New York State Common Retirement Fund Sells 11,457 Shares of Magnite, Inc. (NASDAQ:MGNI)

New York State Common Retirement Fund cut its position in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 1.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 656,141 shares of the company's stock after selling 11,457 shares during the period. New York State Common Retirement Fund owned about 0.46% of Magnite worth $7,487,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of MGNI. Capital Research Global Investors acquired a new stake in shares of Magnite during the fourth quarter worth $122,986,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Magnite during the fourth quarter worth $11,076,000. CenterBook Partners LP acquired a new stake in shares of Magnite during the fourth quarter worth $9,962,000. Raymond James Financial Inc. acquired a new stake in shares of Magnite during the fourth quarter worth $8,685,000. Finally, Nine Ten Capital Management LLC raised its holdings in shares of Magnite by 18.8% during the fourth quarter. Nine Ten Capital Management LLC now owns 3,115,849 shares of the company's stock worth $49,604,000 after acquiring an additional 493,983 shares during the period. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Magnite

In related news, CEO Michael G. Barrett sold 300,000 shares of the company's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $20.01, for a total value of $6,003,000.00. Following the transaction, the chief executive officer owned 356,708 shares in the company, valued at approximately $7,137,727.08. This represents a 45.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Adam Lee Soroca sold 44,519 shares of the stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $20.00, for a total transaction of $890,380.00. Following the transaction, the insider owned 400,927 shares in the company, valued at approximately $8,018,540. The trade was a 9.99% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 959,227 shares of company stock valued at $18,854,021. Corporate insiders own 3.80% of the company's stock.

Magnite Stock Performance

Shares of Magnite stock traded down $0.55 during trading on Wednesday, hitting $22.55. 4,565,392 shares of the stock were exchanged, compared to its average volume of 2,294,773. The stock has a market capitalization of $3.18 billion, a price-to-earnings ratio of 112.76, a price-to-earnings-growth ratio of 1.89 and a beta of 2.96. The company has a fifty day moving average price of $19.72 and a 200-day moving average price of $16.27. Magnite, Inc. has a 1-year low of $8.22 and a 1-year high of $25.27. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.47.

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 company had revenue of $145.85 million for the quarter, compared to analyst estimates of $142.18 million. Magnite had a net margin of 4.58% and a return on equity of 6.71%. Magnite's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.05 EPS. As a group, equities analysts predict that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on MGNI shares. Craig Hallum set a $24.00 price objective on shares of Magnite and gave the stock a "buy" rating in a research report on Tuesday, May 20th. Rosenblatt Securities reissued a "buy" rating and issued a $18.00 price objective on shares of Magnite in a research report on Thursday, May 8th. Lake Street Capital cut their price target on shares of Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Wells Fargo & Company increased their price objective on shares of Magnite from $13.00 to $24.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Finally, Benchmark increased their price objective on shares of Magnite from $24.00 to $30.00 and gave the stock a "buy" rating in a research note on Tuesday. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, Magnite presently has a consensus rating of "Moderate Buy" and an average target price of $20.83.

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.