Concentric Capital Strategies LP Takes Position in Magnite, Inc. (NASDAQ:MGNI)

Concentric Capital Strategies LP bought a new position in shares of Magnite, Inc. (NASDAQ:MGNI) during the third quarter, HoldingsChannel.com reports. The institutional investor bought 147,184 shares of the company’s stock, valued at approximately $2,038,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. UMB Bank n.a. increased its stake in shares of Magnite by 111.8% during the 2nd quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock worth $30,000 after purchasing an additional 1,188 shares during the last quarter. Asset Dedication LLC acquired a new position in Magnite during the second quarter worth approximately $52,000. Blue Trust Inc. bought a new stake in Magnite in the second quarter valued at approximately $56,000. Benjamin F. Edwards & Company Inc. lifted its position in shares of Magnite by 973.5% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock valued at $58,000 after buying an additional 3,972 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new position in shares of Magnite during the 2nd quarter worth approximately $93,000. 73.40% of the stock is owned by institutional investors.

Magnite Stock Up 2.4 %

NASDAQ MGNI opened at $17.19 on Tuesday. 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 $2.42 billion, a price-to-earnings ratio of 286.50, a PEG ratio of 1.37 and a beta of 2.50. The company has a 50 day moving average of $13.72 and a 200-day moving average of $13.49. Magnite, Inc. has a 1-year low of $8.05 and a 1-year high of $18.38.

Insiders Place Their Bets

In other Magnite news, insider Aaron Saltz sold 5,112 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $13.50, for a total value of $69,012.00. Following the transaction, the insider now directly owns 307,745 shares of the company’s stock, valued at $4,154,557.50. This trade represents a 1.63 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael G. Barrett sold 27,004 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $17.63, for a total transaction of $476,080.52. Following the sale, the chief executive officer now directly owns 782,910 shares of the company’s stock, valued at approximately $13,802,703.30. This trade represents a 3.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 191,143 shares of company stock worth $3,121,851 in the last 90 days. Company insiders own 4.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on MGNI. Benchmark restated a “buy” rating and issued a $21.00 price target on shares of Magnite in a research note on Wednesday, October 2nd. Royal Bank of Canada reissued an “outperform” rating and issued a $19.00 price objective on shares of Magnite in a research report on Friday, September 27th. Wells Fargo & Company started coverage on shares of Magnite in a report on Monday, October 28th. They set an “equal weight” rating and a $13.00 target price for the company. Craig Hallum reiterated a “buy” rating and issued a $20.00 price target on shares of Magnite in a research note on Wednesday, August 21st. Finally, Macquarie restated an “outperform” rating and set a $18.00 price objective on shares of Magnite in a research report on Friday, November 8th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $16.96.

About Magnite

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.