Seelaus Asset Management LLC Makes New $175,000 Investment in Magnite, Inc. (NASDAQ:MGNI)

Seelaus Asset Management LLC purchased a new stake in shares of Magnite, Inc. (NASDAQ:MGNI) in the third quarter, according to its most recent filing with the SEC. The firm purchased 12,640 shares of the company’s stock, valued at approximately $175,000.

Other institutional investors have also modified their holdings of the company. New Century Financial Group LLC acquired a new position in Magnite in the 2nd quarter valued at about $640,000. Commonwealth Equity Services LLC raised its holdings in Magnite by 668.3% in the 2nd quarter. Commonwealth Equity Services LLC now owns 81,573 shares of the company’s stock valued at $1,084,000 after acquiring an additional 70,956 shares during the last quarter. Tidal Investments LLC grew its position in shares of Magnite by 212.8% in the first quarter. Tidal Investments LLC now owns 69,388 shares of the company’s stock valued at $746,000 after purchasing an additional 47,205 shares during the period. Baader Bank Aktiengesellschaft acquired a new position in shares of Magnite during the 2nd quarter valued at about $671,000. Finally, Swiss National Bank lifted its holdings in shares of Magnite by 6.7% during the 1st quarter. Swiss National Bank now owns 244,900 shares of the company’s stock worth $2,633,000 after acquiring an additional 15,400 shares during the period. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Insider Activity at Magnite

In related news, insider Adam Lee Soroca sold 7,910 shares of Magnite stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $12.59, for a total value of $99,586.90. Following the completion of the transaction, the insider now directly owns 436,001 shares in the company, valued at approximately $5,489,252.59. This trade represents a 1.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Brian Gephart sold 2,156 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $15.00, for a total value of $32,340.00. Following the sale, the chief accounting officer now directly owns 116,982 shares in the company, valued at approximately $1,754,730. This represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 17,801 shares of company stock valued at $233,805. Insiders own 4.30% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Magnite Price Performance

MGNI opened at $15.85 on Friday. The company has a fifty day simple moving average of $13.08 and a 200 day simple moving average of $12.92. 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 firm has a market cap of $2.23 billion, a price-to-earnings ratio of 264.17, a PEG ratio of 1.56 and a beta of 2.43. Magnite, Inc. has a twelve month low of $7.61 and a twelve month high of $17.00.

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.