Magnite, Inc. $MGNI Shares Acquired by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC grew its position in Magnite, Inc. (NASDAQ:MGNI) by 45.2% during the fourth quarter, Holdings Channel reports. The firm owned 189,903 shares of the company’s stock after acquiring an additional 59,124 shares during the period. Wedge Capital Management L L P NC’s holdings in Magnite were worth $3,082,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Magnite by 8.1% during the 3rd quarter. Vanguard Group Inc. now owns 14,654,432 shares of the company’s stock valued at $319,174,000 after purchasing an additional 1,092,147 shares in the last quarter. Granahan Investment Management LLC raised its holdings in Magnite by 6.3% in the 3rd quarter. Granahan Investment Management LLC now owns 3,873,179 shares of the company’s stock worth $84,358,000 after purchasing an additional 230,393 shares during the period. State Street Corp lifted its stake in Magnite by 5.2% in the 2nd quarter. State Street Corp now owns 3,053,607 shares of the company’s stock worth $73,653,000 after purchasing an additional 150,547 shares in the last quarter. Frontier Capital Management Co. LLC boosted its holdings in shares of Magnite by 419.4% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 1,793,830 shares of the company’s stock worth $43,267,000 after purchasing an additional 1,448,456 shares during the last quarter. Finally, Blue Grotto Capital LLC grew its position in shares of Magnite by 443.8% in the third quarter. Blue Grotto Capital LLC now owns 1,548,796 shares of the company’s stock valued at $33,733,000 after purchasing an additional 1,263,992 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Insider Transactions at Magnite

In other news, insider Adam Lee Soroca sold 21,529 shares of the business’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $12.00, for a total value of $258,348.00. Following the completion of the sale, the insider directly owned 388,425 shares of the company’s stock, valued at approximately $4,661,100. The trade was a 5.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 3.80% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Rosenblatt Securities reiterated a “buy” rating and set a $39.00 price objective on shares of Magnite in a research report on Thursday, February 26th. Weiss Ratings restated a “hold (c)” rating on shares of Magnite in a report on Thursday, January 22nd. Wells Fargo & Company reduced their price target on Magnite from $20.00 to $13.00 and set an “equal weight” rating on the stock in a report on Friday, February 27th. Benchmark decreased their target price on shares of Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Finally, Evercore reissued an “outperform” rating and issued a $20.00 price target on shares of Magnite in a research report on Thursday, February 26th. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $24.10.

Magnite Price Performance

MGNI stock opened at $11.65 on Monday. The stock has a market cap of $1.68 billion, a P/E ratio of 12.39, a PEG ratio of 0.63 and a beta of 2.34. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. Magnite, Inc. has a twelve month low of $8.22 and a twelve month high of $26.65. The company’s 50 day moving average is $12.88 and its two-hundred day moving average is $15.90.

About Magnite

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).