94,452 Shares in Magnite, Inc. $MGNI Acquired by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D acquired a new stake in Magnite, Inc. (NASDAQ:MGNI) during the third quarter, HoldingsChannel.com reports. The fund acquired 94,452 shares of the company’s stock, valued at approximately $2,057,000.

Other institutional investors have also modified their holdings of the company. Boston Partners grew its stake in shares of Magnite by 5.7% during the second quarter. Boston Partners now owns 5,574,604 shares of the company’s stock worth $133,037,000 after purchasing an additional 298,248 shares in the last quarter. American Century Companies Inc. lifted its holdings in Magnite by 63.1% during the 2nd quarter. American Century Companies Inc. now owns 4,829,197 shares of the company’s stock worth $116,480,000 after buying an additional 1,868,188 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of 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 acquiring an additional 183,414 shares in the last quarter. State Street Corp increased its holdings in shares of Magnite by 5.2% in the 2nd quarter. State Street Corp now owns 3,053,607 shares of the company’s stock valued at $73,653,000 after acquiring an additional 150,547 shares during the last quarter. Finally, Frontier Capital Management Co. LLC increased its holdings in shares of Magnite by 419.4% in the 2nd quarter. Frontier Capital Management Co. LLC now owns 1,793,830 shares of the company’s stock valued at $43,267,000 after acquiring an additional 1,448,456 shares during the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Magnite Trading Up 2.3%

NASDAQ MGNI opened at $11.97 on Thursday. The firm’s fifty day moving average is $14.37 and its two-hundred day moving average is $17.71. Magnite, Inc. has a one year low of $8.22 and a one year high of $26.65. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.01 and a current ratio of 1.01. The firm has a market cap of $1.72 billion, a PE ratio of 31.50, a P/E/G ratio of 0.64 and a beta of 2.39.

Insider Transactions at Magnite

In related news, insider Adam Lee Soroca sold 21,529 shares of the business’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $12.00, for a total value of $258,348.00. Following the transaction, the insider owned 388,425 shares in the company, valued at $4,661,100. The trade was a 5.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 3.80% of the stock is owned by company insiders.

About Magnite

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).