First Trust Advisors LP Purchases 57,096 Shares of Magnite, Inc. (NASDAQ:MGNI)

First Trust Advisors LP boosted its position in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 25.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 277,418 shares of the company's stock after acquiring an additional 57,096 shares during the quarter. First Trust Advisors LP owned 0.20% of Magnite worth $4,416,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Barclays PLC increased its stake in shares of Magnite by 352.9% in the 3rd quarter. Barclays PLC now owns 210,598 shares of the company's stock valued at $2,917,000 after purchasing an additional 164,093 shares during the last quarter. Tidal Investments LLC raised its stake in Magnite by 22.2% during the third quarter. Tidal Investments LLC now owns 130,580 shares of the company's stock worth $1,809,000 after acquiring an additional 23,688 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of Magnite by 99.7% in the third quarter. Franklin Resources Inc. now owns 144,563 shares of the company's stock worth $2,002,000 after acquiring an additional 72,169 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Magnite by 552.2% in the 3rd quarter. Principal Financial Group Inc. now owns 107,515 shares of the company's stock valued at $1,489,000 after purchasing an additional 91,031 shares in the last quarter. Finally, Nordea Investment Management AB grew its holdings in shares of Magnite by 4.1% during the 4th quarter. Nordea Investment Management AB now owns 893,989 shares of the company's stock valued at $14,474,000 after purchasing an additional 35,490 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Adam Lee Soroca sold 15,499 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $15.75, for a total transaction of $244,109.25. Following the transaction, the insider now owns 458,386 shares of the company's stock, valued at $7,219,579.50. This represents a 3.27 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Sean Patrick Buckley sold 18,693 shares of the business's stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $20.00, for a total value of $373,860.00. Following the completion of the sale, the insider now directly owns 408,529 shares of the company's stock, valued at $8,170,580. The trade was a 4.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 244,905 shares of company stock valued at $4,718,855 over the last ninety days. 4.30% of the stock is owned by corporate insiders.

Magnite Stock Performance

Shares of Magnite stock opened at $11.94 on Friday. The company has a market cap of $1.69 billion, a P/E ratio of 199.00, a PEG ratio of 1.00 and a beta of 2.69. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The business has a 50-day moving average price of $12.19 and a two-hundred day moving average price of $14.79. Magnite, Inc. has a 1-year low of $8.22 and a 1-year high of $21.29.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share for the quarter, missing analysts' consensus estimates of $0.39 by ($0.14). The business had revenue of $180.20 million during the quarter, compared to the consensus estimate of $183.90 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. As a group, analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Wolfe Research upped their price target on shares of Magnite from $14.00 to $19.00 and gave the stock an "outperform" rating in a report on Friday, January 3rd. Wells Fargo & Company increased their target price on Magnite from $13.00 to $15.00 and gave the company an "equal weight" rating in a research report on Thursday, January 16th. Needham & Company LLC restated a "buy" rating and set a $14.00 price target on shares of Magnite in a report on Monday, April 21st. Benchmark reiterated a "buy" rating and issued a $25.00 price objective on shares of Magnite in a report on Monday, April 21st. Finally, Royal Bank of Canada lifted their target price on shares of Magnite from $19.00 to $22.00 and gave the stock an "outperform" rating in a research report on Friday, January 3rd. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Magnite has a consensus rating of "Moderate Buy" and a consensus price target of $19.08.

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.

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