Rice Hall James & Associates LLC Has $1.79 Million Stock Holdings in Magnite, Inc. (NASDAQ:MGNI)

Rice Hall James & Associates LLC cut its holdings in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 16.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 156,839 shares of the company's stock after selling 31,627 shares during the period. Rice Hall James & Associates LLC owned 0.11% of Magnite worth $1,790,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the business. GAMMA Investing LLC grew its holdings in Magnite by 10,170.3% in the 1st quarter. GAMMA Investing LLC now owns 3,800 shares of the company's stock valued at $43,000 after buying an additional 3,763 shares during the last quarter. Quantbot Technologies LP bought a new stake in shares of Magnite in the fourth quarter valued at approximately $87,000. Jones Financial Companies Lllp boosted its position in shares of Magnite by 20.6% in the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company's stock valued at $93,000 after acquiring an additional 1,000 shares during the period. 1620 Investment Advisors Inc. acquired a new stake in shares of Magnite in the fourth quarter worth $103,000. Finally, Farther Finance Advisors LLC increased its position in Magnite by 7,043.0% during the first quarter. Farther Finance Advisors LLC now owns 6,643 shares of the company's stock worth $76,000 after acquiring an additional 6,550 shares during the period. Institutional investors and hedge funds own 73.40% of the company's stock.

Insiders Place Their Bets

In other Magnite news, CFO David Day sold 36,000 shares of the business's stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $20.95, for a total value of $754,200.00. Following the transaction, the chief financial officer directly owned 443,528 shares in the company, valued at $9,291,911.60. The trade was a 7.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Adam Lee Soroca sold 42,584 shares of the firm's stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $25.00, for a total transaction of $1,064,600.00. Following the sale, the insider directly owned 366,672 shares of the company's stock, valued at approximately $9,166,800. The trade was a 10.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 888,327 shares of company stock worth $17,204,178 in the last quarter. 3.80% of the stock is owned by corporate insiders.

Analyst Ratings Changes

MGNI has been the subject of several research analyst reports. Lake Street Capital cut their target price on shares of 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 raised shares of Magnite from a "hold" rating to a "buy" rating in a research report on Sunday. Needham & Company LLC increased their target price on shares of Magnite from $14.00 to $18.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Benchmark lowered their price target on Magnite from $25.00 to $24.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $18.00 price target on shares of Magnite in a report on Thursday, May 8th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $20.33.

Magnite Price Performance

Shares of MGNI stock traded up $0.50 during trading hours on Wednesday, hitting $24.05. The company had a trading volume of 2,436,108 shares, compared to its average volume of 2,279,885. Magnite, Inc. has a 12 month low of $8.22 and a 12 month high of $25.27. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.98 and a current ratio of 0.98. The firm's fifty day moving average is $18.92 and its 200 day moving average is $16.01. The firm has a market capitalization of $3.39 billion, a price-to-earnings ratio of 120.26, a PEG ratio of 1.92 and a beta of 2.96.

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