Marshall Wace LLP Cuts Stock Holdings in Magnite, Inc. (NASDAQ:MGNI)

Marshall Wace LLP cut its holdings in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 78.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 796,994 shares of the company's stock after selling 2,847,273 shares during the quarter. Marshall Wace LLP owned 0.57% of Magnite worth $12,688,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Stifel Financial Corp raised its position in Magnite by 85.8% during the third quarter. Stifel Financial Corp now owns 46,502 shares of the company's stock valued at $644,000 after purchasing an additional 21,472 shares during the period. Barclays PLC raised its holdings in Magnite by 352.9% during the 3rd quarter. Barclays PLC now owns 210,598 shares of the company's stock valued at $2,917,000 after buying an additional 164,093 shares during the period. Geode Capital Management LLC raised its holdings 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 buying an additional 63,545 shares during the period. Tidal Investments LLC lifted its position in Magnite by 22.2% in the third quarter. Tidal Investments LLC now owns 130,580 shares of the company's stock worth $1,809,000 after buying an additional 23,688 shares during the last quarter. Finally, Franklin Resources Inc. boosted its stake in Magnite by 99.7% during the third quarter. Franklin Resources Inc. now owns 144,563 shares of the company's stock worth $2,002,000 after buying an additional 72,169 shares during the period. 73.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Wells Fargo & Company raised their target price on shares of Magnite from $13.00 to $15.00 and gave the stock an "equal weight" rating in a report on Thursday, January 16th. Wolfe Research boosted their target price on Magnite from $14.00 to $19.00 and gave the company an "outperform" rating in a research report on Friday, January 3rd. Royal Bank of Canada upped their target price on Magnite from $19.00 to $22.00 and gave the company an "outperform" rating in a research note on Friday, January 3rd. Susquehanna raised their price target on Magnite from $16.00 to $22.00 and gave the stock a "positive" rating in a research note on Thursday, February 27th. Finally, Benchmark reaffirmed a "buy" rating and issued a $25.00 price objective 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 issued a buy rating to the stock. According to data from MarketBeat.com, Magnite currently has a consensus rating of "Moderate Buy" and a consensus price target of $19.17.

Insider Activity at Magnite

In related news, Director Paul Caine sold 5,000 shares of the business's stock in a transaction on Monday, February 10th. The shares were 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 directly owns 182,837 shares in the company, valued at $3,720,732.95. The trade was a 2.66 % 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, Director James Rossman sold 149,936 shares of the stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $19.46, for a total value of $2,917,754.56. Following the sale, the director now directly owns 219,920 shares in the company, valued at $4,279,643.20. This represents a 40.54 % decrease in their ownership of the stock. 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 over the last quarter. Insiders own 4.30% of the company's stock.

Magnite Stock Up 1.3 %

Magnite stock traded up $0.16 during midday trading on Friday, reaching $12.38. The company's stock had a trading volume of 1,558,636 shares, compared to its average volume of 2,137,643. Magnite, Inc. has a 52-week low of $8.22 and a 52-week high of $21.29. The stock has a market capitalization of $1.75 billion, a P/E ratio of 206.33, a PEG ratio of 1.00 and a beta of 2.69. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The stock's 50-day simple moving average is $12.82 and its 200-day simple moving average is $14.79.

Magnite (NASDAQ:MGNI - Get Free Report) last released its earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.14). The company had revenue of $180.20 million for the quarter, compared to analysts' expectations of $183.90 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. On average, sell-side analysts expect that Magnite, Inc. will post 0.33 EPS 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.