Magnite, Inc. (NASDAQ:MGNI) Shares Acquired by Northern Trust Corp

Northern Trust Corp grew its stake in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 1.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,658,535 shares of the company's stock after acquiring an additional 21,230 shares during the period. Northern Trust Corp owned about 1.18% of Magnite worth $26,404,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Merit Financial Group LLC bought a new position in shares of Magnite during the fourth quarter worth about $586,000. Rice Hall James & Associates LLC bought a new position in Magnite during the 4th quarter worth approximately $3,000,000. Jennison Associates LLC acquired a new position in shares of Magnite in the 4th quarter worth approximately $818,000. JPMorgan Chase & Co. increased its holdings in shares of Magnite by 5.9% in the 4th quarter. JPMorgan Chase & Co. now owns 1,511,439 shares of the company's stock valued at $24,062,000 after acquiring an additional 84,497 shares during the last quarter. Finally, Penbrook Management LLC raised its position in shares of Magnite by 60.8% during the 4th quarter. Penbrook Management LLC now owns 38,480 shares of the company's stock valued at $613,000 after acquiring an additional 14,550 shares in the last quarter. Institutional investors own 73.40% of the company's stock.

Insider Activity at Magnite

In related news, CAO Brian Gephart sold 6,334 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $16.16, for a total transaction of $102,357.44. Following the sale, the chief accounting officer now owns 126,575 shares of the company's stock, valued at $2,045,452. The trade was a 4.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Adam Lee Soroca sold 15,499 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $15.75, for a total value of $244,109.25. Following the transaction, the insider now directly owns 458,386 shares of the company's stock, valued at approximately $7,219,579.50. The trade was a 3.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 38,610 shares of company stock worth $647,848 in the last 90 days. Corporate insiders own 4.30% of the company's stock.

Magnite Stock Performance

MGNI stock traded down $0.31 on Friday, reaching $15.57. The company's stock had a trading volume of 430,502 shares, compared to its average volume of 2,668,842. Magnite, Inc. has a 52 week low of $8.22 and a 52 week high of $21.29. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market capitalization of $2.20 billion, a P/E ratio of 258.82, a price-to-earnings-growth ratio of 1.00 and a beta of 2.73. The firm has a fifty day moving average of $12.08 and a two-hundred day moving average of $14.93.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.06 by $0.06. The company had revenue of $145.85 million during the quarter, compared to analyst estimates of $142.18 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. The firm's quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.05 EPS. As a group, analysts predict that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Royal Bank of Canada decreased their price objective on shares of 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 price objective on shares of Magnite in a research report on Thursday, May 8th. Benchmark dropped their price objective on shares of Magnite from $25.00 to $24.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Needham & Company LLC lifted their target price on Magnite from $14.00 to $18.00 and gave the company a "buy" rating in a research note on Monday. Finally, Wells Fargo & Company upped their target price on Magnite from $13.00 to $15.00 and gave the company an "equal weight" rating in a report on Thursday, January 16th. One investment 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 $18.92.

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.