Capstone Investment Advisors LLC Trims Stock Holdings in Magnite, Inc. (NASDAQ:MGNI)

Capstone Investment Advisors LLC lowered its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 59.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,011 shares of the company’s stock after selling 17,770 shares during the period. Capstone Investment Advisors LLC’s holdings in Magnite were worth $166,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. UMB Bank n.a. lifted its holdings in 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 in the last quarter. Asset Dedication LLC bought a new position in shares of Magnite in the second quarter valued at approximately $52,000. Blue Trust Inc. purchased a new position in Magnite during the second quarter valued at approximately $56,000. Benjamin F. Edwards & Company Inc. increased its holdings in Magnite by 973.5% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock worth $58,000 after acquiring an additional 3,972 shares during the period. Finally, DekaBank Deutsche Girozentrale purchased a new stake in Magnite in the 2nd quarter worth approximately $93,000. 73.40% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Macquarie reaffirmed an “outperform” rating and issued a $18.00 price target on shares of Magnite in a report on Friday, November 8th. Needham & Company LLC restated a “buy” rating and issued a $15.00 target price on shares of Magnite in a research note on Wednesday, October 2nd. Benchmark reissued a “buy” rating and set a $21.00 price objective on shares of Magnite in a report on Wednesday, October 2nd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $19.00 target price on shares of Magnite in a research note on Friday, September 27th. Finally, Craig Hallum reissued a “buy” rating and issued a $20.00 price target on shares of Magnite in a research note on Wednesday, August 21st. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $16.96.

Magnite Stock Performance

Magnite stock opened at $16.79 on Monday. The firm has a fifty day simple moving average of $13.72 and a two-hundred day simple moving average of $13.49. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite, Inc. has a twelve month low of $7.97 and a twelve month high of $18.38. The company has a market capitalization of $2.36 billion, a PE ratio of 279.83, a P/E/G ratio of 1.37 and a beta of 2.43.

Insider Activity

In other Magnite news, CEO Michael G. Barrett sold 100,000 shares of the business’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $16.14, for a total value of $1,614,000.00. Following the transaction, the chief executive officer now owns 809,914 shares in the company, valued at approximately $13,072,011.96. The trade was a 10.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Aaron Saltz sold 6,110 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $17.50, for a total transaction of $106,925.00. Following the sale, the insider now owns 297,482 shares of the company’s stock, valued at approximately $5,205,935. This represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 191,143 shares of company stock valued at $3,121,851. Insiders own 4.30% of the company’s stock.

Magnite 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.