Wellington Management Group LLP Acquires 3,659,759 Shares of Magnite, Inc. (NASDAQ:MGNI)

Wellington Management Group LLP lifted its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 125.3% during the third quarter, HoldingsChannel reports. The firm owned 6,579,670 shares of the company’s stock after purchasing an additional 3,659,759 shares during the quarter. Wellington Management Group LLP’s holdings in Magnite were worth $91,128,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in MGNI. UMB Bank n.a. raised its stake in shares of Magnite by 111.8% during the 2nd quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock worth $30,000 after purchasing an additional 1,188 shares during the period. Asset Dedication LLC bought a new stake in shares of Magnite during the 2nd quarter worth $52,000. Blue Trust Inc. bought a new stake in shares of Magnite during the 2nd quarter worth $56,000. Benjamin F. Edwards & Company Inc. raised its stake in shares of Magnite by 973.5% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock worth $58,000 after purchasing an additional 3,972 shares during the period. Finally, Quarry LP raised its stake in shares of Magnite by 446.8% during the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after purchasing an additional 4,508 shares during the period. 73.40% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on MGNI shares. Benchmark restated a “buy” rating and issued a $21.00 price objective on shares of Magnite in a research note on Wednesday, October 2nd. Scotiabank started coverage on Magnite in a research note on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price objective on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $19.00 price objective on shares of Magnite in a research note on Friday, September 27th. Needham & Company LLC boosted their price objective on Magnite from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Finally, Wells Fargo & Company started coverage on Magnite in a research note on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $17.73.

Insider Activity at Magnite

In related news, insider Aaron Saltz sold 5,112 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $13.50, for a total transaction of $69,012.00. Following the completion of the transaction, the insider now owns 307,745 shares in the company, valued at $4,154,557.50. This represents a 1.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael G. Barrett sold 147,996 shares of the company’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $17.52, for a total value of $2,592,889.92. Following the transaction, the chief executive officer now owns 634,914 shares of the company’s stock, valued at approximately $11,123,693.28. This represents a 18.90 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 339,139 shares of company stock worth $5,714,741 over the last quarter. 4.30% of the stock is owned by corporate insiders.

Magnite Stock Performance

Shares of MGNI stock opened at $16.81 on Wednesday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. Magnite, Inc. has a fifty-two week low of $8.23 and a fifty-two week high of $18.38. The stock has a 50 day moving average price of $14.21 and a two-hundred day moving average price of $13.73. The company has a market capitalization of $2.36 billion, a P/E ratio of 287.50, a PEG ratio of 1.47 and a beta of 2.50.

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.