Rice Hall James & Associates LLC Takes Position in Magnite, Inc. (NASDAQ:MGNI)

Rice Hall James & Associates LLC bought a new position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 188,466 shares of the company's stock, valued at approximately $3,000,000. Rice Hall James & Associates LLC owned approximately 0.13% of Magnite as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Truist Financial Corp raised its holdings in Magnite by 2.0% during the fourth quarter. Truist Financial Corp now owns 34,242 shares of the company's stock worth $545,000 after acquiring an additional 674 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in Magnite during the fourth quarter worth about $335,000. Principal Financial Group Inc. raised its holdings in Magnite by 14.5% during the fourth quarter. Principal Financial Group Inc. now owns 123,073 shares of the company's stock worth $1,959,000 after acquiring an additional 15,558 shares in the last quarter. Legato Capital Management LLC raised its holdings in Magnite by 32.1% during the fourth quarter. Legato Capital Management LLC now owns 48,123 shares of the company's stock worth $766,000 after acquiring an additional 11,705 shares in the last quarter. Finally, Stephens Investment Management Group LLC raised its holdings in Magnite by 146.8% during the fourth quarter. Stephens Investment Management Group LLC now owns 996,644 shares of the company's stock worth $15,867,000 after acquiring an additional 592,853 shares in the last quarter. Institutional investors own 73.40% of the company's stock.

Magnite Trading Down 3.2 %

MGNI traded down $0.58 during midday trading on Friday, hitting $17.68. 3,039,890 shares of the company were exchanged, compared to its average volume of 2,348,664. The firm has a market capitalization of $2.49 billion, a P/E ratio of 294.67, a P/E/G ratio of 1.05 and a beta of 2.52. Magnite, Inc. has a 1-year low of $8.38 and a 1-year high of $21.29. The firm's 50 day moving average price is $17.21 and its 200-day moving average price is $15.03. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Wolfe Research upped their target price on Magnite from $14.00 to $19.00 and gave the stock an "outperform" rating in a report on Friday, January 3rd. Royal Bank of Canada upped their target price on Magnite from $19.00 to $22.00 and gave the company an "outperform" rating in a research report on Friday, January 3rd. Needham & Company LLC reissued a "buy" rating and set a $20.00 price target on shares of Magnite in a research report on Friday, January 17th. Macquarie reaffirmed an "outperform" rating and issued a $18.00 target price on shares of Magnite in a report on Friday, November 8th. Finally, Wells Fargo & Company raised 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 research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $18.35.

Insiders Place Their Bets

In related news, CFO David Day sold 11,644 shares of the business's stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $16.44, for a total value of $191,427.36. Following the completion of the sale, the chief financial officer now directly owns 400,859 shares of the company's stock, valued at $6,590,121.96. The trade was a 2.82 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO David Buonasera sold 1,969 shares of the business's stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $16.31, for a total value of $32,114.39. Following the completion of the sale, the chief technology officer now directly owns 223,795 shares of the company's stock, valued at $3,650,096.45. The trade was a 0.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 431,655 shares of company stock valued at $8,008,280. 4.30% of the stock is currently owned by company insiders.

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.