Financial Enhancement Group LLC Makes New Investment in Magnite, Inc. (NASDAQ:MGNI)

Financial Enhancement Group LLC bought a new position in Magnite, Inc. (NASDAQ:MGNI) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 97,171 shares of the company’s stock, valued at approximately $1,509,000. Financial Enhancement Group LLC owned about 0.07% of Magnite at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the stock. American Century Companies Inc. raised its position in shares of Magnite by 15.0% during the second quarter. American Century Companies Inc. now owns 247,349 shares of the company’s stock worth $3,287,000 after acquiring an additional 32,334 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in Magnite in the second quarter worth about $93,000. Envestnet Asset Management Inc. raised its holdings in Magnite by 1,070.3% during the 2nd quarter. Envestnet Asset Management Inc. now owns 213,576 shares of the company’s stock worth $2,838,000 after purchasing an additional 195,327 shares during the last quarter. Benjamin F. Edwards & Company Inc. lifted its position in 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 period. Finally, Granite Investment Partners LLC acquired a new position in Magnite during the 2nd quarter valued at about $11,227,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on MGNI. Macquarie reissued an “outperform” rating and set a $18.00 price target on shares of Magnite in a research note on Friday, November 8th. Scotiabank started coverage on shares of Magnite in a report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 target price for the company. Wells Fargo & Company began coverage on Magnite in a research note on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price target on the stock. Benchmark reaffirmed a “buy” rating and set a $21.00 price objective on shares of Magnite in a research note on Wednesday, October 2nd. Finally, Wolfe Research increased their target price on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $18.19.

Magnite Trading Up 2.9 %

NASDAQ MGNI opened at $16.09 on Thursday. Magnite, Inc. has a one year low of $8.38 and a one year high of $18.38. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market cap of $2.26 billion, a P/E ratio of 268.17, a P/E/G ratio of 0.80 and a beta of 2.51. The stock’s 50-day moving average is $16.30 and its 200-day moving average is $14.32.

Insider Buying and Selling

In related news, CFO David Day sold 13,345 shares of the company’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $17.00, for a total value of $226,865.00. Following the completion of the transaction, the chief financial officer now directly owns 374,014 shares of the company’s stock, valued at approximately $6,358,238. This represents a 3.45 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO David Buonasera sold 1,969 shares of Magnite stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $16.31, for a total value of $32,114.39. Following the completion of the sale, the chief technology officer now directly owns 223,795 shares in the company, valued at $3,650,096.45. This represents a 0.87 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 366,097 shares of company stock valued at $6,165,147. 4.30% of the stock is owned by corporate insiders.

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.