Seelaus Asset Management LLC Purchases New Shares in Magnite, Inc. (NASDAQ:MGNI)

Seelaus Asset Management LLC acquired a new position in Magnite, Inc. (NASDAQ:MGNI) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 12,640 shares of the company’s stock, valued at approximately $175,000.

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

Analyst Upgrades and Downgrades

A number of research firms have commented on MGNI. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $19.00 target price on shares of Magnite in a research report on Friday, September 27th. Wells Fargo & Company assumed coverage on Magnite in a research note on Monday, October 28th. They set an “equal weight” rating and a $13.00 price target on the stock. Lake Street Capital initiated coverage on Magnite in a report on Thursday, July 25th. They issued a “buy” rating and a $21.00 price objective on the stock. Craig Hallum reiterated a “buy” rating and set a $20.00 price target on shares of Magnite in a research note on Wednesday, August 21st. Finally, Benchmark restated a “buy” rating and issued a $21.00 price objective on shares of Magnite in a report on Wednesday, October 2nd. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $16.96.

Magnite Stock Down 4.9 %

MGNI opened at $15.85 on Friday. Magnite, Inc. has a one year low of $7.61 and a one year high of $17.00. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a market capitalization of $2.23 billion, a P/E ratio of 264.17, a price-to-earnings-growth ratio of 1.56 and a beta of 2.43. The business’s 50-day simple moving average is $13.08 and its 200-day simple moving average is $12.92.

Insider Transactions at Magnite

In other Magnite news, CRO Sean Patrick Buckley sold 2,623 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $12.53, for a total transaction of $32,866.19. Following the completion of the sale, the executive now directly owns 331,742 shares of the company’s stock, valued at $4,156,727.26. This represents a 0.78 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Brian Gephart sold 2,156 shares of the 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 directly owns 116,982 shares of the company’s stock, valued at $1,754,730. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 17,801 shares of company stock worth $233,805. Insiders own 4.30% of the company’s stock.

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.