Magnite, Inc. (NASDAQ:MGNI) Shares Acquired by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC grew its holdings in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 25.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 161,987 shares of the company's stock after acquiring an additional 33,114 shares during the period. Commonwealth Equity Services LLC owned about 0.12% of Magnite worth $2,579,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. Quest Partners LLC purchased a new position in Magnite in the 3rd quarter worth approximately $233,000. Intech Investment Management LLC purchased a new position in shares of Magnite in the third quarter worth $649,000. Charles Schwab Investment Management Inc. boosted its position in shares of Magnite by 2.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,033,104 shares of the company's stock worth $14,308,000 after acquiring an additional 26,656 shares during the last quarter. Algert Global LLC grew its stake in Magnite by 11.9% during the third quarter. Algert Global LLC now owns 159,075 shares of the company's stock valued at $2,203,000 after acquiring an additional 16,920 shares in the last quarter. Finally, Bank of Montreal Can purchased a new position in Magnite during the third quarter valued at $1,899,000. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Magnite Stock Down 5.7 %

NASDAQ:MGNI traded down $0.70 during mid-day trading on Friday, reaching $11.60. The company's stock had a trading volume of 3,299,817 shares, compared to its average volume of 1,987,311. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite, Inc. has a 1 year low of $8.38 and a 1 year high of $21.29. The stock has a fifty day moving average of $16.08 and a 200-day moving average of $15.21. The firm has a market capitalization of $1.66 billion, a PE ratio of 193.33, a price-to-earnings-growth ratio of 1.00 and a beta of 2.79.

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

Analysts Set New Price Targets

MGNI has been the subject of several research reports. Scotiabank began coverage on shares of Magnite in a report on Thursday, December 5th. They set a "sector outperform" rating and a $22.00 price objective for the company. Royal Bank of Canada increased their price target on Magnite from $19.00 to $22.00 and gave the company an "outperform" rating in a research note on Friday, January 3rd. Wells Fargo & Company lifted their price objective on Magnite from $13.00 to $15.00 and gave the stock an "equal weight" rating in a research note on Thursday, January 16th. Needham & Company LLC reiterated a "buy" rating and set a $20.00 target price on shares of Magnite in a research report on Thursday, February 27th. Finally, Susquehanna raised their target price on shares of Magnite from $16.00 to $22.00 and gave the company a "positive" rating in a report on Thursday, February 27th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat, Magnite presently has an average rating of "Moderate Buy" and an average price target of $19.27.

Insider Activity

In other news, insider Sean Patrick Buckley sold 18,693 shares of the stock in a transaction on Friday, February 7th. The stock was sold at an average price of $20.00, for a total transaction of $373,860.00. Following the completion of the sale, the insider now owns 408,529 shares in the company, valued at approximately $8,170,580. This represents a 4.38 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO David Day sold 13,345 shares of the business's stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $17.00, for a total value of $226,865.00. Following the transaction, the chief financial officer now owns 374,014 shares in the company, valued at approximately $6,358,238. This trade represents a 3.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 258,250 shares of company stock worth $4,945,720. 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.