Prudent Man Advisors LLC cut its stake in Magnite, Inc. (NASDAQ:MGNI – Free Report) by 19.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,993 shares of the company’s stock after selling 2,929 shares during the quarter. Prudent Man Advisors LLC’s holdings in Magnite were worth $90,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Magnite by 2.2% during the third quarter. Vanguard Group Inc. now owns 12,090,420 shares of the company’s stock valued at $79,435,000 after purchasing an additional 262,869 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Magnite by 17.0% in the second quarter. Dimensional Fund Advisors LP now owns 4,937,720 shares of the company’s stock worth $67,400,000 after acquiring an additional 716,489 shares during the last quarter. Edenbrook Capital LLC grew its stake in shares of 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 acquiring an additional 340,485 shares during the last quarter. Frontier Capital Management Co. LLC increased its holdings in shares of Magnite by 68.7% during the first quarter. Frontier Capital Management Co. LLC now owns 2,676,617 shares of the company’s stock valued at $24,785,000 after acquiring an additional 1,090,309 shares in the last quarter. Finally, Kennedy Capital Management LLC raised its position in shares of Magnite by 61.3% in the 2nd quarter. Kennedy Capital Management LLC now owns 2,618,004 shares of the company’s stock worth $35,736,000 after purchasing an additional 994,790 shares during the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.
Analyst Ratings Changes
A number of analysts have weighed in on the stock. TheStreet lowered shares of Magnite from a “c-” rating to a “d+” rating in a research note on Thursday, October 26th. Royal Bank of Canada lowered their price objective on Magnite from $15.00 to $13.00 and set an “outperform” rating on the stock in a research report on Thursday, November 9th. Bank of America began coverage on Magnite in a report on Thursday, January 11th. They issued a “neutral” rating and a $11.00 target price for the company. B. Riley upped their price target on Magnite from $14.00 to $15.00 and gave the company a “buy” rating in a report on Wednesday, February 7th. Finally, Susquehanna reduced their price objective on Magnite from $13.00 to $11.00 and set a “positive” rating for the company in a report on Thursday, November 9th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $13.44.
Magnite Stock Up 2.0 %
Shares of NASDAQ:MGNI opened at $9.51 on Monday. The stock has a 50 day moving average of $9.12 and a 200 day moving average of $8.67. Magnite, Inc. has a 12-month low of $6.28 and a 12-month high of $15.73. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 0.92.
Magnite Company Profile
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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