Magnite, Inc. (NASDAQ:MGNI) Stock Position Increased by JPMorgan Chase & Co.

JPMorgan Chase & Co. increased its holdings in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 5.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,511,439 shares of the company's stock after acquiring an additional 84,497 shares during the quarter. JPMorgan Chase & Co. owned approximately 1.07% of Magnite worth $24,062,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. raised its position in shares of Magnite by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 13,605,104 shares of the company's stock valued at $216,593,000 after purchasing an additional 257,032 shares in the last quarter. Wellington Management Group LLP raised its holdings in Magnite by 125.3% in the third quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company's stock valued at $91,128,000 after acquiring an additional 3,659,759 shares in the last quarter. Boston Partners raised its holdings in Magnite by 39.1% in the fourth quarter. Boston Partners now owns 4,756,323 shares of the company's stock valued at $76,061,000 after acquiring an additional 1,336,458 shares in the last quarter. Geode Capital Management LLC boosted its stake in Magnite by 2.2% during the 3rd quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company's stock valued at $41,118,000 after acquiring an additional 63,545 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. acquired a new position in Magnite during the 3rd quarter worth $23,917,000. Hedge funds and other institutional investors own 73.40% of the company's stock.

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Insider Activity at Magnite

In related news, CAO Brian Gephart sold 6,250 shares of the company's stock in a transaction dated 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 $2,126,544. This represents a 4.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Adam Lee Soroca sold 15,499 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $15.75, for a total transaction of $244,109.25. Following the completion of the transaction, the insider now owns 458,386 shares of the company's stock, valued at $7,219,579.50. This represents a 3.27 % 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 worth $4,718,855 in the last three months. 4.30% of the stock is owned by company insiders.

Magnite Stock Performance

Shares of MGNI stock traded up $0.23 during trading hours on Tuesday, reaching $9.91. The stock had a trading volume of 352,313 shares, compared to its average volume of 2,056,594. The firm has a market capitalization of $1.42 billion, a PE ratio of 165.75, a price-to-earnings-growth ratio of 1.00 and a beta of 2.69. The firm has a 50-day simple moving average of $14.26 and a 200-day simple moving average of $14.90. Magnite, Inc. has a twelve month low of $8.22 and a twelve month high of $21.29. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11.

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

Wall Street Analyst Weigh In

MGNI has been the topic of a number of recent analyst reports. Susquehanna upped their target price on shares of Magnite from $16.00 to $22.00 and gave the company a "positive" rating in a research note on Thursday, February 27th. Wolfe Research upped their price objective on Magnite from $14.00 to $19.00 and gave the company an "outperform" rating in a research note on Friday, January 3rd. Royal Bank of Canada lifted their target price on Magnite from $19.00 to $22.00 and gave the stock an "outperform" rating in a research report on Friday, January 3rd. Benchmark reissued a "buy" rating and set a $25.00 price target on shares of Magnite in a research report on Monday, March 10th. Finally, Wells Fargo & Company raised 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. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $18.81.

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.