EAM Global Investors LLC Makes New $3.64 Million Investment in Magnite, Inc. (NASDAQ:MGNI)

EAM Global Investors LLC acquired a new position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 228,642 shares of the company's stock, valued at approximately $3,640,000. EAM Global Investors LLC owned 0.16% of Magnite at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Merit Financial Group LLC purchased a new position in Magnite during the 4th quarter worth approximately $586,000. Rice Hall James & Associates LLC purchased a new position in shares of Magnite during the 4th quarter valued at about $3,000,000. Jennison Associates LLC acquired a new position in shares of Magnite in the 4th quarter valued at about $818,000. JPMorgan Chase & Co. raised its position in Magnite by 5.9% during the fourth 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 in the last quarter. Finally, Penbrook Management LLC grew its stake in shares of Magnite by 60.8% during the 4th quarter. Penbrook Management LLC now owns 38,480 shares of the company's stock worth $613,000 after purchasing an additional 14,550 shares during the period. Hedge funds and other institutional investors own 73.40% of the company's stock.

Analyst Upgrades and Downgrades

MGNI has been the topic of a number of recent analyst reports. Royal Bank of Canada increased their price target on Magnite from $19.00 to $22.00 and gave the stock an "outperform" rating in a research report on Friday, January 3rd. Susquehanna increased 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. Wolfe Research boosted 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. 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. Finally, Benchmark reissued a "buy" rating and set a $25.00 price target on shares of Magnite in a research report on Monday. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat, Magnite has a consensus rating of "Moderate Buy" and an average target price of $19.17.

Insider Activity

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 transaction, the insider now directly owns 458,386 shares in the company, valued at approximately $7,219,579.50. The trade was a 3.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Brian Gephart sold 6,250 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $16.00, for a total value of $100,000.00. Following the completion of the sale, the chief accounting officer now directly owns 132,909 shares of the company's stock, valued at $2,126,544. This represents a 4.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 244,905 shares of company stock worth $4,718,855 in the last three months. 4.30% of the stock is owned by insiders.

Magnite Stock Performance

MGNI stock traded down $0.37 during trading on Monday, hitting $10.76. 1,384,397 shares of the company's stock traded hands, compared to its average volume of 2,109,000. Magnite, Inc. has a 52 week low of $8.22 and a 52 week high of $21.29. The stock has a fifty day moving average price of $13.49 and a two-hundred day moving average price of $14.84. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $1.54 billion, a price-to-earnings ratio of 179.33, a price-to-earnings-growth ratio of 1.00 and a beta of 2.69.

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

About Magnite

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.