Magnite, Inc. (NASDAQ:MGNI) Shares Sold by Edenbrook Capital LLC

Edenbrook Capital LLC cut its position in Magnite, Inc. (NASDAQ:MGNI) by 26.4% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,495,395 shares of the company’s stock after selling 1,253,605 shares during the period. Magnite makes up 20.5% of Edenbrook Capital LLC’s holdings, making the stock its largest position. Edenbrook Capital LLC’s holdings in Magnite were worth $48,411,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Magnite by 1.3% in the first quarter. Vanguard Group Inc. now owns 12,818,197 shares of the company’s stock worth $137,796,000 after acquiring an additional 166,522 shares during the period. O Shaughnessy Asset Management LLC acquired a new stake in Magnite during the 1st quarter worth about $108,000. Price T Rowe Associates Inc. MD raised its stake in shares of Magnite by 6.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 83,460 shares of the company’s stock valued at $898,000 after buying an additional 4,879 shares during the last quarter. Bayesian Capital Management LP acquired a new position in shares of Magnite in the 1st quarter valued at about $132,000. Finally, Tidal Investments LLC lifted its holdings in shares of Magnite by 212.8% in the 1st quarter. Tidal Investments LLC now owns 69,388 shares of the company’s stock valued at $746,000 after buying an additional 47,205 shares during the period. 73.40% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Adam Lee Soroca sold 8,328 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $17.00, for a total value of $141,576.00. Following the transaction, the insider now directly owns 421,347 shares of the company’s stock, valued at approximately $7,162,899. This trade represents a 1.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Brian Gephart sold 2,156 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $15.00, for a total transaction of $32,340.00. Following the transaction, the chief accounting officer now owns 116,982 shares in the company, valued at $1,754,730. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 157,598 shares of company stock worth $2,531,613 over the last quarter. 4.30% of the stock is currently owned by corporate insiders.

Magnite Trading Up 0.5 %

MGNI stock opened at $16.69 on Wednesday. Magnite, Inc. has a 12-month low of $7.97 and a 12-month high of $18.38. The business’s 50-day moving average is $13.51 and its 200 day moving average is $13.33. 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 stock has a market cap of $2.35 billion, a price-to-earnings ratio of 278.17, a PEG ratio of 1.36 and a beta of 2.43.

Analyst Ratings Changes

Several brokerages recently weighed in on MGNI. Benchmark reiterated a “buy” rating and set a $21.00 price target on shares of Magnite in a research report on Wednesday, October 2nd. Wells Fargo & Company initiated 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. Craig Hallum reiterated a “buy” rating and issued a $20.00 target price on shares of Magnite in a research note on Wednesday, August 21st. Royal Bank of Canada restated an “outperform” rating and set a $19.00 price target on shares of Magnite in a research report on Friday, September 27th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $15.00 price objective on shares of Magnite in a research report on Wednesday, October 2nd. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, Magnite presently has a consensus rating of “Moderate Buy” and an average target price of $16.96.

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.