49,111 Shares in Magnite, Inc. (NASDAQ:MGNI) Acquired by Petrus Trust Company LTA

Petrus Trust Company LTA bought a new position in Magnite, Inc. (NASDAQ:MGNI) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 49,111 shares of the company’s stock, valued at approximately $680,000.

Other hedge funds have also recently modified their holdings of the company. UMB Bank n.a. raised its stake in Magnite by 111.8% during the 2nd quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock valued at $30,000 after buying an additional 1,188 shares during the last quarter. Asset Dedication LLC purchased a new position in Magnite in the second quarter worth about $52,000. Blue Trust Inc. bought a new stake in shares of Magnite during the 2nd quarter valued at about $56,000. Benjamin F. Edwards & Company Inc. increased its position in shares of Magnite by 973.5% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock valued at $58,000 after purchasing an additional 3,972 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale purchased a new stake in Magnite during the second quarter valued at approximately $93,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MGNI. 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. Macquarie reaffirmed an “outperform” rating and set a $18.00 price target on shares of Magnite in a report on Friday, November 8th. Needham & Company LLC restated a “buy” rating and set a $15.00 price objective on shares of Magnite in a research report on Wednesday, October 2nd. Craig Hallum reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Magnite in a research note on Wednesday, August 21st. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $19.00 price target on shares of Magnite in a report on Friday, September 27th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, Magnite currently has a consensus rating of “Moderate Buy” and a consensus target price of $16.96.

Insider Transactions at Magnite

In other news, insider Adam Lee Soroca sold 7,849 shares of Magnite stock in a transaction on Monday, November 18th. The stock was sold at an average price of $15.60, for a total transaction of $122,444.40. Following the completion of the sale, the insider now directly owns 421,347 shares in the company, valued at approximately $6,573,013.20. This trade represents a 1.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Aaron Saltz sold 6,110 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $17.50, for a total transaction of $106,925.00. Following the completion of the transaction, the insider now owns 297,482 shares in the company, valued at $5,205,935. This represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 191,143 shares of company stock worth $3,121,851. 4.30% of the stock is currently owned by insiders.

Magnite Stock Down 0.8 %

NASDAQ MGNI opened at $17.06 on Wednesday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite, Inc. has a 52 week low of $8.05 and a 52 week high of $18.38. The firm has a market capitalization of $2.40 billion, a price-to-earnings ratio of 284.33, a PEG ratio of 1.41 and a beta of 2.50. The company has a fifty day moving average of $13.88 and a two-hundred day moving average of $13.56.

Magnite Company 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.