Picton Mahoney Asset Management Has $8.44 Million Stock Holdings in Magnite, Inc. $MGNI

Picton Mahoney Asset Management increased its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 203.0% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 387,332 shares of the company’s stock after acquiring an additional 259,482 shares during the period. Picton Mahoney Asset Management owned about 0.27% of Magnite worth $8,436,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in MGNI. Vanguard Group Inc. lifted its position in shares of Magnite by 8.1% during the 3rd quarter. Vanguard Group Inc. now owns 14,654,432 shares of the company’s stock worth $319,174,000 after buying an additional 1,092,147 shares during the period. Boston Partners lifted its holdings in shares of Magnite by 5.7% during the second quarter. Boston Partners now owns 5,574,604 shares of the company’s stock valued at $133,037,000 after acquiring an additional 298,248 shares during the period. American Century Companies Inc. lifted its holdings in shares of Magnite by 63.1% during the second quarter. American Century Companies Inc. now owns 4,829,197 shares of the company’s stock valued at $116,480,000 after acquiring an additional 1,868,188 shares during the period. Geode Capital Management LLC boosted its stake in shares of Magnite by 6.0% in the 2nd quarter. Geode Capital Management LLC now owns 3,216,842 shares of the company’s stock valued at $77,597,000 after purchasing an additional 183,414 shares in the last quarter. Finally, State Street Corp grew its holdings in shares of Magnite by 5.2% in the 2nd quarter. State Street Corp now owns 3,053,607 shares of the company’s stock worth $73,653,000 after purchasing an additional 150,547 shares during the last quarter. Institutional investors own 73.40% of the company’s stock.

Magnite Stock Up 0.4%

Shares of NASDAQ MGNI opened at $13.83 on Thursday. The firm has a market capitalization of $2.00 billion, a PE ratio of 14.71, a price-to-earnings-growth ratio of 0.74 and a beta of 2.34. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $26.65. The firm’s 50-day moving average is $14.09 and its 200-day moving average is $17.38.

Insider Buying and Selling

In other news, insider Adam Lee Soroca sold 21,529 shares of the stock in a transaction 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 transaction, the insider owned 388,425 shares of the company’s stock, valued at $4,661,100. This represents a 5.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 3.80% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Evercore reissued an “outperform” rating and set a $20.00 price target on shares of Magnite in a report on Thursday, February 26th. Scotiabank decreased their price objective on shares of Magnite from $30.00 to $16.00 and set a “sector outperform” rating on the stock in a report on Thursday, February 26th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a research note on Thursday, January 22nd. Wall Street Zen lowered shares of Magnite from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, Benchmark lowered their price target on shares of Magnite from $31.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target 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).