First Eagle Investment Management LLC Takes Position in Magnite, Inc. (NASDAQ:MGNI)

First Eagle Investment Management LLC acquired a new position in Magnite, Inc. (NASDAQ:MGNI - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 367,157 shares of the company's stock, valued at approximately $5,845,000. First Eagle Investment Management LLC owned about 0.26% of Magnite as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. acquired a new position in Magnite during the fourth quarter valued at approximately $25,000. Larson Financial Group LLC grew its holdings in Magnite by 179.2% during the fourth quarter. Larson Financial Group LLC now owns 3,647 shares of the company's stock valued at $58,000 after purchasing an additional 2,341 shares during the last quarter. Quarry LP grew its holdings in Magnite by 446.8% during the third quarter. Quarry LP now owns 5,517 shares of the company's stock valued at $76,000 after purchasing an additional 4,508 shares during the last quarter. Jones Financial Companies Lllp grew its holdings in Magnite by 20.6% during the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company's stock valued at $93,000 after purchasing an additional 1,000 shares during the last quarter. Finally, KBC Group NV grew its holdings in Magnite by 66.5% during the fourth quarter. KBC Group NV now owns 5,943 shares of the company's stock valued at $95,000 after purchasing an additional 2,374 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company's stock.

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Insider Buying and Selling at Magnite

In other news, insider Sean Patrick Buckley sold 18,693 shares of the firm's stock in a transaction on Friday, February 7th. The stock was sold at an average price of $20.00, for a total value of $373,860.00. Following the completion of the sale, the insider now directly owns 408,529 shares in the company, valued at approximately $8,170,580. This trade represents a 4.38 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Brian Gephart sold 6,250 shares of the firm's stock in a transaction 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 owns 132,909 shares of the company's stock, valued at approximately $2,126,544. This trade represents a 4.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 258,250 shares of company stock valued at $4,945,720. 4.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on MGNI. 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 report on Friday, January 3rd. Benchmark reiterated a "buy" rating and set a $25.00 price target on shares of Magnite in a report on Monday, March 10th. Wells Fargo & Company increased their price objective on Magnite from $13.00 to $15.00 and gave the company an "equal weight" rating in a research report on Thursday, January 16th. Needham & Company LLC reissued a "buy" rating and issued a $20.00 price objective on shares of Magnite in a research report on Thursday, February 27th. Finally, Susquehanna increased their price objective on Magnite from $16.00 to $22.00 and gave the company a "positive" rating in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, Magnite presently has a consensus rating of "Moderate Buy" and a consensus target price of $19.27.

Magnite Stock Performance

MGNI stock traded up $0.04 during midday trading on Thursday, hitting $13.41. The stock had a trading volume of 1,515,151 shares, compared to its average volume of 1,931,964. The firm has a market capitalization of $1.92 billion, a price-to-earnings ratio of 223.50, a P/E/G ratio of 1.00 and a beta of 2.79. The stock has a 50-day simple moving average of $16.47 and a 200 day simple moving average of $15.21. Magnite, Inc. has a 52 week low of $8.38 and a 52 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.

Magnite (NASDAQ:MGNI - Get Free Report) last issued 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 company 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%. As a group, equities research analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current 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.