Norges Bank Takes Position in Magnite, Inc. (NASDAQ:MGNI)

Norges Bank acquired a new position in Magnite, Inc. (NASDAQ:MGNI - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 398,639 shares of the company's stock, valued at approximately $6,346,000. Norges Bank owned 0.28% of Magnite at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of MGNI. Wellington Management Group LLP increased its stake 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 during the last quarter. Nomura Asset Management Co. Ltd. purchased a new position in Magnite during the 3rd quarter valued at about $23,917,000. Boston Partners increased its holdings in shares of Magnite by 39.1% during 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. Maestria Partners LLC bought a new stake in shares of Magnite in the 4th quarter worth $15,161,000. Finally, Stephens Investment Management Group LLC grew its position in Magnite by 146.8% in the 4th quarter. Stephens Investment Management Group LLC now owns 996,644 shares of the company's stock worth $15,867,000 after purchasing an additional 592,853 shares during the period. 73.40% of the stock is currently owned by institutional investors.

Magnite Stock Performance

Shares of Magnite stock traded up $0.11 during trading hours on Monday, reaching $9.79. The company's stock had a trading volume of 119,389 shares, compared to its average volume of 2,056,801. 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 company's 50 day simple moving average is $14.43 and its 200 day simple moving average is $14.92. The stock has a market cap of $1.40 billion, a P/E ratio of 161.52, a price-to-earnings-growth ratio of 1.00 and a beta of 2.69. Magnite, Inc. has a one year low of $8.22 and a one year high of $21.29.

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

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Benchmark reiterated a "buy" rating and issued a $25.00 price target on shares of Magnite in a research report on Monday, March 10th. 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 report on Friday, January 3rd. Royal Bank of Canada boosted their price target on Magnite from $19.00 to $22.00 and gave the stock an "outperform" rating in a research report 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 report on Thursday, February 27th. Finally, Wells Fargo & Company boosted their price target on Magnite from $13.00 to $15.00 and gave the company an "equal weight" rating in a research note on Thursday, January 16th. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat, Magnite presently has an average rating of "Moderate Buy" and an average price target of $19.27.

Insiders Place Their Bets

In other Magnite news, insider Adam Lee Soroca sold 15,499 shares of Magnite stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $15.75, for a total transaction of $244,109.25. Following the transaction, the insider now owns 458,386 shares of the company's stock, valued at $7,219,579.50. The trade was a 3.27 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director James Rossman sold 149,936 shares of the business's stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $19.46, for a total transaction of $2,917,754.56. Following the transaction, the director now directly owns 219,920 shares in the company, valued at $4,279,643.20. The trade was a 40.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 244,905 shares of company stock worth $4,718,855 over the last ninety days. 4.30% of the stock is currently owned by company insiders.

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.