HighTower Advisors LLC Acquires 3,229 Shares of Magnite, Inc. (NASDAQ:MGNI)

HighTower Advisors LLC increased its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 18.6% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 20,551 shares of the company’s stock after purchasing an additional 3,229 shares during the period. HighTower Advisors LLC’s holdings in Magnite were worth $327,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of MGNI. Charles Schwab Investment Management Inc. increased its holdings in shares of Magnite by 2.6% in the 3rd 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 during the period. Bank of Montreal Can purchased a new position in Magnite in the third quarter valued at about $1,899,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Magnite by 8.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,449 shares of the company’s stock worth $408,000 after purchasing an additional 2,298 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Magnite by 3.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 343,961 shares of the company’s stock valued at $4,764,000 after buying an additional 10,994 shares during the last quarter. Finally, Concentric Capital Strategies LP bought a new stake in shares of Magnite in the 3rd quarter valued at about $2,038,000. Institutional investors own 73.40% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on MGNI. Wells Fargo & Company boosted their price objective on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 16th. Royal Bank of Canada increased their price objective on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Susquehanna boosted their target price on Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a research note on Thursday, February 27th. Scotiabank initiated coverage on Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 target price on the stock. Finally, Benchmark reissued a “buy” rating and issued a $25.00 price target on shares of Magnite in a report on Monday, March 10th. One research analyst has rated the stock with a hold rating and twelve have given 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 a consensus price target of $19.27.

Insider Buying and Selling at Magnite

In other news, Director James Rossman sold 149,936 shares of the firm’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $19.46, for a total transaction of $2,917,754.56. Following the sale, the director now owns 219,920 shares of the company’s stock, valued at $4,279,643.20. This trade represents a 40.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Sean Patrick Buckley sold 18,693 shares of the business’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $20.00, for a total transaction of $373,860.00. Following the completion of the transaction, the insider now owns 408,529 shares of the company’s stock, valued at approximately $8,170,580. This represents a 4.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 258,250 shares of company stock worth $4,945,720. Insiders own 4.30% of the company’s stock.

Magnite Price Performance

Shares of NASDAQ:MGNI opened at $11.40 on Wednesday. Magnite, Inc. has a twelve month low of $8.38 and a twelve month high of $21.29. 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 cap of $1.63 billion, a PE ratio of 190.00, a price-to-earnings-growth ratio of 1.00 and a beta of 2.79. The company’s 50 day moving average is $15.91 and its 200 day moving average is $15.17.

Magnite (NASDAQ:MGNI) last issued its earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.14). The business had revenue of $180.20 million for the quarter, compared to analysts’ expectations of $183.90 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. On average, sell-side analysts forecast that Magnite, Inc. will post 0.33 EPS for the current year.

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.