Frontier Capital Management Co. LLC Has $10.30 Million Stake in Magnite, Inc. (NASDAQ:MGNI)

Frontier Capital Management Co. LLC cut its stake in Magnite, Inc. (NASDAQ:MGNI) by 0.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 646,683 shares of the company’s stock after selling 1,112 shares during the quarter. Frontier Capital Management Co. LLC owned 0.46% of Magnite worth $10,295,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. D. E. Shaw & Co. Inc. increased its stake in Magnite by 122.9% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 45,187 shares of the company’s stock valued at $719,000 after purchasing an additional 24,917 shares in the last quarter. Bosun Asset Management LLC acquired a new position in Magnite in the fourth quarter valued at about $507,000. Bridgefront Capital LLC acquired a new position in shares of Magnite in the 4th quarter valued at approximately $192,000. Bayesian Capital Management LP bought a new stake in Magnite during the 4th quarter worth approximately $260,000. Finally, BNP Paribas Financial Markets acquired a new stake in Magnite during the 4th quarter worth approximately $493,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Magnite Stock Performance

Shares of MGNI stock opened at $15.10 on Friday. The company has a fifty day moving average price of $11.86 and a two-hundred day moving average price of $14.83. Magnite, Inc. has a one year low of $8.22 and a one year high of $21.29. The stock has a market cap of $2.13 billion, a P/E ratio of 251.67, a P/E/G ratio of 1.00 and a beta of 2.73. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11.

Magnite (NASDAQ:MGNI) last issued its earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.06. The business had revenue of $145.85 million during the quarter, compared to the consensus estimate of $142.18 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. Magnite’s revenue was up 4.3% on a year-over-year basis. During the same period last year, the business posted $0.05 EPS. As a group, equities analysts predict that Magnite, Inc. will post 0.33 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on MGNI shares. Benchmark reduced their price target on shares of Magnite from $25.00 to $24.00 and set a “buy” rating for the company in a report on Thursday. Needham & Company LLC reiterated a “buy” rating and set a $14.00 target price on shares of Magnite in a report on Monday, April 21st. Royal Bank of Canada cut their price target on Magnite from $22.00 to $19.00 and set an “outperform” rating on the stock in a report on Friday, May 2nd. Lake Street Capital decreased their price objective on Magnite from $21.00 to $19.00 and set a “buy” rating for the company in a report on Thursday. Finally, Wells Fargo & Company boosted their target price on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, Magnite presently has a consensus rating of “Moderate Buy” and an average target price of $18.62.

Insider Buying and Selling

In related news, Director Paul Caine sold 5,000 shares of the company’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $20.35, for a total value of $101,750.00. Following the transaction, the director now owns 182,837 shares in the company, valued at approximately $3,720,732.95. This represents a 2.66 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Adam Lee Soroca sold 15,499 shares of the firm’s 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 sale, the insider now owns 458,386 shares of the company’s stock, valued at $7,219,579.50. This trade represents a 3.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,276 shares of company stock valued at $647,241. 3.80% of the stock is owned by insiders.

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.