First Eagle Investment Management LLC Takes $5.85 Million Position in Magnite, Inc. (NASDAQ:MGNI)

First Eagle Investment Management LLC acquired a new stake in Magnite, Inc. (NASDAQ:MGNI) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 367,157 shares of the company’s stock, valued at approximately $5,845,000.

Several other institutional investors have also modified their holdings of the company. SBI Securities Co. Ltd. acquired a new stake in shares of Magnite during the fourth quarter worth $25,000. Larson Financial Group LLC raised its position in shares of Magnite by 179.2% during the fourth quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock worth $58,000 after purchasing an additional 2,341 shares during the period. Quarry LP raised its position in shares of Magnite by 446.8% during the third quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after purchasing an additional 4,508 shares during the period. Jones Financial Companies Lllp raised its position in shares of Magnite by 20.6% during the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock worth $93,000 after purchasing an additional 1,000 shares during the period. Finally, KBC Group NV raised its position in shares of Magnite by 66.5% during the fourth quarter. KBC Group NV now owns 5,943 shares of the company’s stock worth $95,000 after purchasing an additional 2,374 shares during the period. Institutional investors and hedge funds own 73.40% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Wolfe Research boosted their target price on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Scotiabank assumed coverage on Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 target price on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 target price on shares of Magnite in a research report on Thursday, February 27th. Wells Fargo & Company upped their price target on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Finally, Royal Bank of Canada upped their price target on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $19.27.

Insider Buying and Selling at Magnite

In other news, Director Paul Caine sold 5,000 shares of the company’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $20.35, for a total transaction of $101,750.00. Following the completion of the sale, the director now owns 182,837 shares in the company, valued at approximately $3,720,732.95. This represents a 2.66 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Adam Lee Soroca sold 15,499 shares of the company’s stock in a transaction dated 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 owns 458,386 shares of the company’s stock, valued at approximately $7,219,579.50. This trade represents a 3.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 269,894 shares of company stock worth $5,137,148 over the last 90 days. 4.30% of the stock is currently owned by corporate insiders.

Magnite Stock Performance

Shares of NASDAQ MGNI opened at $12.60 on Friday. The business’s 50-day moving average price is $16.69 and its two-hundred day moving average price is $15.22. 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, Inc. has a one year low of $8.38 and a one year high of $21.29. The company has a market capitalization of $1.80 billion, a P/E ratio of 210.00, a price-to-earnings-growth ratio of 1.00 and a beta of 2.79.

Magnite (NASDAQ:MGNI) last issued its earnings results 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 firm had revenue of $180.20 million during the quarter, compared to analysts’ expectations of $183.90 million. Analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Magnite 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.