Magnite, Inc. $MGNI Shares Acquired by Cannell Capital LLC

Cannell Capital LLC grew its stake in Magnite, Inc. (NASDAQ:MGNI) by 109.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 265,152 shares of the company’s stock after purchasing an additional 138,574 shares during the period. Magnite makes up about 0.9% of Cannell Capital LLC’s holdings, making the stock its 29th largest holding. Cannell Capital LLC owned approximately 0.18% of Magnite worth $5,775,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the company. Neo Ivy Capital Management acquired a new stake in Magnite during the third quarter worth about $27,000. US Bancorp DE boosted its holdings in Magnite by 75.8% in the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after purchasing an additional 688 shares during the last quarter. State of Wyoming purchased a new stake in shares of Magnite in the 3rd quarter valued at approximately $39,000. USA Financial Formulas purchased a new stake in shares of Magnite in the 3rd quarter valued at approximately $40,000. Finally, PNC Financial Services Group Inc. increased its holdings in shares of Magnite by 45.1% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock worth $53,000 after buying an additional 755 shares during the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Insiders Place Their Bets

In other Magnite news, insider Adam Lee Soroca sold 21,529 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $12.00, for a total value of $258,348.00. Following the sale, the insider owned 388,425 shares of the company’s stock, valued at $4,661,100. The trade was a 5.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 3.80% of the company’s stock.

Magnite Price Performance

Magnite stock opened at $11.88 on Friday. The company’s 50 day simple moving average is $13.64 and its 200-day simple moving average is $16.87. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $26.65. The company has a market capitalization of $1.72 billion, a price-to-earnings ratio of 12.64, a price-to-earnings-growth ratio of 0.64 and a beta of 2.34.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Scotiabank reduced their price target on shares of Magnite from $30.00 to $16.00 and set a “sector outperform” rating on the stock in a research report on Thursday, February 26th. Wells Fargo & Company lowered their price objective on Magnite from $20.00 to $13.00 and set an “equal weight” rating for the company in a research report on Friday, February 27th. Weiss Ratings reissued a “hold (c)” rating on shares of Magnite in a research note on Thursday, January 22nd. Rosenblatt Securities restated a “buy” rating and issued a $39.00 target price on shares of Magnite in a research report on Thursday, February 26th. Finally, Benchmark decreased their price target on Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Nine equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $24.10.

About Magnite

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).