Magnite, Inc. (NASDAQ:MGNI) is Nine Ten Capital Management LLC's 3rd Largest Position

Nine Ten Capital Management LLC lifted its holdings in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 18.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,115,849 shares of the company's stock after acquiring an additional 493,983 shares during the quarter. Magnite accounts for about 14.2% of Nine Ten Capital Management LLC's holdings, making the stock its 3rd largest position. Nine Ten Capital Management LLC owned about 2.21% of Magnite worth $49,604,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Merit Financial Group LLC purchased a new stake in shares of Magnite during the 4th quarter worth approximately $586,000. Rice Hall James & Associates LLC bought a new position in Magnite during the fourth quarter valued at $3,000,000. Jennison Associates LLC purchased a new stake in Magnite in the fourth quarter worth $818,000. JPMorgan Chase & Co. raised its stake 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 buying an additional 84,497 shares during the period. Finally, Penbrook Management LLC lifted its position in shares of Magnite by 60.8% during the 4th quarter. Penbrook Management LLC now owns 38,480 shares of the company's stock valued at $613,000 after buying an additional 14,550 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

MGNI has been the subject of several recent research reports. Susquehanna lifted their price objective on Magnite from $16.00 to $22.00 and gave the stock a "positive" rating in a report on Thursday, February 27th. Wells Fargo & Company boosted their price target on shares of Magnite from $13.00 to $15.00 and gave the company an "equal weight" rating in a research report on Thursday, January 16th. Royal Bank of Canada upped their price target on shares of Magnite from $19.00 to $22.00 and gave the company an "outperform" rating in a research note on Friday, January 3rd. Wolfe Research lifted their price objective on shares of Magnite from $14.00 to $19.00 and gave the company an "outperform" rating in a research note on Friday, January 3rd. Finally, Benchmark restated a "buy" rating and set a $25.00 target price on shares of Magnite in a research report on Monday. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $19.17.

Magnite Price Performance

Shares of MGNI traded up $0.51 during mid-day trading on Wednesday, reaching $11.90. 3,359,387 shares of the stock traded hands, compared to its average volume of 2,132,184. 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, Inc. has a 1 year low of $8.22 and a 1 year high of $21.29. The company has a market cap of $1.70 billion, a price-to-earnings ratio of 198.33, a price-to-earnings-growth ratio of 1.00 and a beta of 2.69. The firm has a fifty day moving average price of $13.14 and a 200 day moving average price of $14.81.

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

Insider Buying and Selling

In other Magnite news, insider Sean Patrick Buckley sold 18,693 shares of the business's stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $20.00, for a total value of $373,860.00. Following the completion of the transaction, the insider now owns 408,529 shares of the company's stock, valued at $8,170,580. The trade was a 4.38 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Paul Caine sold 5,000 shares of the company's stock in a transaction on Monday, February 10th. The stock was sold at an average price of $20.35, for a total transaction of $101,750.00. Following the completion of the transaction, the director now owns 182,837 shares of the company's stock, valued at $3,720,732.95. This trade represents a 2.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 244,905 shares of company stock worth $4,718,855. Insiders own 4.30% of the company's stock.

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.