Intrinsic Edge Capital Management LLC Cuts Stake in Magnite, Inc. (NASDAQ:MGNI)

Intrinsic Edge Capital Management LLC lessened its stake in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 46.4% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 719,532 shares of the company's stock after selling 622,871 shares during the period. Magnite accounts for about 1.4% of Intrinsic Edge Capital Management LLC's investment portfolio, making the stock its 24th biggest holding. Intrinsic Edge Capital Management LLC owned approximately 0.51% of Magnite worth $11,455,000 as of its most recent filing with the SEC.

Other institutional investors have also recently made changes to their positions in the company. SBI Securities Co. Ltd. bought a new position in Magnite in the 4th quarter worth $25,000. Larson Financial Group LLC boosted its stake in Magnite by 179.2% in the 4th quarter. Larson Financial Group LLC now owns 3,647 shares of the company's stock worth $58,000 after purchasing an additional 2,341 shares during the period. Quantbot Technologies LP bought a new stake in shares of Magnite during the fourth quarter valued at approximately $87,000. Jones Financial Companies Lllp boosted its position in shares of Magnite by 20.6% during the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company's stock worth $93,000 after acquiring an additional 1,000 shares during the last quarter. Finally, KBC Group NV grew its stake in Magnite by 66.5% during the fourth quarter. KBC Group NV now owns 5,943 shares of the company's stock valued at $95,000 after acquiring an additional 2,374 shares in the last quarter. Institutional investors own 73.40% of the company's stock.

Magnite Stock Up 1.6 %

Shares of MGNI traded up $0.19 during midday trading on Thursday, hitting $12.08. The company had a trading volume of 734,075 shares, compared to its average volume of 2,142,319. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $21.29. The firm has a market capitalization of $1.71 billion, a P/E ratio of 201.32, a P/E/G ratio of 1.00 and a beta of 2.69. 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 company's 50-day simple moving average is $12.31 and its 200-day simple moving average is $14.79.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its quarterly 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). Magnite had a net margin of 2.62% and a return on equity of 4.64%. The business had revenue of $180.20 million during the quarter, compared to analyst estimates of $183.90 million. As a group, sell-side analysts expect that Magnite, Inc. will post 0.33 EPS for the current year.

Analysts Set New Price Targets

MGNI has been the subject of a number of recent research reports. Benchmark reissued a "buy" rating and issued a $25.00 price objective on shares of Magnite in a research note on Monday, April 21st. Rosenblatt Securities started coverage on Magnite in a research report on Tuesday. They set a "buy" rating and a $18.00 price objective on the stock. Needham & Company LLC reaffirmed a "buy" rating and issued a $14.00 price objective on shares of Magnite in a research note on Monday, April 21st. Wolfe Research boosted their target price on Magnite from $14.00 to $19.00 and gave the company an "outperform" rating in a research report on Friday, January 3rd. Finally, Wells Fargo & Company boosted their price objective on shares of Magnite from $13.00 to $15.00 and gave the company an "equal weight" rating in a research report on Thursday, January 16th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $19.08.

Insider Transactions at Magnite

In other Magnite news, Director James Rossman sold 149,936 shares of Magnite stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $19.46, for a total value of $2,917,754.56. Following the sale, the director now owns 219,920 shares of the company's stock, valued at approximately $4,279,643.20. The trade was a 40.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paul Caine sold 5,000 shares of Magnite stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $20.35, for a total value of $101,750.00. Following the completion of the sale, the director now owns 182,837 shares in the company, valued at approximately $3,720,732.95. This trade represents a 2.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 244,905 shares of company stock worth $4,718,855. Company insiders own 4.30% of the company's stock.

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.