Royce & Associates LP Sells 311,099 Shares of Magnite, Inc. $MGNI

Royce & Associates LP trimmed its position in Magnite, Inc. (NASDAQ:MGNI) by 21.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,162,298 shares of the company’s stock after selling 311,099 shares during the quarter. Royce & Associates LP owned 0.81% of Magnite worth $29,360,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Covestor Ltd grew its holdings in shares of Magnite by 562.1% during the 3rd quarter. Covestor Ltd now owns 1,066 shares of the company’s stock worth $26,000 after purchasing an additional 905 shares during the period. Nykredit A S purchased a new position in Magnite in the second quarter valued at approximately $25,000. EFG International AG purchased a new position in Magnite in the second quarter valued at approximately $28,000. Allworth Financial LP acquired a new position in Magnite during the second quarter valued at approximately $30,000. Finally, Signaturefd LLC lifted its position in Magnite by 35.8% during the third quarter. Signaturefd LLC now owns 1,715 shares of the company’s stock valued at $43,000 after buying an additional 452 shares in the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

Magnite Stock Down 0.2%

Shares of NASDAQ:MGNI traded down $0.05 during mid-day trading on Friday, hitting $29.29. 2,292,291 shares of the company traded hands, compared to its average volume of 2,683,232. The firm has a market cap of $4.20 billion, a P/E ratio of 24.61, a PEG ratio of 0.89 and a beta of 2.44. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.04 and a current ratio of 1.04. Magnite, Inc. has a 52-week low of $10.82 and a 52-week high of $29.78. The firm’s 50 day simple moving average is $24.58 and its 200 day simple moving average is $18.20.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, November 4th. The company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.29 by $0.04. The firm had revenue of $204.20 million for the quarter, compared to analyst estimates of $190.19 million. Magnite had a return on equity of 10.94% and a net margin of 23.58%. Magnite’s revenue for the quarter was up 22.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.20 EPS. On average, equities analysts anticipate that Magnite, Inc. will post 0.68 EPS for the current year.

Trending Headlines about Magnite

Here are a few of the latest headlines about MGNI:

• Positive Sentiment: An analysis describes Magnite’s CTV growth as solid, while coverage of its expanded Gracenote deal sees potential value in the company’s streaming-TV opportunity. These themes add to the backdrop of a recent quarter in which Magnite beat earnings and revenue estimates. Gracenote deal analysis
• Neutral Sentiment: Analyst commentary is not uniformly bullish on upside: one valuation assessment says MGNI may be near fair value despite a raised outlook. Magnite fair-value analysis
• Negative Sentiment: A Seeking Alpha article argues the stock is expensive despite solid CTV growth, raising the risk that valuation could limit further gains after the recent run-up. Magnite CTV growth and valuation article

Analysts Set New Price Targets

MGNI has been the subject of several research reports. Wall Street Zen upgraded shares of Magnite from a “hold” rating to a “buy” rating in a research note on Saturday. Rosenblatt Securities reissued a “buy” rating and issued a $40.00 target price on shares of Magnite in a research note on Friday, October 2nd. Evercore restated an “outperform” rating and set a $25.00 target price on shares of Magnite in a report on Thursday, August 6th. B. Riley Financial upped their price target on shares of Magnite from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, September 18th. Finally, Needham & Company LLC upped their price target on shares of Magnite from $25.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, September 3rd. Ten investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $31.00.

Insider Activity at Magnite

In other news, Director James Rossman sold 49,190 shares of the company’s stock in a transaction on Wednesday, November 11th. The shares were sold at an average price of $29.05, for a total value of $1,428,969.50. Following the completion of the transaction, the director directly owned 58,287 shares in the company, valued at approximately $1,693,237.35. This represents a 45.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Aaron Saltz sold 9,597 shares of the firm’s stock in a transaction on Monday, November 9th. The shares were sold at an average price of $28.75, for a total transaction of $275,913.75. Following the sale, the insider directly owned 214,792 shares of the company’s stock, valued at approximately $6,175,270. The trade was a 4.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 355,307 shares of company stock valued at $9,192,207. 3.20% of the stock is currently owned by corporate insiders.

Magnite Profile

Magnite, Inc. operates a sell-side advertising platform that helps publishers, streaming services and app developers sell digital advertising inventory through programmatic auctions. Its technology connects those sellers with advertisers and their agencies seeking to buy ad placements. The company supports advertising across connected TV, online video, mobile applications and desktop formats. Its offerings include tools for managing and monetizing ad inventory, including streaming-focused ad-serving technology.