Magnite, Inc. $MGNI Stock Holdings Increased by Kennedy Capital Management LLC

Kennedy Capital Management LLC boosted its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 39.6% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,213,613 shares of the company’s stock after purchasing an additional 344,466 shares during the period. Magnite comprises approximately 0.6% of Kennedy Capital Management LLC’s holdings, making the stock its 21st largest position. Kennedy Capital Management LLC owned approximately 0.84% of Magnite worth $26,432,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in MGNI. Dilation Capital Management LP acquired a new stake in Magnite during the second quarter valued at $8,074,000. Nippon Life Global Investors Americas Inc. purchased a new stake in shares of Magnite during the 3rd quarter worth about $2,621,000. JPMorgan Chase & Co. lifted its holdings in shares of Magnite by 28.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,209,413 shares of the company’s stock valued at $26,341,000 after buying an additional 271,325 shares during the last quarter. Nordea Investment Management AB grew its stake in shares of Magnite by 35.2% in the 3rd quarter. Nordea Investment Management AB now owns 447,340 shares of the company’s stock valued at $9,694,000 after buying an additional 116,423 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC acquired a new position in Magnite in the third quarter worth approximately $2,892,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Stock Performance

MGNI stock traded down $0.06 during trading on Friday, reaching $12.23. 227,768 shares of the stock were exchanged, compared to its average volume of 2,397,637. Magnite, Inc. has a twelve month low of $8.22 and a twelve month high of $26.65. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $1.77 billion, a P/E ratio of 12.97, a price-to-earnings-growth ratio of 0.70 and a beta of 2.34. The stock has a 50 day simple moving average of $13.73 and a 200-day simple moving average of $17.02.

Insider Transactions at Magnite

In other news, insider Adam Lee Soroca sold 21,529 shares of the stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $12.00, for a total value of $258,348.00. Following the completion of the transaction, the insider owned 388,425 shares in the company, valued at approximately $4,661,100. This represents a 5.25% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 3.80% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MGNI. Wells Fargo & Company reduced their target price on shares of Magnite from $20.00 to $13.00 and set an “equal weight” rating for the company in a research note on Friday, February 27th. Evercore reiterated an “outperform” rating and issued a $20.00 price objective on shares of Magnite in a report on Thursday, February 26th. Weiss Ratings restated a “hold (c)” rating on shares of Magnite in a report on Thursday, January 22nd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $39.00 price target on shares of Magnite in a research report on Thursday, February 26th. Finally, Benchmark lowered their price objective on Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Magnite has an average rating of “Moderate Buy” and a consensus 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).