First Eagle Investment Management LLC Buys New Position in Magnite, Inc. (NASDAQ:MGNI)

First Eagle Investment Management LLC bought a new stake in shares of Magnite, Inc. (NASDAQ:MGNI) during the 4th quarter, according to its most recent filing with the SEC. The firm bought 367,157 shares of the company’s stock, valued at approximately $5,845,000. First Eagle Investment Management LLC owned 0.26% of Magnite as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Commonwealth Equity Services LLC raised its holdings in shares of Magnite by 25.7% during the 4th quarter. Commonwealth Equity Services LLC now owns 161,987 shares of the company’s stock valued at $2,579,000 after buying an additional 33,114 shares during the period. ANTIPODES PARTNERS Ltd increased its holdings in Magnite by 13.4% during the 4th quarter. ANTIPODES PARTNERS Ltd now owns 8,072 shares of the company’s stock worth $129,000 after purchasing an additional 956 shares during the last quarter. Swiss National Bank increased its holdings in Magnite by 1.5% during the 4th quarter. Swiss National Bank now owns 249,900 shares of the company’s stock worth $3,978,000 after purchasing an additional 3,800 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Magnite by 105.2% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 306,036 shares of the company’s stock worth $4,872,000 after purchasing an additional 156,929 shares during the last quarter. Finally, Avantax Advisory Services Inc. purchased a new stake in Magnite during the 4th quarter worth approximately $178,000. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Magnite Trading Up 4.3 %

NASDAQ:MGNI opened at $12.60 on Friday. Magnite, Inc. has a 12-month low of $8.38 and a 12-month high of $21.29. The firm has a market capitalization of $1.80 billion, a P/E ratio of 210.00, a P/E/G ratio of 1.00 and a beta of 2.79. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The business has a 50 day simple moving average of $16.69 and a 200 day simple moving average of $15.22.

Magnite (NASDAQ:MGNI) last announced its quarterly 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). Magnite had a return on equity of 4.64% and a net margin of 2.62%. The business had revenue of $180.20 million for the quarter, compared to analyst estimates of $183.90 million. Equities research analysts predict that Magnite, Inc. will post 0.33 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on MGNI shares. Scotiabank started coverage on Magnite in a report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price objective on the stock. Benchmark restated a “buy” rating and set a $25.00 price objective on shares of Magnite in a report on Monday, March 10th. Wells Fargo & Company boosted their price target on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. Susquehanna boosted their price target on Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a report on Thursday, February 27th. Finally, Royal Bank of Canada boosted their price target on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, Magnite currently has a consensus rating of “Moderate Buy” and an average target price of $19.27.

Insiders Place Their Bets

In other Magnite news, CFO David Day sold 11,644 shares of the business’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $16.44, for a total transaction of $191,427.36. Following the completion of the transaction, the chief financial officer now owns 400,859 shares in the company, valued at approximately $6,590,121.96. The trade was a 2.82 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Brian Gephart sold 6,250 shares of the business’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $16.00, for a total value of $100,000.00. Following the transaction, the chief accounting officer now owns 132,909 shares of the company’s stock, valued at $2,126,544. This trade represents a 4.49 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 269,894 shares of company stock worth $5,137,148. 4.30% of the stock is owned by company insiders.

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.