24,463 Shares in Magnite, Inc. $MGNI Bought by Clear Creek Financial Management LLC

Clear Creek Financial Management LLC bought a new position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 24,463 shares of the company's stock, valued at approximately $590,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Cambridge Investment Research Advisors Inc. boosted its stake in Magnite by 74.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 51,815 shares of the company's stock worth $591,000 after acquiring an additional 22,131 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Magnite by 54.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 44,947 shares of the company's stock valued at $513,000 after buying an additional 15,762 shares in the last quarter. Calamos Advisors LLC lifted its stake in shares of Magnite by 85.7% in the first quarter. Calamos Advisors LLC now owns 65,275 shares of the company's stock valued at $745,000 after buying an additional 30,132 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Magnite by 1.0% in the first quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company's stock valued at $156,814,000 after buying an additional 138,417 shares in the last quarter. Finally, Brown Advisory Inc. bought a new position in shares of Magnite in the first quarter valued at $290,000. 73.40% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Benchmark raised their price objective on shares of Magnite from $30.00 to $31.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Susquehanna raised their price objective on shares of Magnite from $22.00 to $28.00 and gave the company a "positive" rating in a research note on Thursday, August 7th. Scotiabank reaffirmed an "outperform" rating and issued a $30.00 price objective (up from $22.00) on shares of Magnite in a research note on Thursday, August 7th. Royal Bank Of Canada increased their target price on shares of Magnite from $19.00 to $27.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $39.00 price objective on shares of Magnite in a research report on Friday, September 26th. Ten investment 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 company currently has an average rating of "Moderate Buy" and a consensus price target of $25.64.

Magnite Trading Down 5.7%

Shares of MGNI stock opened at $17.50 on Friday. Magnite, Inc. has a 52-week low of $8.22 and a 52-week high of $26.65. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.00. The company has a 50-day simple moving average of $23.01 and a two-hundred day simple moving average of $18.91. The company has a market capitalization of $2.49 billion, a price-to-earnings ratio of 60.35, a PEG ratio of 1.28 and a beta of 3.02.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.17 by $0.03. Magnite had a net margin of 6.30% and a return on equity of 8.07%. The business had revenue of $162.00 million during the quarter, compared to the consensus estimate of $157.05 million. During the same quarter last year, the company posted $0.14 earnings per share. The firm's quarterly revenue was up 6.4% compared to the same quarter last year. Research analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Insider Buying and Selling at Magnite

In related news, insider Sean Patrick Buckley sold 20,000 shares of the firm's stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $25.56, for a total transaction of $511,200.00. Following the completion of the sale, the insider owned 307,193 shares in the company, valued at approximately $7,851,853.08. This trade represents a 6.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Aaron Saltz sold 8,522 shares of the firm's stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $24.50, for a total transaction of $208,789.00. Following the sale, the insider owned 215,079 shares of the company's stock, valued at $5,269,435.50. This trade represents a 3.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 394,175 shares of company stock valued at $9,527,619 in the last three months. 3.80% of the stock is owned by corporate insiders.

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.

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