Magnite, Inc. (NASDAQ:MGNI) Shares Bought by Wellington Management Group LLP

Wellington Management Group LLP grew its position in Magnite, Inc. (NASDAQ:MGNI) by 6.8% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 7,030,011 shares of the company’s stock after acquiring an additional 450,341 shares during the period. Wellington Management Group LLP’s holdings in Magnite were worth $111,918,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its position in Magnite by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 13,605,104 shares of the company’s stock valued at $216,593,000 after acquiring an additional 257,032 shares in the last quarter. Boston Partners grew its holdings in shares of Magnite by 39.1% in the fourth quarter. Boston Partners now owns 4,756,323 shares of the company’s stock valued at $76,061,000 after purchasing an additional 1,336,458 shares in the last quarter. Geode Capital Management LLC increased its stake in Magnite by 2.2% during the 3rd quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company’s stock worth $41,118,000 after buying an additional 63,545 shares during the period. Nomura Asset Management Co. Ltd. lifted its holdings in Magnite by 8.5% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 1,873,835 shares of the company’s stock worth $29,831,000 after buying an additional 146,974 shares in the last quarter. Finally, Royce & Associates LP boosted its position in Magnite by 7.4% in the 4th quarter. Royce & Associates LP now owns 1,597,896 shares of the company’s stock valued at $25,439,000 after buying an additional 109,595 shares during the period. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Insider Buying and Selling at Magnite

In other news, Director James Rossman sold 149,936 shares of the business’s stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $19.46, for a total value of $2,917,754.56. Following the transaction, the director now owns 219,920 shares of the company’s stock, valued at approximately $4,279,643.20. The trade was a 40.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Adam Lee Soroca sold 15,499 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $15.75, for a total value of $244,109.25. Following the sale, the insider now directly owns 458,386 shares of the company’s stock, valued at approximately $7,219,579.50. This represents a 3.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 244,905 shares of company stock valued at $4,718,855 in the last ninety days. Insiders own 4.30% of the company’s stock.

Magnite Stock Performance

Shares of Magnite stock opened at $9.70 on Friday. The firm’s fifty day simple moving average is $15.66 and its 200-day simple moving average is $15.11. Magnite, Inc. has a 12 month low of $8.38 and a 12 month high of $21.29. The stock has a market capitalization of $1.39 billion, a price-to-earnings ratio of 161.67, a PEG ratio of 1.00 and a beta of 2.69. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11.

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

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on MGNI shares. Susquehanna upped their price objective on Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a research report on Thursday, February 27th. Royal Bank of Canada increased their target price on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price target on shares of Magnite in a report on Wednesday. Benchmark reaffirmed a “buy” rating and set a $25.00 price objective on shares of Magnite in a research report on Monday, March 10th. Finally, Wells Fargo & Company raised 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. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, Magnite has a consensus rating of “Moderate Buy” and an average price target of $19.27.

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.