Wedge Capital Management L L P NC Sells 17,532 Shares of Magnite, Inc. $MGNI

Key Points

• Wedge Capital Management L L P NC reduced its stake in Magnite, Inc. by 14.0%, selling 17,532 shares and now owning approximately 0.08% of the company valued at $2.6 million.
• Insider Adam Lee Soroca sold 44,519 shares for approximately $890,380, representing a 9.99% decrease in his holdings, while corporate insiders have sold a total of 862,278 shares valued at nearly $19.2 million in the last 90 days.
• Magnite's stock price has seen an increase of 8.5% recently, with the company's last reported earnings per share of $0.20 exceeding analyst estimates.

Wedge Capital Management L L P NC trimmed its position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 14.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 107,634 shares of the company's stock after selling 17,532 shares during the period. Wedge Capital Management L L P NC owned approximately 0.08% of Magnite worth $2,596,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. lifted its position in Magnite by 74.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 51,815 shares of the company's stock worth $591,000 after acquiring an additional 22,131 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Magnite by 54.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 44,947 shares of the company's stock worth $513,000 after buying an additional 15,762 shares during the last quarter. Calamos Advisors LLC raised its holdings in Magnite by 85.7% during the 1st quarter. Calamos Advisors LLC now owns 65,275 shares of the company's stock valued at $745,000 after buying an additional 30,132 shares during the last quarter. Vanguard Group Inc. raised its holdings in Magnite by 1.0% in the first quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company's stock worth $156,814,000 after purchasing an additional 138,417 shares in the last quarter. Finally, Brown Advisory Inc. purchased a new stake in shares of Magnite during the first quarter valued at $290,000. Institutional investors own 73.40% of the company's stock.

Insider Buying and Selling

In other news, insider Sean Patrick Buckley sold 20,000 shares of Magnite stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $25.56, for a total transaction of $511,200.00. Following the completion of the transaction, the insider directly owned 307,193 shares of the company's stock, valued at $7,851,853.08. The trade was a 6.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Brian Gephart sold 27,671 shares of Magnite stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $24.71, for a total value of $683,750.41. Following the completion of the sale, the chief accounting officer directly owned 92,898 shares of the company's stock, valued at $2,295,509.58. The trade was a 22.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 862,278 shares of company stock worth $19,155,699 over the last ninety days. Company insiders own 4.30% of the company's stock.

Analyst Ratings Changes

MGNI has been the subject of several analyst reports. Wall Street Zen lowered shares of Magnite from a "buy" rating to a "hold" rating in a report on Saturday. Needham & Company LLC raised their price target on shares of Magnite from $18.00 to $25.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Scotiabank reaffirmed an "outperform" rating and issued a $30.00 target price (up from $22.00) on shares of Magnite in a report on Thursday, August 7th. Rosenblatt Securities restated a "buy" rating and issued a $39.00 target price on shares of Magnite in a report on Wednesday, September 17th. Finally, Benchmark increased their target price on Magnite from $30.00 to $31.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Ten research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $25.82.

Magnite Price Performance

NASDAQ:MGNI traded down $1.76 during trading hours on Monday, reaching $24.16. 4,916,501 shares of the company were exchanged, compared to its average volume of 3,184,727. Magnite, Inc. has a 1-year low of $8.22 and a 1-year high of $26.65. The company has a market capitalization of $3.44 billion, a P/E ratio of 83.31, a P/E/G ratio of 1.78 and a beta of 3.05. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.00 and a quick ratio of 1.00. The business has a 50 day moving average of $23.77 and a 200 day moving average of $18.24.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.03. The firm had revenue of $162.00 million for the quarter, compared to the consensus estimate of $157.05 million. Magnite had a net margin of 6.30% and a return on equity of 8.07%. The business's revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.14 earnings per share. Research analysts forecast that Magnite, Inc. will post 0.33 EPS for the current year.

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.