Driehaus Capital Management LLC Sells 98,335 Shares of Magnite, Inc. (NASDAQ:MGNI)

Driehaus Capital Management LLC trimmed its holdings in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 2.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,318,493 shares of the company's stock after selling 98,335 shares during the quarter. Driehaus Capital Management LLC owned 2.36% of Magnite worth $52,830,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Bosun Asset Management LLC bought a new stake in shares of Magnite in the fourth quarter worth $507,000. Bridgefront Capital LLC acquired a new position in Magnite during the 4th quarter worth about $192,000. Bayesian Capital Management LP bought a new stake in shares of Magnite in the 4th quarter valued at about $260,000. BNP Paribas Financial Markets acquired a new stake in shares of Magnite in the fourth quarter valued at about $493,000. Finally, Algert Global LLC increased its stake in shares of Magnite by 7.2% in the fourth quarter. Algert Global LLC now owns 170,512 shares of the company's stock valued at $2,715,000 after buying an additional 11,437 shares during the period. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Magnite

In other Magnite news, insider Adam Lee Soroca sold 15,499 shares of the firm's stock in a transaction 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 transaction, the insider now directly owns 458,386 shares in the company, valued at approximately $7,219,579.50. This trade represents a 3.27 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Brian Gephart sold 6,250 shares of the company's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $16.00, for a total transaction of $100,000.00. Following the completion of the sale, the chief accounting officer now owns 132,909 shares of the company's stock, valued at approximately $2,126,544. The trade was a 4.49 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,276 shares of company stock worth $647,241. Insiders own 3.80% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on MGNI. Needham & Company LLC reiterated a "buy" rating and issued a $14.00 target price on shares of Magnite in a report on Monday, April 21st. Lake Street Capital decreased their price objective on shares of Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a research report on Thursday. Susquehanna boosted their target price on shares of Magnite from $16.00 to $22.00 and gave the company a "positive" rating in a report on Thursday, February 27th. Royal Bank of Canada cut their price target on shares of Magnite from $22.00 to $19.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $18.00 price objective on shares of Magnite in a research report on Thursday. 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 a consensus target price of $18.62.

Magnite Stock Up 1.4 %

Shares of NASDAQ:MGNI traded up $0.21 during trading on Friday, reaching $15.10. 5,343,453 shares of the stock were exchanged, compared to its average volume of 2,190,097. Magnite, Inc. has a 1-year low of $8.22 and a 1-year high of $21.29. The stock has a fifty day moving average of $11.86 and a two-hundred day moving average of $14.85. 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 firm has a market cap of $2.13 billion, a price-to-earnings ratio of 251.67, a price-to-earnings-growth ratio of 1.00 and a beta of 2.73.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.06. The firm had revenue of $145.85 million for 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%. The business's revenue was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.05 earnings per share. Research analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Magnite Company 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.