Cibc World Market Inc. Decreases Stock Holdings in Magnite, Inc. (NASDAQ:MGNI)

Cibc World Market Inc. trimmed its holdings in shares of Magnite, Inc. (NASDAQ:MGNIGet Rating) by 2.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 48,796 shares of the company’s stock after selling 1,350 shares during the quarter. Cibc World Market Inc.’s holdings in Magnite were worth $433,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Vanguard Group Inc. increased its position in shares of Magnite by 0.5% during the first quarter. Vanguard Group Inc. now owns 11,882,938 shares of the company’s stock valued at $156,974,000 after acquiring an additional 60,557 shares during the last quarter. Granahan Investment Management LLC increased its position in shares of Magnite by 7.6% during the first quarter. Granahan Investment Management LLC now owns 9,128,749 shares of the company’s stock valued at $120,591,000 after acquiring an additional 646,392 shares during the last quarter. Edenbrook Capital LLC increased its position in Magnite by 12.3% in the first quarter. Edenbrook Capital LLC now owns 3,106,901 shares of the company’s stock worth $41,042,000 after buying an additional 340,485 shares during the last quarter. Renaissance Technologies LLC increased its position in Magnite by 138.8% in the first quarter. Renaissance Technologies LLC now owns 1,964,654 shares of the company’s stock worth $25,953,000 after buying an additional 1,141,790 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Magnite by 2.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 866,706 shares of the company’s stock worth $11,450,000 after buying an additional 24,728 shares during the last quarter. 65.38% of the stock is owned by hedge funds and other institutional investors.

Magnite Trading Up 3.8 %

NASDAQ:MGNI opened at $10.55 on Wednesday. Magnite, Inc. has a 52-week low of $5.59 and a 52-week high of $19.95. The stock has a fifty day moving average of $7.53 and a 200 day moving average of $8.59. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.17 and a quick ratio of 1.17.

Insider Activity at Magnite

In related news, CEO Michael G. Barrett sold 75,000 shares of Magnite stock in a transaction on Tuesday, November 15th. The stock was sold at an average price of $11.58, for a total transaction of $868,500.00. Following the completion of the sale, the chief executive officer now owns 1,430,236 shares of the company’s stock, valued at $16,562,132.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 3.40% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have issued reports on MGNI. Truist Financial decreased their target price on Magnite from $15.00 to $13.00 and set a “buy” rating for the company in a research report on Tuesday, August 2nd. Evercore ISI raised their target price on Magnite to $11.00 in a research report on Tuesday, November 15th. Susquehanna decreased their target price on Magnite from $24.00 to $13.00 and set a “positive” rating for the company in a research report on Wednesday, August 10th. Needham & Company LLC decreased their target price on Magnite from $13.00 to $9.00 and set a “buy” rating for the company in a research report on Thursday, November 10th. Finally, Susquehanna Bancshares decreased their target price on Magnite from $24.00 to $13.00 and set a “positive” rating for the company in a research report on Wednesday, August 10th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Magnite currently has a consensus rating of “Buy” and an average price target of $14.25.

About Magnite

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Magnite, Inc operates an independent 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 provides applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory.

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Institutional Ownership by Quarter for Magnite (NASDAQ:MGNI)

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