Tidal Investments LLC Increases Holdings in Magnite, Inc. (NASDAQ:MGNI)

Tidal Investments LLC lifted its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 22.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 130,580 shares of the company’s stock after purchasing an additional 23,688 shares during the period. Tidal Investments LLC owned about 0.09% of Magnite worth $1,809,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in MGNI. Wellington Management Group LLP increased its position in shares of Magnite by 125.3% during the third quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock worth $91,128,000 after purchasing an additional 3,659,759 shares in the last quarter. Nomura Asset Management Co. Ltd. acquired a new stake in shares of Magnite during the third quarter worth about $23,917,000. Granite Investment Partners LLC acquired a new stake in shares of Magnite during the second quarter worth about $11,227,000. Driehaus Capital Management LLC acquired a new position in Magnite in the 2nd quarter valued at about $9,938,000. Finally, Marshall Wace LLP increased its position in Magnite by 59.0% in the 2nd quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock valued at $20,726,000 after acquiring an additional 578,678 shares during the period. Institutional investors and hedge funds own 73.40% of the company’s stock.

Insider Transactions at Magnite

In related news, CAO Brian Gephart sold 2,156 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $15.00, for a total value of $32,340.00. Following the sale, the chief accounting officer now owns 116,982 shares of the company’s stock, valued at approximately $1,754,730. This represents a 1.81 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Aaron Saltz sold 5,112 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $13.50, for a total value of $69,012.00. Following the completion of the sale, the insider now directly owns 307,745 shares in the company, valued at approximately $4,154,557.50. The trade was a 1.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 341,108 shares of company stock valued at $5,746,855 in the last quarter. 4.30% of the stock is currently owned by corporate insiders.

Magnite Stock Performance

NASDAQ MGNI opened at $16.57 on Wednesday. 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 business’s 50 day moving average is $14.74 and its two-hundred day moving average is $13.91. Magnite, Inc. has a 12-month low of $8.38 and a 12-month high of $18.38. The stock has a market capitalization of $2.33 billion, a price-to-earnings ratio of 276.17, a PEG ratio of 1.35 and a beta of 2.50.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MGNI. Macquarie restated an “outperform” rating and issued a $18.00 price target on shares of Magnite in a research report on Friday, November 8th. Wells Fargo & Company began coverage on Magnite in a research report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price target on the stock. Benchmark restated a “buy” rating and issued a $21.00 price target on shares of Magnite in a research report on Wednesday, October 2nd. Needham & Company LLC boosted their price target on Magnite from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $19.00 price target on shares of Magnite in a research report on Friday, September 27th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.73.

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.