Wellington Management Group LLP Has $91.13 Million Position in Magnite, Inc. (NASDAQ:MGNI)

Wellington Management Group LLP lifted its holdings in Magnite, Inc. (NASDAQ:MGNI) by 125.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,579,670 shares of the company’s stock after acquiring an additional 3,659,759 shares during the period. Wellington Management Group LLP owned approximately 4.68% of Magnite worth $91,128,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. Marshall Wace LLP grew its stake in shares of Magnite by 59.0% in the second quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock valued at $20,726,000 after acquiring an additional 578,678 shares in the last quarter. Royce & Associates LP grew its stake in shares of Magnite by 5.2% in the third quarter. Royce & Associates LP now owns 1,488,301 shares of the company’s stock valued at $20,613,000 after acquiring an additional 73,555 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Magnite by 2.9% in the third quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company’s stock valued at $18,569,000 after acquiring an additional 37,601 shares in the last quarter. Meros Investment Management LP grew its stake in shares of Magnite by 1.3% in the second quarter. Meros Investment Management LP now owns 1,044,209 shares of the company’s stock valued at $13,878,000 after acquiring an additional 13,570 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Magnite by 2.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,033,104 shares of the company’s stock valued at $14,308,000 after acquiring an additional 26,656 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Magnite Stock Performance

Shares of MGNI stock opened at $16.81 on Wednesday. The company has a market cap of $2.36 billion, a price-to-earnings ratio of 287.50, a price-to-earnings-growth ratio of 1.47 and a beta of 2.50. Magnite, Inc. has a 52 week low of $8.23 and a 52 week high of $18.38. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. The firm has a 50 day moving average of $14.21 and a 200-day moving average of $13.73.

Insider Transactions at Magnite

In related news, insider Aaron Saltz sold 5,112 shares of Magnite stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $13.50, for a total value of $69,012.00. Following the completion of the sale, the insider now owns 307,745 shares of the company’s stock, valued at approximately $4,154,557.50. This trade represents a 1.63 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Brian Gephart sold 2,156 shares of Magnite stock in a transaction on Monday, November 11th. The shares were sold at an average price of $15.00, for a total transaction of $32,340.00. Following the completion of the sale, the chief accounting officer now directly owns 116,982 shares of the company’s stock, valued at approximately $1,754,730. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 339,139 shares of company stock valued at $5,714,741 in the last quarter. 4.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MGNI. Macquarie reiterated an “outperform” rating and set a $18.00 price objective on shares of Magnite in a research note on Friday, November 8th. Needham & Company LLC increased their price objective on shares of Magnite from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Thursday, December 5th. Craig Hallum reiterated a “buy” rating and set a $20.00 price objective on shares of Magnite in a research note on Wednesday, August 21st. Wells Fargo & Company began coverage on shares of Magnite in a research note on Monday, October 28th. They set an “equal weight” rating and a $13.00 price objective on the stock. Finally, Scotiabank began coverage on shares of Magnite in a research note on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price objective on the stock. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $17.73.

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.