Royce & Associates LP Sells 415,090 Shares of Magnite, Inc. (NASDAQ:MGNI)

Key Points

• Royce & Associates LP reduced its stake in Magnite, Inc. by 26% in the first quarter, now owning approximately 1.18 million shares valued at $13.5 million.
• Magnite's stock price reached $23.52, with a year-to-date performance reflecting a 52-week low of $8.22 and a high of $25.27.
• Analysts have varied opinions on Magnite, with multiple firms issuing a "buy" rating and target prices ranging from $18.00 to $30.00.

Royce & Associates LP lowered its holdings in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 26.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,182,806 shares of the company's stock after selling 415,090 shares during the period. Royce & Associates LP owned 0.84% of Magnite worth $13,496,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. MCF Advisors LLC grew its position in Magnite by 2,100.0% during the first quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock valued at $25,000 after acquiring an additional 2,100 shares during the period. AllSquare Wealth Management LLC lifted its stake in shares of Magnite by 76.8% in the first quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company's stock worth $41,000 after acquiring an additional 1,555 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Magnite by 10,170.3% in the first quarter. GAMMA Investing LLC now owns 3,800 shares of the company's stock worth $43,000 after acquiring an additional 3,763 shares in the last quarter. Quantbot Technologies LP acquired a new stake in Magnite during the fourth quarter valued at approximately $87,000. Finally, Larson Financial Group LLC raised its stake in Magnite by 67.5% during the first quarter. Larson Financial Group LLC now owns 6,108 shares of the company's stock valued at $70,000 after buying an additional 2,461 shares in the last quarter. Hedge funds and other institutional investors own 73.40% of the company's stock.

Wall Street Analyst Weigh In

MGNI has been the subject of several recent research reports. Rosenblatt Securities reaffirmed a "buy" rating and set a $18.00 target price on shares of Magnite in a report on Thursday, May 8th. Benchmark increased their price target on Magnite from $24.00 to $30.00 and gave the company a "buy" rating in a research note on Tuesday, July 22nd. Lake Street Capital decreased their price target on Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Wall Street Zen upgraded Magnite from a "hold" rating to a "buy" rating in a research report on Sunday, July 13th. Finally, Craig Hallum set a $24.00 target price on Magnite and gave the company a "buy" rating in a report on Tuesday, May 20th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, Magnite has a consensus rating of "Moderate Buy" and an average price target of $20.83.

Magnite Stock Up 0.2%

Magnite stock traded up $0.04 during mid-day trading on Monday, hitting $23.56. 565,998 shares of the company's stock were exchanged, compared to its average volume of 2,679,237. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.47. The stock has a market cap of $3.32 billion, a P/E ratio of 117.75, a P/E/G ratio of 1.92 and a beta of 2.96. Magnite, Inc. has a 1-year low of $8.22 and a 1-year high of $25.27. The stock has a 50 day moving average of $20.02 and a two-hundred day moving average of $16.35.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its quarterly 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 company had revenue of $145.85 million for the quarter, compared to the consensus estimate of $142.18 million. Magnite had a return on equity of 6.71% and a net margin of 4.58%. The firm's revenue was up 4.3% compared to the same quarter last year. During the same period last year, the business posted $0.05 earnings per share. As a group, analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other Magnite news, Director James Rossman sold 137,007 shares of the firm's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $18.78, for a total transaction of $2,572,991.46. Following the completion of the transaction, the director owned 93,679 shares in the company, valued at $1,759,291.62. This trade represents a 59.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO David Day sold 36,000 shares of the firm's stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $20.95, for a total transaction of $754,200.00. Following the transaction, the chief financial officer owned 443,528 shares of the company's stock, valued at approximately $9,291,911.60. This represents a 7.51% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 959,227 shares of company stock valued at $18,854,021 in the last quarter. 4.30% of the stock is currently owned by insiders.

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.