Magnite, Inc. (NASDAQ:MGNI) Shares Purchased by Royce & Associates LP

Royce & Associates LP raised its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 7.4% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,597,896 shares of the company’s stock after acquiring an additional 109,595 shares during the quarter. Royce & Associates LP owned approximately 1.14% of Magnite worth $25,439,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Victory Capital Management Inc. boosted its position in shares of Magnite by 2.9% during the 3rd quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company’s stock worth $18,569,000 after acquiring an additional 37,601 shares in the last quarter. Merit Financial Group LLC acquired a new position in shares of Magnite during the 4th quarter worth about $586,000. Rice Hall James & Associates LLC acquired a new position in shares of Magnite during the 4th quarter worth about $3,000,000. Jennison Associates LLC acquired a new position in shares of Magnite during the 4th quarter worth about $818,000. Finally, Penbrook Management LLC boosted its position in shares of Magnite by 60.8% during the 4th quarter. Penbrook Management LLC now owns 38,480 shares of the company’s stock worth $613,000 after acquiring an additional 14,550 shares in the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Magnite

In other news, insider Adam Lee Soroca sold 15,499 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $15.75, for a total transaction of $244,109.25. Following the completion of the transaction, the insider now directly owns 458,386 shares of the company’s stock, valued at approximately $7,219,579.50. This represents a 3.27 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Sean Patrick Buckley sold 18,693 shares of the stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $20.00, for a total value of $373,860.00. Following the transaction, the insider now directly owns 408,529 shares of the company’s stock, valued at approximately $8,170,580. This trade represents a 4.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 258,250 shares of company stock valued at $4,945,720. Corporate insiders own 4.30% of the company’s stock.

Analyst Ratings Changes

MGNI has been the subject of several analyst reports. Royal Bank of Canada upped their price objective on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Benchmark reissued a “buy” rating and issued a $25.00 target price on shares of Magnite in a research report on Monday, March 10th. Wells Fargo & Company upped their target price on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Susquehanna upped their target price on Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a research report on Thursday, February 27th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $20.00 target price on shares of Magnite in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.27.

Magnite Stock Up 4.3 %

MGNI opened at $12.60 on Monday. The business has a 50 day moving average price of $16.69 and a two-hundred day moving average price of $15.23. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. The company has a market cap of $1.80 billion, a PE ratio of 210.00, a P/E/G ratio of 1.00 and a beta of 2.79. Magnite, Inc. has a 52 week low of $8.38 and a 52 week high of $21.29.

Magnite (NASDAQ:MGNI) last issued its earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.14). The business had revenue of $180.20 million for the quarter, compared to analysts’ expectations of $183.90 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. As a group, research analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current year.

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.