Cannell Capital LLC Increases Stock Holdings in Magnite, Inc. $MGNI

Cannell Capital LLC raised its position in Magnite, Inc. (NASDAQ:MGNI) by 109.5% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 265,152 shares of the company’s stock after acquiring an additional 138,574 shares during the quarter. Magnite comprises approximately 0.9% of Cannell Capital LLC’s holdings, making the stock its 29th largest position. Cannell Capital LLC’s holdings in Magnite were worth $5,775,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in shares of Magnite by 8.1% in the third quarter. Vanguard Group Inc. now owns 14,654,432 shares of the company’s stock valued at $319,174,000 after purchasing an additional 1,092,147 shares during the period. American Century Companies Inc. grew its holdings in shares of Magnite by 63.1% in the second quarter. American Century Companies Inc. now owns 4,829,197 shares of the company’s stock valued at $116,480,000 after purchasing an additional 1,868,188 shares in the last quarter. Geode Capital Management LLC increased its stake in Magnite by 6.0% during the 2nd quarter. Geode Capital Management LLC now owns 3,216,842 shares of the company’s stock worth $77,597,000 after buying an additional 183,414 shares during the period. State Street Corp increased its stake in Magnite by 5.2% during the 2nd quarter. State Street Corp now owns 3,053,607 shares of the company’s stock worth $73,653,000 after buying an additional 150,547 shares during the period. Finally, Frontier Capital Management Co. LLC lifted its holdings in Magnite by 419.4% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 1,793,830 shares of the company’s stock worth $43,267,000 after buying an additional 1,448,456 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on MGNI shares. Rosenblatt Securities reissued a “buy” rating and issued a $39.00 price target on shares of Magnite in a research report on Thursday, February 26th. Evercore reaffirmed an “outperform” rating and set a $20.00 price objective on shares of Magnite in a research report on Thursday, February 26th. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a research note on Thursday, January 22nd. Benchmark decreased their target price on Magnite from $31.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Finally, Wells Fargo & Company lowered their target price on Magnite from $20.00 to $13.00 and set an “equal weight” rating for the company in a research note on Friday, February 27th. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $24.10.

Magnite Stock Down 3.3%

Shares of Magnite stock opened at $11.88 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. Magnite, Inc. has a 52-week low of $8.22 and a 52-week high of $26.65. The company has a market capitalization of $1.72 billion, a P/E ratio of 12.64, a P/E/G ratio of 0.64 and a beta of 2.34. The company has a 50 day moving average of $13.64 and a 200 day moving average of $16.87.

Insider Buying and Selling at Magnite

In other news, insider Adam Lee Soroca sold 21,529 shares of the firm’s 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 sale, the insider directly owned 388,425 shares in the company, valued at approximately $4,661,100. This trade represents a 5.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 3.80% of the company’s stock.

Magnite Profile

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).