Granite Investment Partners LLC Sells 19,074 Shares of Magnite, Inc. (NASDAQ:MGNI)

Granite Investment Partners LLC lessened its position in Magnite, Inc. (NASDAQ:MGNI) by 2.1% in the 4th quarter, Holdings Channel.com reports. The fund owned 908,811 shares of the company’s stock after selling 19,074 shares during the period. Granite Investment Partners LLC’s holdings in Magnite were worth $14,468,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. CenterBook Partners LP bought a new stake in Magnite in the fourth quarter worth about $9,962,000. Advisory Services Network LLC raised its holdings in shares of Magnite by 8.7% in the fourth quarter. Advisory Services Network LLC now owns 127,542 shares of the company’s stock worth $2,030,000 after buying an additional 10,221 shares during the period. Invesco Ltd. lifted its stake in shares of Magnite by 35.2% during the 4th quarter. Invesco Ltd. now owns 272,093 shares of the company’s stock worth $4,332,000 after acquiring an additional 70,778 shares during the last quarter. Bank of Montreal Can boosted its holdings in Magnite by 18.0% during the 4th quarter. Bank of Montreal Can now owns 163,305 shares of the company’s stock valued at $2,600,000 after acquiring an additional 24,906 shares during the period. Finally, ExodusPoint Capital Management LP bought a new position in Magnite in the 4th quarter valued at $2,032,000. 73.40% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Wells Fargo & Company lifted their target price on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. Benchmark reiterated a “buy” rating and set a $25.00 price objective on shares of Magnite in a report on Monday, March 10th. Wolfe Research upped their target price on shares of Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Royal Bank of Canada raised their target price on shares of Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $20.00 price target on shares of Magnite in a report on Wednesday, April 2nd. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, Magnite has a consensus rating of “Moderate Buy” and a consensus price target of $19.27.

Magnite Price Performance

Shares of MGNI stock opened at $9.68 on Friday. The stock’s 50-day moving average is $14.43 and its 200 day moving average is $14.91. Magnite, Inc. has a 1-year low of $8.22 and a 1-year high of $21.29. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market cap of $1.38 billion, a P/E ratio of 161.33, a PEG ratio of 1.00 and a beta of 2.69.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.14). The firm had revenue of $180.20 million during the quarter, compared to analysts’ expectations of $183.90 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. Research analysts predict that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Magnite news, CAO Brian Gephart sold 6,250 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $16.00, for a total value of $100,000.00. Following the completion of the sale, the chief accounting officer now owns 132,909 shares of the company’s stock, valued at approximately $2,126,544. This trade represents a 4.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Sean Patrick Buckley sold 18,693 shares of the company’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $20.00, for a total transaction of $373,860.00. Following the transaction, the insider now owns 408,529 shares in the company, valued at approximately $8,170,580. This trade represents a 4.38 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 244,905 shares of company stock valued at $4,718,855. 4.30% of the stock is currently owned by insiders.

Magnite Company Profile

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.