Rice Hall James & Associates LLC lifted its holdings in shares of Magnite, Inc. (NASDAQ:MGNI – Free Report) by 49.3% during the fourth quarter, Holdings Channel.com reports. The firm owned 198,828 shares of the company’s stock after acquiring an additional 65,610 shares during the quarter. Rice Hall James & Associates LLC’s holdings in Magnite were worth $3,227,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of MGNI. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Magnite by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,847 shares of the company’s stock valued at $854,000 after buying an additional 3,267 shares during the period. Millennium Management LLC lifted its holdings in Magnite by 113.7% in the first quarter. Millennium Management LLC now owns 434,479 shares of the company’s stock valued at $4,957,000 after buying an additional 231,213 shares during the period. Jones Financial Companies Lllp lifted its holdings in Magnite by 24.3% in the first quarter. Jones Financial Companies Lllp now owns 7,276 shares of the company’s stock valued at $83,000 after buying an additional 1,423 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Magnite by 9.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 404,717 shares of the company’s stock valued at $4,618,000 after buying an additional 36,097 shares during the period. Finally, Intech Investment Management LLC lifted its holdings in Magnite by 103.6% in the first quarter. Intech Investment Management LLC now owns 109,992 shares of the company’s stock valued at $1,255,000 after buying an additional 55,971 shares during the period. Institutional investors and hedge funds own 73.40% of the company’s stock.
Magnite Price Performance
Shares of NASDAQ MGNI opened at $18.55 on Wednesday. The firm’s 50-day moving average price is $13.73 and its 200-day moving average price is $13.91. Magnite, Inc. has a 1-year low of $10.82 and a 1-year high of $26.65. The firm has a market capitalization of $2.66 billion, a P/E ratio of 17.84, a P/E/G ratio of 0.79 and a beta of 2.32. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38.
Analyst Upgrades and Downgrades
Several equities analysts recently issued reports on MGNI shares. BTIG Research started coverage on shares of Magnite in a report on Tuesday, June 9th. They issued a “buy” rating and a $20.00 target price on the stock. Weiss Ratings upgraded shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Rosenblatt Securities restated a “buy” rating and issued a $39.00 target price on shares of Magnite in a report on Thursday, February 26th. Scotiabank boosted their target price on shares of Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a report on Thursday, May 7th. Finally, Needham & Company LLC restated a “buy” rating and issued a $25.00 target price on shares of Magnite in a report on Thursday, April 16th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $23.89.
Check Out Our Latest Stock Report on MGNI
Insider Activity
In other news, Director Robert F. Spillane sold 10,000 shares of the company’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $13.33, for a total transaction of $133,300.00. Following the transaction, the director owned 43,917 shares in the company, valued at approximately $585,413.61. This represents a 18.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David T. Pearson sold 10,766 shares of the company’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $15.65, for a total transaction of $168,487.90. Following the transaction, the director owned 79,001 shares in the company, valued at $1,236,365.65. This represents a 11.99% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 32,941 shares of company stock worth $492,272. Company insiders own 4.30% of the company’s stock.
Magnite Profile
Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.
At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).
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