Magnite, Inc. (NASDAQ:MGNI) Shares Sold by Kennedy Capital Management LLC

Kennedy Capital Management LLC cut its stake in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 3.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,469,767 shares of the company's stock after selling 57,924 shares during the quarter. Magnite accounts for about 0.5% of Kennedy Capital Management LLC's investment portfolio, making the stock its 22nd largest holding. Kennedy Capital Management LLC owned 1.04% of Magnite worth $23,399,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Merit Financial Group LLC bought a new stake 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 $3,000,000. Jennison Associates LLC bought a new position in Magnite in the 4th quarter worth $818,000. Penbrook Management LLC raised its holdings in Magnite by 60.8% during the fourth quarter. Penbrook Management LLC now owns 38,480 shares of the company's stock valued at $613,000 after acquiring an additional 14,550 shares during the period. Finally, JPMorgan Chase & Co. lifted 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 valued at $24,062,000 after acquiring an additional 84,497 shares in the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Adam Lee Soroca sold 15,499 shares of Magnite stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $15.75, for a total transaction of $244,109.25. Following the transaction, the insider now directly owns 458,386 shares of the company's stock, valued at $7,219,579.50. This trade represents a 3.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Sean Patrick Buckley sold 18,693 shares of the company'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 sale, the insider now owns 408,529 shares of the company's stock, valued at approximately $8,170,580. This represents 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 worth $4,718,855 in the last three months. Corporate insiders own 4.30% of the company's stock.

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Magnite Trading Up 2.3 %

MGNI stock traded up $0.22 during trading on Tuesday, hitting $9.90. The company had a trading volume of 820,461 shares, compared to its average volume of 2,058,558. The firm has a market capitalization of $1.42 billion, a P/E ratio of 165.00, a PEG ratio of 1.00 and a beta of 2.69. 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 52-week low of $8.22 and a 52-week high of $21.29. The company has a 50 day simple moving average of $14.26 and a 200-day simple moving average of $14.90.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings results 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). Magnite had a net margin of 2.62% and a return on equity of 4.64%. The firm had revenue of $180.20 million during the quarter, compared to analysts' expectations of $183.90 million. As a group, research analysts forecast that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Analyst Ratings Changes

MGNI has been the topic of several recent analyst reports. Wolfe Research lifted their target price 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 upped their target price on shares of Magnite from $19.00 to $22.00 and gave the stock an "outperform" rating in a research report on Friday, January 3rd. Wells Fargo & Company lifted their price target on shares of Magnite from $13.00 to $15.00 and gave the company an "equal weight" rating in a report on Thursday, January 16th. 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. Finally, Needham & Company LLC restated a "buy" rating and issued a $14.00 target price on shares of Magnite in a report on Tuesday. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Magnite 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.