91,080 Shares in Magnite, Inc. (NASDAQ:MGNI) Acquired by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC purchased a new position in Magnite, Inc. (NASDAQ:MGNI) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 91,080 shares of the company’s stock, valued at approximately $851,000. Wedge Capital Management L L P NC owned about 0.07% of Magnite at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Burgundy Asset Management Ltd. bought a new stake in Magnite during the 3rd quarter valued at $17,759,000. Rubric Capital Management LP grew its holdings in shares of Magnite by 80.7% in the 3rd quarter. Rubric Capital Management LP now owns 4,000,000 shares of the company’s stock worth $30,160,000 after acquiring an additional 1,785,978 shares during the last quarter. Roumell Asset Management LLC acquired a new position in shares of Magnite in the 3rd quarter worth $4,091,000. Qube Research & Technologies Ltd acquired a new position in shares of Magnite in the 3rd quarter worth $2,284,000. Finally, Harspring Capital Management LLC acquired a new position in shares of Magnite in the 3rd quarter worth $1,885,000. Institutional investors own 73.40% of the company’s stock.

Insider Activity at Magnite

In other news, CEO Michael G. Barrett sold 75,000 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $11.21, for a total value of $840,750.00. Following the sale, the chief executive officer now directly owns 1,234,662 shares in the company, valued at approximately $13,840,561.02. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 4.30% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on MGNI shares. Bank of America lifted their price target on Magnite from $11.00 to $13.00 and gave the company a “neutral” rating in a report on Thursday, February 29th. Royal Bank of Canada reiterated an “outperform” rating and set a $15.00 price target on shares of Magnite in a report on Thursday, March 7th. B. Riley initiated coverage on Magnite in a report on Friday, April 19th. They set a “buy” rating and a $14.50 price target on the stock. Susquehanna lifted their price objective on Magnite from $11.00 to $14.00 and gave the company a “positive” rating in a research report on Thursday, February 29th. Finally, Benchmark reaffirmed a “buy” rating and issued a $18.00 price target on shares of Magnite in a research report on Monday, March 25th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Magnite presently has an average rating of “Moderate Buy” and a consensus price target of $14.39.

Magnite Stock Performance

NASDAQ MGNI opened at $8.80 on Friday. Magnite, Inc. has a twelve month low of $6.28 and a twelve month high of $15.73. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.09 and a quick ratio of 1.09. The stock has a 50-day simple moving average of $10.28 and a 200 day simple moving average of $9.06.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, February 28th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.13. Magnite had a positive return on equity of 2.52% and a negative net margin of 25.69%. The firm had revenue of $165.28 million for the quarter, compared to analyst estimates of $160.24 million. On average, research analysts forecast that Magnite, Inc. will post 0.41 EPS for the current fiscal year.

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.