SG Americas Securities LLC decreased its stake in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 78.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 48,350 shares of the company's stock after selling 177,070 shares during the period. SG Americas Securities LLC's holdings in Magnite were worth $452,000 as of its most recent filing with the SEC.
Several other large investors have also modified their holdings of the stock. Dimensional Fund Advisors LP raised its stake in Magnite by 132.3% during the first quarter. Dimensional Fund Advisors LP now owns 4,221,231 shares of the company's stock worth $39,087,000 after acquiring an additional 2,403,904 shares during the period. Burgundy Asset Management Ltd. acquired a new stake in Magnite during the third quarter worth about $17,759,000. Rubric Capital Management LP raised its stake in Magnite by 80.7% during the third quarter. Rubric Capital Management LP now owns 4,000,000 shares of the company's stock worth $30,160,000 after acquiring an additional 1,785,978 shares during the period. Victory Capital Management Inc. raised its stake in Magnite by 9,584.5% during the fourth quarter. Victory Capital Management Inc. now owns 1,257,147 shares of the company's stock worth $13,313,000 after acquiring an additional 1,244,166 shares during the period. Finally, Norges Bank acquired a new stake in Magnite during the fourth quarter worth about $12,578,000. Institutional investors own 73.40% of the company's stock.
Wall Street Analysts Forecast Growth
Several equities research analysts recently weighed in on the stock. Benchmark reiterated a "buy" rating and set a $18.00 price objective on shares of Magnite in a research note on Monday, March 25th. Royal Bank of Canada restated an "outperform" rating and issued a $15.00 price target on shares of Magnite in a research note on Thursday, March 7th. Susquehanna raised their price target on shares of Magnite from $11.00 to $14.00 and gave the company a "positive" rating in a research note on Thursday, February 29th. Bank of America raised their price target on shares of Magnite from $11.00 to $13.00 and gave the company a "neutral" rating in a research note on Thursday, February 29th. Finally, Needham & Company LLC restated a "buy" rating and issued a $15.00 price target on shares of Magnite in a research note on Thursday, March 21st. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $14.78.
Get Our Latest Stock Analysis on MGNI
Insider Buying and Selling
In related news, CEO Michael G. Barrett sold 75,000 shares of the firm's stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $11.21, for a total transaction of $840,750.00. Following the completion of the sale, the chief executive officer now directly owns 1,234,662 shares in the company, valued at $13,840,561.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 4.30% of the stock is currently owned by insiders.
Magnite Price Performance
Shares of NASDAQ MGNI traded down $0.06 during mid-day trading on Friday, reaching $9.79. 1,152,885 shares of the company traded hands, compared to its average volume of 1,052,854. Magnite, Inc. has a fifty-two week low of $6.28 and a fifty-two week high of $15.73. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.09 and a quick ratio of 1.09. The firm has a market cap of $1.33 billion, a PE ratio of -7.90, a price-to-earnings-growth ratio of 0.62 and a beta of 2.25. The stock has a fifty day simple moving average of $10.34 and a 200-day simple moving average of $8.91.
Magnite (NASDAQ:MGNI - Get Free Report) last posted its quarterly earnings data on Wednesday, February 28th. The company reported $0.16 EPS for the quarter, beating analysts' consensus estimates of $0.03 by $0.13. Magnite had a negative net margin of 25.69% and a positive return on equity of 2.52%. The business had revenue of $165.28 million for the quarter, compared to analyst estimates of $160.24 million. Equities research analysts anticipate that Magnite, Inc. will post 0.47 EPS for the current fiscal year.
About Magnite
(
Free Report)
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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