Petrus Trust Company LTA Purchases Shares of 49,111 Magnite, Inc. (NASDAQ:MGNI)

Petrus Trust Company LTA purchased a new position in shares of Magnite, Inc. (NASDAQ:MGNI) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 49,111 shares of the company’s stock, valued at approximately $680,000.

Other hedge funds have also recently modified their holdings of the company. UMB Bank n.a. lifted its stake 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 buying an additional 1,188 shares during the period. Asset Dedication LLC acquired a new position in shares of Magnite in the second quarter valued at about $52,000. Blue Trust Inc. purchased a new position in shares of Magnite in the second quarter worth about $56,000. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of Magnite by 973.5% during the second 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, DekaBank Deutsche Girozentrale purchased a new stake in Magnite in the second quarter valued at approximately $93,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Insider Activity

In related news, insider Aaron Saltz sold 5,112 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $13.50, for a total value of $69,012.00. Following the transaction, the insider now directly owns 307,745 shares of the company’s stock, valued at approximately $4,154,557.50. This trade represents a 1.63 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Adam Lee Soroca sold 7,849 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $15.60, for a total value of $122,444.40. Following the sale, the insider now owns 421,347 shares of the company’s stock, valued at approximately $6,573,013.20. This trade represents a 1.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 191,143 shares of company stock worth $3,121,851 over the last 90 days. 4.30% of the stock is currently owned by company insiders.

Magnite Trading Down 0.8 %

Shares of NASDAQ:MGNI opened at $17.06 on Wednesday. The firm has a market capitalization of $2.40 billion, a price-to-earnings ratio of 284.33, a price-to-earnings-growth ratio of 1.41 and a beta of 2.50. The business’s 50 day moving average price is $13.88 and its 200-day moving average price is $13.56. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. Magnite, Inc. has a 1 year low of $8.05 and a 1 year high of $18.38.

Analyst Ratings Changes

MGNI has been the subject of a number of recent research reports. Macquarie reissued an “outperform” rating and set a $18.00 price target on shares of Magnite in a research report on Friday, November 8th. Craig Hallum reissued a “buy” rating and set a $20.00 target price on shares of Magnite in a report on Wednesday, August 21st. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $19.00 price target on shares of Magnite in a report on Friday, September 27th. Benchmark reiterated a “buy” rating and set a $21.00 price objective on shares of Magnite in a research note on Wednesday, October 2nd. 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 target price on the stock. 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 presently has an average rating of “Moderate Buy” and an average target price of $16.96.

Magnite 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.