Meros Investment Management LP Cuts Stock Position in Magnite, Inc. (NASDAQ:MGNI)

Meros Investment Management LP trimmed its holdings in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 11.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 927,411 shares of the company's stock after selling 114,984 shares during the period. Magnite accounts for about 6.8% of Meros Investment Management LP's investment portfolio, making the stock its largest position. Meros Investment Management LP owned about 0.66% of Magnite worth $14,764,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Magnite by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 13,605,104 shares of the company's stock valued at $216,593,000 after purchasing an additional 257,032 shares during the period. Capital Research Global Investors acquired a new position in shares of Magnite during the fourth quarter worth about $122,986,000. Wellington Management Group LLP lifted its stake in shares of Magnite by 6.8% in the fourth quarter. Wellington Management Group LLP now owns 7,030,011 shares of the company's stock worth $111,918,000 after acquiring an additional 450,341 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Magnite by 3.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,524,643 shares of the company's stock worth $87,957,000 after acquiring an additional 170,532 shares in the last quarter. Finally, Boston Partners lifted its stake in shares of Magnite by 39.1% in the fourth quarter. Boston Partners now owns 4,756,323 shares of the company's stock worth $76,061,000 after acquiring an additional 1,336,458 shares in the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Magnite

In other news, insider Sean Patrick Buckley sold 9,692 shares of Magnite stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $15.73, for a total value of $152,455.16. Following the completion of the transaction, the insider now owns 347,394 shares in the company, valued at approximately $5,464,507.62. The trade was a 2.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Brian Gephart sold 6,250 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $16.00, for a total transaction of $100,000.00. Following the completion of the sale, the chief accounting officer now directly owns 132,909 shares of the company's stock, valued at approximately $2,126,544. This represents a 4.49% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 59,668 shares of company stock worth $979,091. Company insiders own 4.30% of the company's stock.

Magnite Stock Down 2.1%

Shares of NASDAQ MGNI traded down $0.34 during mid-day trading on Friday, reaching $15.54. The company had a trading volume of 1,707,768 shares, compared to its average volume of 2,125,864. 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 quick ratio of 1.11 and a current ratio of 1.11. The stock has a market capitalization of $2.19 billion, a PE ratio of 259.00, a price-to-earnings-growth ratio of 1.00 and a beta of 2.73. The stock's 50 day moving average is $12.15 and its 200-day moving average is $14.97.

Magnite (NASDAQ:MGNI - Get Free Report) last issued 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 return on equity of 4.64% and a net margin of 2.62%. 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 earnings per share. The firm's revenue was up 4.3% compared to the same quarter last year. As a group, equities analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently weighed in on MGNI shares. Susquehanna boosted their price objective on Magnite from $16.00 to $22.00 and gave the company a "positive" rating in a report on Thursday, February 27th. Royal Bank of Canada lowered their price objective on Magnite from $22.00 to $19.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Rosenblatt Securities reaffirmed a "buy" rating and set a $18.00 target price on shares of Magnite in a report on Thursday, May 8th. Lake Street Capital lowered their target price on Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Finally, Needham & Company LLC upped their target price on Magnite from $14.00 to $18.00 and gave the company a "buy" rating in a report on Monday, May 12th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $18.92.

Magnite Company 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.