Magnite, Inc. (NASDAQ:MGNI) Shares Sold by Boothbay Fund Management LLC

Boothbay Fund Management LLC lessened its holdings in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 70.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,000 shares of the company's stock after selling 70,293 shares during the period. Boothbay Fund Management LLC's holdings in Magnite were worth $478,000 as of its most recent filing with the Securities & Exchange Commission.

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

Insider Activity

In other 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 completion of the sale, the director now directly owns 182,837 shares of the company's stock, valued at approximately $3,720,732.95. This represents a 2.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James Rossman sold 149,936 shares of the firm's stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $19.46, for a total value of $2,917,754.56. Following the transaction, the director now directly owns 219,920 shares in the company, valued at approximately $4,279,643.20. This represents a 40.54 % 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. 4.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MGNI. Needham & Company LLC restated a "buy" rating and issued a $14.00 target price on shares of Magnite in a research report on Monday, April 21st. Wells Fargo & Company raised their price objective on shares of Magnite from $13.00 to $15.00 and gave the stock an "equal weight" rating in a research report on Thursday, January 16th. Susquehanna lifted their price target on shares of Magnite from $16.00 to $22.00 and gave the company a "positive" rating in a research report on Thursday, February 27th. Rosenblatt Securities started coverage on shares of Magnite in a report on Tuesday, April 29th. They issued a "buy" rating and a $18.00 target price for the company. Finally, Benchmark restated a "buy" rating and set a $25.00 price target on shares of Magnite in a research report on Monday, April 21st. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $18.85.

Magnite Stock Up 0.3 %

Shares of NASDAQ MGNI traded up $0.04 during mid-day trading on Monday, reaching $12.15. The company had a trading volume of 839,230 shares, compared to its average volume of 2,151,035. The firm has a 50 day simple moving average of $12.09 and a two-hundred day simple moving average of $14.82. Magnite, Inc. has a 52-week low of $8.22 and a 52-week high of $21.29. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The stock has a market cap of $1.72 billion, a P/E ratio of 202.48, a PEG ratio of 1.00 and a beta of 2.73.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its earnings results on Wednesday, February 26th. The company reported $0.25 EPS for the quarter, missing analysts' consensus estimates of $0.39 by ($0.14). The firm had revenue of $180.20 million for the quarter, compared to analyst estimates of $183.90 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. Sell-side analysts predict that Magnite, Inc. will post 0.33 earnings per share for the current year.

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.