Magnite, Inc. (NASDAQ:MGNI) Stake Increased by Nine Ten Capital Management LLC

Nine Ten Capital Management LLC raised its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 18.8% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,115,849 shares of the company’s stock after buying an additional 493,983 shares during the quarter. Magnite comprises 14.2% of Nine Ten Capital Management LLC’s portfolio, making the stock its 3rd largest holding. Nine Ten Capital Management LLC owned approximately 2.21% of Magnite worth $49,604,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Capital Research Global Investors bought a new stake in Magnite during the fourth quarter valued at $122,986,000. Boston Partners boosted its position in shares of Magnite by 39.1% during the 4th quarter. Boston Partners now owns 4,756,323 shares of the company’s stock valued at $76,061,000 after acquiring an additional 1,336,458 shares during the last quarter. Maestria Partners LLC bought a new stake in shares of Magnite during the 4th quarter valued at about $15,161,000. CenterBook Partners LP purchased a new position in shares of Magnite during the fourth quarter worth about $9,962,000. Finally, Stephens Investment Management Group LLC increased its position in shares of Magnite by 146.8% in the fourth quarter. Stephens Investment Management Group LLC now owns 996,644 shares of the company’s stock worth $15,867,000 after purchasing an additional 592,853 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors.

Magnite Trading Up 12.4 %

Shares of MGNI stock opened at $11.13 on Friday. 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 moving average of $13.49 and a 200 day moving average of $14.80. The stock has a market capitalization of $1.59 billion, a PE ratio of 185.50, a P/E/G ratio of 1.00 and a beta of 2.69. Magnite, Inc. has a 1-year low of $8.22 and a 1-year high of $21.29.

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

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on MGNI. Benchmark reiterated a “buy” rating and set a $25.00 target price on shares of Magnite in a research report on Monday, March 10th. Royal Bank of Canada lifted their price objective on shares of Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Wolfe Research upped their target price on shares of Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Needham & Company LLC restated a “buy” rating and set a $14.00 price target on shares of Magnite in a research report on Tuesday. Finally, Wells Fargo & Company upped their price objective on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $18.81.

Insider Activity

In other news, Director James Rossman sold 149,936 shares of the business’s stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $19.46, for a total transaction of $2,917,754.56. Following the transaction, the director now directly owns 219,920 shares of the company’s stock, valued at approximately $4,279,643.20. The trade was a 40.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Brian Gephart sold 6,250 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were 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 approximately $2,126,544. This represents a 4.49 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 244,905 shares of company stock valued at $4,718,855. 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.