Fox Run Management L.L.C. Buys Shares of 63,761 Magnite, Inc. $MGNI

Fox Run Management L.L.C. purchased a new position in Magnite, Inc. (NASDAQ:MGNI) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 63,761 shares of the company’s stock, valued at approximately $1,389,000.

Several other hedge funds and other institutional investors have also modified their holdings of MGNI. Stephens Inc. AR raised its stake in Magnite by 0.6% during the third quarter. Stephens Inc. AR now owns 83,468 shares of the company’s stock worth $1,818,000 after acquiring an additional 517 shares during the period. Smartleaf Asset Management LLC grew its holdings in shares of Magnite by 20.5% during the second quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company’s stock valued at $82,000 after purchasing an additional 577 shares during the last quarter. PNC Financial Services Group Inc. raised its position in shares of Magnite by 45.1% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock worth $53,000 after purchasing an additional 755 shares during the period. CWM LLC lifted its holdings in shares of Magnite by 133.6% in the 2nd quarter. CWM LLC now owns 1,775 shares of the company’s stock worth $43,000 after purchasing an additional 1,015 shares during the last quarter. Finally, AlphaQuest LLC boosted its position in Magnite by 8.4% during the 3rd quarter. AlphaQuest LLC now owns 13,491 shares of the company’s stock valued at $294,000 after purchasing an additional 1,044 shares during the period. 73.40% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Magnite

In related news, insider Adam Lee Soroca sold 21,529 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $12.00, for a total transaction of $258,348.00. Following the transaction, the insider owned 388,425 shares in the company, valued at $4,661,100. This trade represents a 5.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.80% of the stock is owned by corporate insiders.

Magnite Stock Performance

Shares of MGNI opened at $11.97 on Thursday. The firm has a market capitalization of $1.72 billion, a PE ratio of 31.50, a P/E/G ratio of 0.64 and a beta of 2.39. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.43. The firm has a 50-day moving average price of $14.37 and a 200 day moving average price of $17.71. Magnite, Inc. has a 52-week low of $8.22 and a 52-week high of $26.65.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a research report on Thursday, January 22nd. Rosenblatt Securities reiterated a “buy” rating and issued a $39.00 price objective on shares of Magnite in a research report on Thursday, November 6th. Wall Street Zen lowered shares of Magnite from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Benchmark restated a “buy” rating on shares of Magnite in a research note on Monday, January 12th. Finally, Wells Fargo & Company cut their price target on Magnite from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Friday, November 7th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $27.00.

Magnite Company 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).