Magnite, Inc. (NASDAQ:MGNI) Shares Sold by CenterBook Partners LP

CenterBook Partners LP lessened its position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 49.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 317,004 shares of the company's stock after selling 308,761 shares during the quarter. CenterBook Partners LP owned about 0.22% of Magnite worth $3,617,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of MGNI. Jones Financial Companies Lllp raised its stake in shares of Magnite by 20.6% during the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company's stock worth $93,000 after acquiring an additional 1,000 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Magnite by 1.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,049,412 shares of the company's stock valued at $16,707,000 after purchasing an additional 16,308 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Magnite in the 4th quarter valued at $8,685,000. HighTower Advisors LLC boosted its holdings in shares of Magnite by 18.6% in the 4th quarter. HighTower Advisors LLC now owns 20,551 shares of the company's stock valued at $327,000 after acquiring an additional 3,229 shares during the last quarter. Finally, Avantax Advisory Services Inc. purchased a new stake in shares of Magnite in the 4th quarter valued at $178,000. Institutional investors own 73.40% of the company's stock.

Magnite Price Performance

Shares of NASDAQ MGNI traded up $0.21 during mid-day trading on Friday, reaching $24.48. The company's stock had a trading volume of 1,836,432 shares, compared to its average volume of 2,274,722. Magnite, Inc. has a 1-year low of $8.22 and a 1-year high of $25.27. The stock has a market capitalization of $3.45 billion, a P/E ratio of 122.41, a P/E/G ratio of 1.96 and a beta of 2.96. The stock has a 50-day moving average of $19.11 and a two-hundred day moving average of $16.06. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.98 and a current ratio of 0.98.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.06 by $0.06. The business had revenue of $145.85 million for the quarter, compared to the consensus estimate of $142.18 million. Magnite had a net margin of 4.58% and a return on equity of 6.71%. The business's revenue was up 4.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.05 EPS. On average, equities research analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Craig Hallum set a $24.00 price target on shares of Magnite and gave the stock a "buy" rating in a report on Tuesday, May 20th. Lake Street Capital decreased their price objective on shares of Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Rosenblatt Securities reaffirmed a "buy" rating and set a $18.00 price objective on shares of Magnite in a report on Thursday, May 8th. Royal Bank Of Canada decreased their price objective on shares of Magnite from $22.00 to $19.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Finally, Wells Fargo & Company increased their price objective on shares of Magnite from $13.00 to $24.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Magnite has a consensus rating of "Moderate Buy" and a consensus target price of $20.33.

Insiders Place Their Bets

In related news, CEO Michael G. Barrett sold 70,900 shares of Magnite stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $23.27, for a total value of $1,649,843.00. Following the completion of the transaction, the chief executive officer owned 285,808 shares in the company, valued at approximately $6,650,752.16. The trade was a 19.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Adam Lee Soroca sold 42,584 shares of Magnite stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $25.00, for a total transaction of $1,064,600.00. Following the completion of the transaction, the insider owned 366,672 shares of the company's stock, valued at $9,166,800. This trade represents a 10.41% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 959,227 shares of company stock worth $18,854,021. Insiders own 3.80% of the company's stock.

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.