Greenwood Capital Associates LLC Lowers Stake in Magnite, Inc. (NASDAQ:MGNI)

Greenwood Capital Associates LLC lessened its holdings in Magnite, Inc. (NASDAQ:MGNI) by 1.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 66,134 shares of the company’s stock after selling 1,122 shares during the period. Greenwood Capital Associates LLC’s holdings in Magnite were worth $618,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of the business. Burgundy Asset Management Ltd. grew its holdings in Magnite by 3.2% in the fourth quarter. Burgundy Asset Management Ltd. now owns 2,431,110 shares of the company’s stock valued at $22,707,000 after purchasing an additional 75,852 shares during the period. Rubric Capital Management LP increased its holdings in 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 in the last quarter. Kennedy Capital Management LLC raised its position in Magnite by 2.8% during the third quarter. Kennedy Capital Management LLC now owns 2,692,371 shares of the company’s stock worth $20,300,000 after acquiring an additional 74,367 shares during the period. Roumell Asset Management LLC lifted its holdings in Magnite by 14.7% during the fourth quarter. Roumell Asset Management LLC now owns 622,511 shares of the company’s stock valued at $5,814,000 after purchasing an additional 80,000 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Magnite in the fourth quarter valued at about $8,164,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Insiders Place Their Bets

In related news, CFO David Day sold 21,299 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $14.01, for a total transaction of $298,398.99. Following the completion of the sale, the chief financial officer now directly owns 449,832 shares of the company’s stock, valued at approximately $6,302,146.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO David Day sold 21,299 shares of the stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $14.01, for a total transaction of $298,398.99. Following the completion of the transaction, the chief financial officer now owns 449,832 shares of the company’s stock, valued at approximately $6,302,146.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Adam Lee Soroca sold 10,597 shares of the business’s stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $12.30, for a total value of $130,343.10. Following the completion of the sale, the insider now directly owns 450,655 shares in the company, valued at approximately $5,543,056.50. The disclosure for this sale can be found here. Insiders sold a total of 99,629 shares of company stock valued at $1,323,232 over the last quarter. 4.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

MGNI has been the subject of several research analyst reports. Bank of America upgraded shares of Magnite from a “neutral” rating to a “buy” rating and upped their price target for the stock from $13.00 to $15.00 in a research report on Friday, May 24th. Susquehanna restated a “positive” rating and issued a $14.00 target price on shares of Magnite in a research report on Thursday, May 16th. Benchmark reiterated a “buy” rating and set a $18.00 price target on shares of Magnite in a research report on Thursday, May 16th. Evercore ISI increased their price objective on Magnite from $13.00 to $15.00 and gave the company an “outperform” rating in a research note on Monday, June 3rd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $15.00 target price on shares of Magnite in a research note on Thursday, May 16th. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $15.65.

Magnite Trading Down 1.0 %

Shares of MGNI traded down $0.14 during mid-day trading on Friday, reaching $13.73. The stock had a trading volume of 2,531,166 shares, compared to its average volume of 1,811,348. Magnite, Inc. has a 52-week low of $6.28 and a 52-week high of $15.73. The firm has a market cap of $1.92 billion, a price-to-earnings ratio of -21.45, a P/E/G ratio of 0.96 and a beta of 2.35. The business’s fifty day moving average is $10.64 and its 200 day moving average is $10.07. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.10 and a quick ratio of 1.10.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, May 8th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.05. The business had revenue of $130.55 million during the quarter, compared to analysts’ expectations of $123.77 million. Magnite had a negative net margin of 12.24% and a positive return on equity of 3.23%. On average, sell-side analysts predict that Magnite, Inc. will post 0.38 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.