Wedge Capital Management L L P NC bought a new position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 91,080 shares of the company's stock, valued at approximately $851,000. Wedge Capital Management L L P NC owned 0.07% of Magnite at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of MGNI. Rubric Capital Management LP grew its holdings in shares of Magnite by 80.7% in the 3rd quarter. Rubric Capital Management LP now owns 4,000,000 shares of the company's stock worth $30,160,000 after purchasing an additional 1,785,978 shares during the last quarter. Kennedy Capital Management LLC lifted its position in Magnite by 2.8% during the 3rd quarter. Kennedy Capital Management LLC now owns 2,692,371 shares of the company's stock worth $20,300,000 after buying an additional 74,367 shares in the last quarter. Burgundy Asset Management Ltd. acquired a new position in Magnite during the 3rd quarter worth about $17,759,000. Victory Capital Management Inc. lifted its position in Magnite by 0.8% during the 3rd quarter. Victory Capital Management Inc. now owns 2,046,734 shares of the company's stock worth $15,432,000 after buying an additional 15,924 shares in the last quarter. Finally, Kopion Asset Management LLC lifted its position in Magnite by 5.8% during the 4th quarter. Kopion Asset Management LLC now owns 1,087,041 shares of the company's stock worth $10,153,000 after buying an additional 59,426 shares in the last quarter. Institutional investors own 73.40% of the company's stock.
Magnite Trading Up 4.4 %
Shares of MGNI traded up $0.39 during trading hours on Friday, hitting $9.19. The company had a trading volume of 1,128,492 shares, compared to its average volume of 1,127,859. The firm has a market cap of $1.25 billion, a P/E ratio of -7.41, a P/E/G ratio of 0.66 and a beta of 2.25. The stock's 50 day moving average price is $10.25 and its 200 day moving average price is $9.07. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.76. Magnite, Inc. has a 52-week low of $6.28 and a 52-week high of $15.73.
Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings results on Wednesday, February 28th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.03 by $0.13. The company had revenue of $165.28 million for the quarter, compared to the consensus estimate of $160.24 million. Magnite had a positive return on equity of 2.52% and a negative net margin of 25.69%. On average, research analysts predict that Magnite, Inc. will post 0.41 EPS for the current year.
Insider Transactions at Magnite
In other news, CEO Michael G. Barrett sold 75,000 shares of the company's stock in a transaction on Friday, March 15th. The stock was sold at an average price of $11.21, for a total value 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 approximately $13,840,561.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 4.30% of the company's stock.
Wall Street Analysts Forecast Growth
A number of research firms have issued reports on MGNI. Needham & Company LLC restated a "buy" rating and set a $15.00 target price on shares of Magnite in a research report on Thursday, March 21st. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $15.00 price target on shares of Magnite in a research note on Thursday, March 7th. Benchmark reaffirmed a "buy" rating and issued a $18.00 price target on shares of Magnite in a research note on Monday, March 25th. Bank of America increased their target price on Magnite from $11.00 to $13.00 and gave the stock a "neutral" rating in a research note on Thursday, February 29th. Finally, B. Riley began coverage on Magnite in a research note on Friday, April 19th. They set a "buy" rating and a $14.50 target price for the company. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Magnite has an average rating of "Moderate Buy" and an average price target of $14.39.
Get Our Latest Analysis on MGNI
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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