Magnite, Inc. (NASDAQ:MGNI) Shares Bought by Royce & Associates LP

Royce & Associates LP increased its position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 7.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,597,896 shares of the company's stock after buying an additional 109,595 shares during the period. Royce & Associates LP owned about 1.14% of Magnite worth $25,439,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its stake in shares of Magnite by 125.3% during 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. Geode Capital Management LLC boosted its holdings in Magnite by 2.2% in the third quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company's stock valued at $41,118,000 after purchasing an additional 63,545 shares during the last quarter. Nomura Asset Management Co. Ltd. acquired a new stake in Magnite during the 3rd quarter valued at approximately $23,917,000. Victory Capital Management Inc. increased its holdings in Magnite by 2.9% during the 3rd quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company's stock worth $18,569,000 after purchasing an additional 37,601 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Magnite by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,049,412 shares of the company's stock valued at $16,707,000 after purchasing an additional 16,308 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company's stock.

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Insider Activity at Magnite

In other Magnite news, CAO Brian Gephart sold 6,250 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was 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 in the company, 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 at this hyperlink. Also, insider Adam Lee Soroca sold 15,499 shares of Magnite stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $15.75, for a total value of $244,109.25. Following the transaction, the insider now owns 458,386 shares in the company, valued at approximately $7,219,579.50. This trade represents a 3.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 258,250 shares of company stock worth $4,945,720 in the last 90 days. Corporate insiders own 4.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MGNI. Wells Fargo & Company lifted their price target on shares of Magnite from $13.00 to $15.00 and gave the stock an "equal weight" rating in a research note on Thursday, January 16th. Wolfe Research boosted their target price on shares of Magnite from $14.00 to $19.00 and gave the stock an "outperform" rating in a research report on Friday, January 3rd. Benchmark reaffirmed a "buy" rating and set a $25.00 price target on shares of Magnite in a research report on Monday, March 10th. Needham & Company LLC reissued a "buy" rating and issued a $20.00 price objective on shares of Magnite in a report on Thursday, February 27th. Finally, Royal Bank of Canada boosted 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. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $19.27.

Magnite Stock Performance

Shares of MGNI traded up $0.04 during mid-day trading on Thursday, reaching $13.41. 1,515,151 shares of the company's stock traded hands, compared to its average volume of 1,931,964. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The business's 50-day moving average price is $16.47 and its 200-day moving average price is $15.21. The stock has a market capitalization of $1.92 billion, a P/E ratio of 223.50, a price-to-earnings-growth ratio of 1.00 and a beta of 2.79. Magnite, Inc. has a 12 month low of $8.38 and a 12 month high of $21.29.

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). The business had revenue of $180.20 million for 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%. Equities analysts predict that Magnite, Inc. will post 0.33 earnings per share for the current year.

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.