97,171 Shares in Magnite, Inc. (NASDAQ:MGNI) Bought by Financial Enhancement Group LLC

Financial Enhancement Group LLC purchased a new stake in Magnite, Inc. (NASDAQ:MGNI) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 97,171 shares of the company’s stock, valued at approximately $1,509,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MGNI. Moody National Bank Trust Division grew its stake in Magnite by 13.9% in the fourth quarter. Moody National Bank Trust Division now owns 110,278 shares of the company’s stock valued at $1,756,000 after purchasing an additional 13,450 shares in the last quarter. Fulton Bank N.A. boosted its holdings in shares of Magnite by 27.0% in the 4th quarter. Fulton Bank N.A. now owns 35,952 shares of the company’s stock valued at $572,000 after buying an additional 7,641 shares during the last quarter. Nordea Investment Management AB grew its stake in shares of Magnite by 4.1% in the fourth quarter. Nordea Investment Management AB now owns 893,989 shares of the company’s stock valued at $14,474,000 after buying an additional 35,490 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Magnite by 552.2% during the third quarter. Principal Financial Group Inc. now owns 107,515 shares of the company’s stock worth $1,489,000 after buying an additional 91,031 shares during the last quarter. Finally, 272 Capital LP acquired a new position in Magnite during the third quarter worth $598,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Magnite Stock Performance

Shares of NASDAQ MGNI opened at $16.09 on Thursday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market cap of $2.26 billion, a price-to-earnings ratio of 268.17, a P/E/G ratio of 0.80 and a beta of 2.51. The stock’s fifty day moving average price is $16.30 and its two-hundred day moving average price is $14.32. Magnite, Inc. has a one year low of $8.38 and a one year high of $18.38.

Insider Activity

In other news, insider Aaron Saltz sold 5,112 shares of Magnite stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $13.50, for a total value of $69,012.00. Following the completion of the sale, the insider now directly owns 307,745 shares in the company, valued at approximately $4,154,557.50. The trade was a 1.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Sean Patrick Buckley sold 10,001 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The shares were sold at an average price of $15.60, for a total value of $156,015.60. Following the completion of the sale, the executive now owns 303,743 shares of the company’s stock, valued at approximately $4,738,390.80. This trade represents a 3.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 366,097 shares of company stock valued at $6,165,147. 4.30% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have commented on MGNI shares. Benchmark reiterated a “buy” rating and issued a $21.00 price target on shares of Magnite in a research note on Wednesday, October 2nd. Wolfe Research lifted their price target on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Royal Bank of Canada upped their price objective on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Wells Fargo & Company began coverage on Magnite in a research report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price objective for the company. Finally, Scotiabank began coverage on Magnite in a report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 target price on the stock. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Magnite has an average rating of “Moderate Buy” and a consensus target price of $18.19.

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.