Magnite, Inc. (NASDAQ:MGNI) Shares Sold by Manatuck Hill Partners LLC

Manatuck Hill Partners LLC cut its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 68.0% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 141,591 shares of the company’s stock after selling 300,900 shares during the period. Manatuck Hill Partners LLC’s holdings in Magnite were worth $2,254,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in MGNI. Capital Research Global Investors acquired a new position in shares of Magnite during the fourth quarter worth approximately $122,986,000. Boston Partners lifted its position in Magnite by 39.1% in the fourth quarter. Boston Partners now owns 4,756,323 shares of the company’s stock worth $76,061,000 after purchasing an additional 1,336,458 shares during the period. Maestria Partners LLC acquired a new stake in Magnite in the fourth quarter worth approximately $15,161,000. CenterBook Partners LP acquired a new stake in Magnite in the fourth quarter worth approximately $9,962,000. Finally, Stephens Investment Management Group LLC lifted its position in Magnite by 146.8% in the fourth 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 and hedge funds.

Magnite Trading Up 0.4 %

Shares of NASDAQ:MGNI opened at $11.94 on Friday. Magnite, Inc. has a 12-month low of $8.22 and a 12-month high of $21.29. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $1.69 billion, a P/E ratio of 199.00, a price-to-earnings-growth ratio of 1.00 and a beta of 2.69. The firm has a fifty day moving average of $12.19 and a two-hundred day moving average of $14.79.

Magnite (NASDAQ:MGNI) last issued 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). Magnite had a return on equity of 4.64% and a net margin of 2.62%. The firm had revenue of $180.20 million during the quarter, compared to analyst estimates of $183.90 million. On average, equities analysts expect that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Insider Activity

In related news, CAO Brian Gephart sold 6,250 shares of the firm’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 transaction, the chief accounting officer now directly owns 132,909 shares of the company’s stock, valued at approximately $2,126,544. This trade represents a 4.49 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Adam Lee Soroca sold 15,499 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 458,386 shares in the company, valued at $7,219,579.50. The trade was a 3.27 % 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 in the last three months. 4.30% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Rosenblatt Securities assumed coverage on Magnite in a research report on Tuesday. They issued a “buy” rating and a $18.00 target price for the company. Wells Fargo & Company upped their target price on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. Susquehanna upped their target price on Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a research report on Thursday, February 27th. Wolfe Research upped their target price on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Finally, Royal Bank of Canada upped their target price on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $19.08.

Magnite 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.