Edenbrook Capital LLC Has $48.41 Million Position in Magnite, Inc. (NASDAQ:MGNI)

Edenbrook Capital LLC lessened its holdings in Magnite, Inc. (NASDAQ:MGNI) by 26.4% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,495,395 shares of the company’s stock after selling 1,253,605 shares during the quarter. Magnite makes up 20.5% of Edenbrook Capital LLC’s holdings, making the stock its largest holding. Edenbrook Capital LLC owned about 2.48% of Magnite worth $48,411,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of MGNI. UMB Bank n.a. increased its position in shares of Magnite by 111.8% during the second quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock worth $30,000 after acquiring an additional 1,188 shares during the period. Asset Dedication LLC purchased a new position in Magnite during the 2nd quarter worth $52,000. Blue Trust Inc. purchased a new position in Magnite during the 2nd quarter worth $56,000. Benjamin F. Edwards & Company Inc. raised its position in Magnite by 973.5% during 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 in the last quarter. Finally, DekaBank Deutsche Girozentrale purchased a new stake in shares of Magnite in the 2nd quarter worth $93,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on MGNI shares. Royal Bank of Canada restated an “outperform” rating and set a $19.00 price target on shares of Magnite in a research note on Friday, September 27th. Wells Fargo & Company initiated coverage on shares of Magnite in a research report on Monday, October 28th. They set an “equal weight” rating and a $13.00 target price on the stock. Benchmark reaffirmed a “buy” rating and issued a $21.00 price target on shares of Magnite in a research report on Wednesday, October 2nd. Craig Hallum reiterated a “buy” rating and set a $20.00 price objective on shares of Magnite in a research note on Wednesday, August 21st. Finally, Needham & Company LLC reissued a “buy” rating and issued a $15.00 price objective on shares of Magnite in a research note on Wednesday, October 2nd. One equities research analyst has rated the stock with a hold rating and eleven have given 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.

Insider Transactions at Magnite

In other Magnite news, CEO Michael G. Barrett sold 100,000 shares of the stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $16.14, for a total value of $1,614,000.00. Following the completion of the sale, the chief executive officer now directly owns 809,914 shares in the company, valued at approximately $13,072,011.96. This trade represents a 10.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Robert F. Spillane sold 12,500 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $16.12, for a total value of $201,500.00. Following the sale, the director now owns 70,651 shares in the company, valued at $1,138,894.12. The trade was a 15.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 157,598 shares of company stock valued at $2,531,613 in the last quarter. 4.30% of the stock is currently owned by corporate insiders.

Magnite Price Performance

NASDAQ MGNI opened at $16.69 on Wednesday. The firm’s fifty day simple moving average is $13.51 and its two-hundred day simple moving average is $13.33. The firm has a market capitalization of $2.35 billion, a P/E ratio of 278.17, a P/E/G ratio of 1.36 and a beta of 2.43. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite, Inc. has a 12-month low of $7.97 and a 12-month high of $18.38.

Magnite Company Profile

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.