Wedge Capital Management L L P NC Has $1.43 Million Holdings in Magnite, Inc. (NASDAQ:MGNI)

Wedge Capital Management L L P NC lifted its stake in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 18.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 125,166 shares of the company's stock after acquiring an additional 19,500 shares during the quarter. 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 and hedge funds have also bought and sold shares of the stock. Patriot Financial Group Insurance Agency LLC acquired a new position in shares of Magnite during the 1st quarter worth about $128,000. Contravisory Investment Management Inc. acquired a new position in Magnite during the first quarter worth approximately $193,000. Rhumbline Advisers raised its stake in Magnite by 4.4% in the first quarter. Rhumbline Advisers now owns 192,502 shares of the company's stock valued at $2,196,000 after buying an additional 8,171 shares during the period. GAMMA Investing LLC lifted its position in shares of Magnite by 10,170.3% in the first 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. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Magnite during the 4th quarter worth approximately $11,076,000. Institutional investors own 73.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Susquehanna increased their price target on Magnite from $16.00 to $22.00 and gave the company a "positive" rating in a research note on Thursday, February 27th. 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 reaffirmed a "buy" rating and issued a $18.00 target price on shares of Magnite in a research report on Thursday, May 8th. Needham & Company LLC lifted their price target on Magnite from $14.00 to $18.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Finally, Lake Street Capital decreased their price objective on Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat.com, Magnite currently has an average rating of "Moderate Buy" and an average target price of $19.58.

Insider Activity at Magnite

In related news, CAO Brian Gephart sold 6,334 shares of the firm'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 transaction, the chief accounting officer now owns 126,575 shares in the company, valued at $2,045,452. This trade represents a 4.77% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO David Buonasera sold 3,653 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $15.03, for a total transaction of $54,904.59. Following the completion of the transaction, the chief technology officer now owns 267,444 shares of the company's stock, valued at approximately $4,019,683.32. This trade represents a 1.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 133,283 shares of company stock valued at $2,247,250 in the last quarter. Insiders own 3.80% of the company's stock.

Magnite Price Performance

MGNI traded down $0.52 during trading on Friday, hitting $17.10. 1,986,811 shares of the stock traded hands, compared to its average volume of 2,124,734. The business has a 50 day moving average price of $13.99 and a 200 day moving average price of $15.17. The company has a market cap of $2.41 billion, a price-to-earnings ratio of 285.00, a PEG ratio of 1.00 and a beta of 2.87. Magnite, Inc. has a twelve month low of $8.22 and a twelve month high of $21.29. 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 (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, beating the consensus estimate of $0.06 by $0.06. The business had revenue of $145.85 million for the quarter, compared to analyst estimates of $142.18 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. Magnite's revenue was up 4.3% compared to the same quarter last year. During the same period last year, the firm posted $0.05 earnings per share. Equities research analysts forecast that Magnite, Inc. will post 0.33 earnings per share 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.