Madison Asset Management LLC raised its position in Magnite, Inc. (NASDAQ:MGNI – Free Report) by 21.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 338,252 shares of the company’s stock after acquiring an additional 59,278 shares during the quarter. Madison Asset Management LLC owned approximately 0.25% of Magnite worth $3,132,000 as of its most recent SEC filing.
Several other institutional investors also recently bought and sold shares of the company. State of New Jersey Common Pension Fund D acquired a new position in Magnite in the 1st quarter valued at about $1,586,000. Verdence Capital Advisors LLC grew its position in shares of Magnite by 21.4% during the first quarter. Verdence Capital Advisors LLC now owns 14,501 shares of the company’s stock worth $134,000 after buying an additional 2,561 shares in the last quarter. Moody National Bank Trust Division grew its position in shares of Magnite by 22.3% during the first quarter. Moody National Bank Trust Division now owns 79,959 shares of the company’s stock worth $740,000 after buying an additional 14,583 shares in the last quarter. Nordea Investment Management AB grew its position in shares of Magnite by 261.7% during the first quarter. Nordea Investment Management AB now owns 1,046,227 shares of the company’s stock worth $9,583,000 after buying an additional 756,961 shares in the last quarter. Finally, Harbour Capital Advisors LLC acquired a new position in shares of Magnite during the first quarter worth about $185,000. 71.19% of the stock is owned by institutional investors and hedge funds.
Insider Activity
In other news, CEO Michael G. Barrett sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 11th. The stock was sold at an average price of $15.02, for a total value of $375,500.00. Following the transaction, the chief executive officer now owns 1,405,072 shares of the company’s stock, valued at $21,104,181.44. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Michael G. Barrett sold 25,000 shares of the company’s stock in a transaction on Tuesday, July 11th. The stock was sold at an average price of $15.02, for a total transaction of $375,500.00. Following the transaction, the chief executive officer now owns 1,405,072 shares of the company’s stock, valued at $21,104,181.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CRO Sean Patrick Buckley sold 5,640 shares of the company’s stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $10.88, for a total value of $61,363.20. Following the transaction, the executive now directly owns 335,021 shares in the company, valued at approximately $3,645,028.48. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 254,868 shares of company stock valued at $3,204,366. Company insiders own 4.30% of the company’s stock.
Analyst Ratings Changes
A number of equities analysts have recently commented on MGNI shares. Cannonball Research downgraded Magnite from a “buy” rating to a “neutral” rating in a research report on Monday, June 5th. Needham & Company LLC restated a “buy” rating and set a $15.00 target price on shares of Magnite in a research note on Wednesday, March 22nd. B. Riley began coverage on Magnite in a research note on Wednesday, April 12th. They set a “buy” rating and a $15.00 target price for the company. Finally, 22nd Century Group restated a “reiterates” rating on shares of Magnite in a research note on Monday, May 22nd. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Magnite has a consensus rating of “Moderate Buy” and an average price target of $14.22.
Magnite Trading Up 1.1 %
Shares of NASDAQ MGNI opened at $15.48 on Friday. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.96. The stock has a 50 day moving average of $12.65 and a two-hundred day moving average of $11.10. Magnite, Inc. has a twelve month low of $5.59 and a twelve month high of $15.73.
Magnite (NASDAQ:MGNI – Get Free Report) last released its earnings results on Wednesday, May 10th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.22. The business had revenue of $130.15 million for the quarter, compared to analyst estimates of $110.90 million. Magnite had a positive return on equity of 3.29% and a negative net margin of 31.31%. On average, research analysts expect that Magnite, Inc. will post 0.24 EPS for the current fiscal year.
Magnite Company Profile
Magnite, Inc operates an independent 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 provides applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory.