Wedge Capital Management L L P NC Buys 19,500 Shares of Magnite, Inc. (NASDAQ:MGNI)

Wedge Capital Management L L P NC grew its stake in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 18.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 125,166 shares of the company's stock after purchasing an additional 19,500 shares during the period. Wedge Capital Management L L P NC owned approximately 0.09% of Magnite worth $1,428,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Arizona State Retirement System boosted its position in shares of Magnite by 1.5% during the fourth quarter. Arizona State Retirement System now owns 36,846 shares of the company's stock valued at $587,000 after buying an additional 559 shares during the last quarter. Truist Financial Corp lifted its position in shares of Magnite by 2.0% in the fourth quarter. Truist Financial Corp now owns 34,242 shares of the company's stock valued at $545,000 after acquiring an additional 674 shares in the last quarter. Summit Investment Advisors Inc. boosted its holdings in shares of Magnite by 6.8% during the 4th quarter. Summit Investment Advisors Inc. now owns 13,162 shares of the company's stock valued at $210,000 after purchasing an additional 836 shares during the last quarter. ANTIPODES PARTNERS Ltd boosted its stake in Magnite by 13.4% during the fourth quarter. ANTIPODES PARTNERS Ltd now owns 8,072 shares of the company's stock valued at $129,000 after buying an additional 956 shares during the last quarter. Finally, Jones Financial Companies Lllp lifted its position in Magnite by 20.6% during the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company's stock valued at $93,000 after purchasing an additional 1,000 shares during the last quarter. Institutional investors own 73.40% of the company's stock.

Insiders Place Their Bets

In related news, Director David T. Pearson sold 11,512 shares of the stock in a transaction on Friday, June 6th. The stock was sold at an average price of $17.60, for a total value of $202,611.20. Following the sale, the director now owns 75,969 shares in the company, valued at approximately $1,337,054.40. This represents a 13.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Brian Gephart sold 6,334 shares of the business's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $16.16, for a total value of $102,357.44. Following the completion of the sale, the chief accounting officer now owns 126,575 shares of the company's stock, valued at approximately $2,045,452. This trade represents a 4.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 118,283 shares of company stock worth $1,983,700. Company insiders own 3.80% of the company's stock.

Magnite Stock Performance

NASDAQ:MGNI traded up $0.04 during midday trading on Thursday, reaching $17.72. The stock had a trading volume of 425,613 shares, compared to its average volume of 2,122,335. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. Magnite, Inc. has a 1-year low of $8.22 and a 1-year high of $21.29. The firm's fifty day simple moving average is $13.66 and its 200-day simple moving average is $15.16. The stock has a market capitalization of $2.50 billion, a P/E ratio of 295.33, a PEG ratio of 1.00 and a beta of 2.87.

Magnite (NASDAQ:MGNI - Get Free Report) last announced 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. Magnite had a net margin of 2.62% and a return on equity of 4.64%. The firm had revenue of $145.85 million during the quarter, compared to the consensus estimate of $142.18 million. During the same period last year, the firm posted $0.05 EPS. The firm's quarterly revenue was up 4.3% on a year-over-year basis. On average, equities research analysts forecast that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have commented on MGNI shares. Rosenblatt Securities reaffirmed a "buy" rating and issued a $18.00 price objective on shares of Magnite in a research report on Thursday, May 8th. Needham & Company LLC boosted their target price on shares of Magnite from $14.00 to $18.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Lake Street Capital dropped their target price on shares of Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Craig Hallum set a $24.00 target price on Magnite and gave the stock a "buy" rating in a research note on Tuesday, May 20th. Finally, Susquehanna lifted their price target on shares of Magnite from $16.00 to $22.00 and gave the company a "positive" rating in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat, Magnite presently has an average rating of "Moderate Buy" and a consensus price target of $19.58.

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.