Insider Buying and Selling

In other news, CEO Michael G. Barrett sold 100,000 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $16.14, for a total transaction of $1,614,000.00. Following the transaction, the chief executive officer now directly owns 809,914 shares in the company, valued at $13,072,011.96. The trade was a 10.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Aaron Saltz sold 5,112 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $13.50, for a total value of $69,012.00. Following the transaction, the insider now owns 307,745 shares in the company, valued at approximately $4,154,557.50. This represents a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 140,051 shares of company stock worth $2,233,314. Insiders own 4.30% of the company’s stock.

Magnite Trading Down 3.1 %

MGNI stock opened at $16.60 on Tuesday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite, Inc. has a 12-month low of $7.97 and a 12-month high of $18.38. The stock has a market cap of $2.34 billion, a price-to-earnings ratio of 276.67, a PEG ratio of 1.40 and a beta of 2.43. The business’s 50-day moving average is $13.44 and its 200 day moving average is $13.28.

About Magnite

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.