Magnite, Inc. (NASDAQ:MGNI) Shares Sold by Stephens Investment Management Group LLC

Stephens Investment Management Group LLC decreased its position in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 4.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 950,656 shares of the company's stock after selling 45,988 shares during the period. Stephens Investment Management Group LLC owned approximately 0.67% of Magnite worth $10,847,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of MGNI. GAMMA Investing LLC increased its position in shares of Magnite by 10,170.3% during the 1st quarter. GAMMA Investing LLC now owns 3,800 shares of the company's stock valued at $43,000 after purchasing an additional 3,763 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in Magnite by 7,043.0% in the 1st 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 in the last quarter. Quantbot Technologies LP bought a new position in Magnite in the 4th quarter worth approximately $87,000. Jones Financial Companies Lllp boosted its stake in Magnite by 20.6% in the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company's stock worth $93,000 after purchasing an additional 1,000 shares during the period. Finally, 1620 Investment Advisors Inc. bought a new position in Magnite in the 4th quarter worth approximately $103,000. Hedge funds and other institutional investors own 73.40% of the company's stock.

Magnite Stock Performance

NASDAQ:MGNI traded up $0.22 during mid-day trading on Thursday, reaching $24.27. 2,683,541 shares of the stock were exchanged, compared to its average volume of 2,276,472. The company has a 50 day simple moving average of $19.11 and a 200-day simple moving average of $16.06. The stock has a market capitalization of $3.42 billion, a P/E ratio of 121.36, a P/E/G ratio of 1.96 and a beta of 2.96. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $25.27.

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

Insider Activity

In related news, insider Katie Seitz Evans sold 35,000 shares of Magnite stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $17.36, for a total transaction of $607,600.00. Following the completion of the transaction, the insider directly owned 442,788 shares of the company's stock, valued at approximately $7,686,799.68. The trade was a 7.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Adam Lee Soroca sold 44,519 shares of the company's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $20.00, for a total value of $890,380.00. Following the completion of the sale, the insider owned 400,927 shares in the company, valued at $8,018,540. This represents a 9.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 959,227 shares of company stock valued at $18,854,021 in the last 90 days. Insiders own 3.80% of the company's stock.

Analyst Ratings Changes

MGNI has been the subject of a number of analyst reports. Needham & Company LLC raised their price target on Magnite from $14.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Wall Street Zen upgraded Magnite from a "hold" rating to a "buy" rating in a research note on Sunday. Rosenblatt Securities reiterated a "buy" rating and issued a $18.00 target price on shares of Magnite in a research note on Thursday, May 8th. Benchmark lowered their price target on Magnite from $25.00 to $24.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Finally, Craig Hallum set a $24.00 price target on Magnite and gave the stock a "buy" rating in a report on Tuesday, May 20th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $20.33.

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.