Magnite, Inc. $MGNI Shares Bought by HighTower Advisors LLC

Key Points

• HighTower Advisors LLC increased its stake in Magnite, Inc. by 105.7% during the first quarter, reaching a value of $482,000 and owning a total of 42,271 shares after purchasing an additional 21,720 shares.
• A number of significant institutional investors have also boosted their holdings in Magnite, with 73.40% of the stock currently owned by institutional investors and hedge funds.
• Wall Street analysts have a favorable outlook on Magnite, with most rating it as a "buy" and an average price target of $25.82, reflecting positive growth potential.

HighTower Advisors LLC lifted its stake in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 105.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 42,271 shares of the company's stock after purchasing an additional 21,720 shares during the period. HighTower Advisors LLC's holdings in Magnite were worth $482,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. MCF Advisors LLC lifted its position in Magnite by 2,100.0% in the 1st quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock valued at $25,000 after purchasing an additional 2,100 shares during the last quarter. AllSquare Wealth Management LLC grew its stake in shares of Magnite by 76.8% in the 1st quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company's stock valued at $41,000 after purchasing an additional 1,555 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Magnite by 10,170.3% in the 1st quarter. GAMMA Investing LLC now owns 3,800 shares of the company's stock worth $43,000 after acquiring an additional 3,763 shares in the last quarter. Smithfield Trust Co raised its position in Magnite by 38.9% in the 1st quarter. Smithfield Trust Co now owns 5,930 shares of the company's stock worth $67,000 after purchasing an additional 1,660 shares during the last quarter. Finally, Larson Financial Group LLC raised its position in shares of Magnite by 67.5% during the 1st quarter. Larson Financial Group LLC now owns 6,108 shares of the company's stock valued at $70,000 after acquiring an additional 2,461 shares during the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Magnite

In related news, Director James Rossman sold 137,007 shares of Magnite stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $18.78, for a total value of $2,572,991.46. Following the completion of the transaction, the director directly owned 93,679 shares in the company, valued at approximately $1,759,291.62. This trade represents a 59.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Adam Lee Soroca sold 44,519 shares of the stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $20.00, for a total transaction of $890,380.00. Following the completion of the transaction, the insider directly owned 400,927 shares in the company, valued at $8,018,540. This trade represents a 9.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,116,250 shares of company stock valued at $23,156,779 over the last ninety days. 4.30% of the stock is owned by insiders.

Magnite Stock Down 2.8%

MGNI stock traded down $0.71 during trading on Wednesday, hitting $24.86. 1,139,539 shares of the company's stock traded hands, compared to its average volume of 2,727,544. The business has a fifty day simple moving average of $23.46 and a two-hundred day simple moving average of $17.48. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $26.65. The firm has a market capitalization of $3.54 billion, a P/E ratio of 85.33, a PEG ratio of 1.79 and a beta of 3.05. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.45.

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

Wall Street Analyst Weigh In

A number of research firms have weighed in on MGNI. Craig Hallum set a $24.00 price target on Magnite and gave the company a "buy" rating in a research note on Tuesday, May 20th. Royal Bank Of Canada upped their target price on Magnite from $19.00 to $27.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Rosenblatt Securities reiterated a "buy" rating and issued a $39.00 price target on shares of Magnite in a report on Thursday, August 7th. Susquehanna boosted their price target on shares of Magnite from $22.00 to $28.00 and gave the stock a "positive" rating in a report on Thursday, August 7th. Finally, Wells Fargo & Company raised their price objective on shares of Magnite from $13.00 to $24.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Ten analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $25.82.

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.