Capital Research Global Investors Makes New Investment in Magnite, Inc. (NASDAQ:MGNI)

Capital Research Global Investors purchased a new stake in Magnite, Inc. (NASDAQ:MGNI - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 7,725,235 shares of the company's stock, valued at approximately $122,986,000. Capital Research Global Investors owned 5.49% of Magnite as of its most recent SEC filing.

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

Insider Buying and Selling

In other news, insider Adam Lee Soroca sold 15,499 shares of Magnite stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $15.75, for a total value of $244,109.25. Following the completion of the transaction, the insider now directly owns 458,386 shares of the company's stock, valued at approximately $7,219,579.50. This trade represents a 3.27 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Sean Patrick Buckley sold 18,693 shares of the company's stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $20.00, for a total value of $373,860.00. Following the sale, the insider now owns 408,529 shares in the company, valued at approximately $8,170,580. The trade was a 4.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 244,905 shares of company stock valued at $4,718,855 over the last ninety days. 4.30% of the stock is owned by company insiders.

Magnite Trading Up 1.3 %

NASDAQ:MGNI traded up $0.16 during mid-day trading on Friday, hitting $12.38. 1,557,582 shares of the company's stock were exchanged, compared to its average volume of 2,137,639. Magnite, Inc. has a fifty-two week low of $8.22 and a fifty-two week high of $21.29. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $1.75 billion, a P/E ratio of 206.33, a PEG ratio of 1.00 and a beta of 2.69. The company has a 50 day simple moving average of $12.82 and a 200-day simple moving average of $14.79.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.14). Magnite had a return on equity of 4.64% and a net margin of 2.62%. The company had revenue of $180.20 million for the quarter, compared to the consensus estimate of $183.90 million. As a group, research analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MGNI. Susquehanna boosted their target price on shares of Magnite from $16.00 to $22.00 and gave the company a "positive" rating in a research report on Thursday, February 27th. Royal Bank of Canada boosted their price objective on shares of 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 reaffirmed a "buy" rating and issued a $14.00 target price on shares of Magnite in a report on Monday. Wells Fargo & Company lifted their price target on Magnite from $13.00 to $15.00 and gave the company an "equal weight" rating in a research note on Thursday, January 16th. Finally, Benchmark reaffirmed a "buy" rating and issued a $25.00 price objective on shares of Magnite in a research note on Monday. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $19.17.

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.