Cornercap Investment Counsel Inc. Has $399,000 Stock Position in Magnite, Inc. (NASDAQ:MGNI)

Cornercap Investment Counsel Inc. lowered its holdings in Magnite, Inc. (NASDAQ:MGNI) by 49.8% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 28,830 shares of the company’s stock after selling 28,566 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Magnite were worth $399,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Verdence Capital Advisors LLC grew its holdings in Magnite by 4.8% in the 3rd quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company’s stock valued at $268,000 after buying an additional 892 shares during the last quarter. Mount Yale Investment Advisors LLC grew its holdings in shares of Magnite by 4.6% during the 3rd quarter. Mount Yale Investment Advisors LLC now owns 24,229 shares of the company’s stock worth $336,000 after purchasing an additional 1,068 shares in the last quarter. Arizona State Retirement System lifted its position in shares of Magnite by 3.4% during the 2nd quarter. Arizona State Retirement System now owns 35,256 shares of the company’s stock worth $469,000 after buying an additional 1,160 shares during the period. UMB Bank n.a. lifted its position 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 buying an additional 1,188 shares during the period. Finally, Fulton Bank N.A. lifted its position in shares of Magnite by 6.4% during the 3rd quarter. Fulton Bank N.A. now owns 28,311 shares of the company’s stock worth $392,000 after buying an additional 1,696 shares during the period. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Stock Performance

Shares of Magnite stock opened at $15.85 on Friday. The firm has a market cap of $2.23 billion, a price-to-earnings ratio of 264.17, a price-to-earnings-growth ratio of 1.48 and a beta of 2.43. The stock’s 50-day moving average is $13.08 and its 200-day moving average is $12.95. Magnite, Inc. has a one year low of $7.61 and a one year high of $17.00. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11.

Wall Street Analysts Forecast Growth

MGNI has been the subject of several analyst reports. Needham & Company LLC restated a “buy” rating and set a $15.00 target price on shares of Magnite in a research report on Wednesday, October 2nd. Bank of America lifted their price objective on Magnite from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Benchmark reiterated a “buy” rating and issued a $21.00 price objective on shares of Magnite in a research report on Wednesday, October 2nd. Lake Street Capital started coverage on Magnite in a research report on Thursday, July 25th. They issued a “buy” rating and a $21.00 price objective for the company. Finally, Craig Hallum reiterated a “buy” rating and issued a $20.00 price objective on shares of Magnite in a research report on Wednesday, August 21st. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $16.96.

Insider Activity

In related news, insider Aaron Saltz sold 5,112 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $13.50, for a total transaction of $69,012.00. Following the sale, the insider now owns 307,745 shares in the company, valued at approximately $4,154,557.50. This represents a 1.63 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Brian Gephart sold 2,156 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $15.00, for a total value of $32,340.00. Following the sale, the chief accounting officer now owns 116,982 shares in the company, valued at $1,754,730. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,801 shares of company stock worth $233,805 over the last three months. Corporate insiders own 4.30% of the company’s stock.

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.