Gamco Investors INC. ET AL Raises Holdings in Magnite, Inc. (NASDAQ:MGNI)

Gamco Investors INC. ET AL lifted its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 14.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 84,632 shares of the company’s stock after purchasing an additional 10,799 shares during the period. Gamco Investors INC. ET AL owned about 0.06% of Magnite worth $1,347,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in MGNI. Merit Financial Group LLC acquired a new position in Magnite in the fourth quarter valued at $586,000. Rice Hall James & Associates LLC acquired a new position in Magnite in the 4th quarter valued at about $3,000,000. Jennison Associates LLC purchased a new stake in Magnite during the 4th quarter valued at approximately $818,000. JPMorgan Chase & Co. lifted its position in Magnite by 5.9% during the 4th quarter. JPMorgan Chase & Co. now owns 1,511,439 shares of the company’s stock worth $24,062,000 after acquiring an additional 84,497 shares during the period. Finally, Penbrook Management LLC grew its stake in shares of Magnite by 60.8% in the 4th quarter. Penbrook Management LLC now owns 38,480 shares of the company’s stock valued at $613,000 after purchasing an additional 14,550 shares during the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

Magnite Trading Up 12.4 %

NASDAQ:MGNI opened at $11.13 on Friday. The company has a market capitalization of $1.59 billion, a PE ratio of 185.50, a price-to-earnings-growth ratio of 1.00 and a beta of 2.69. Magnite, Inc. has a 52-week low of $8.22 and a 52-week high of $21.29. The stock has a fifty day simple moving average of $13.49 and a 200-day simple moving average of $14.80. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate 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 analysts’ expectations of $183.90 million. On average, equities research analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Wells Fargo & Company upped their price target on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 16th. Wolfe Research upped their price objective on shares of Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Royal Bank of Canada boosted their price target on shares of Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Needham & Company LLC restated a “buy” rating and issued a $14.00 price objective on shares of Magnite in a research report on Tuesday. Finally, Benchmark reissued a “buy” rating and set a $25.00 target price on shares of Magnite in a research note on Monday, March 10th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $18.81.

Insiders Place Their Bets

In related news, CAO Brian Gephart sold 6,250 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $16.00, for a total value of $100,000.00. Following the completion of the transaction, the chief accounting officer now owns 132,909 shares of the company’s stock, valued at approximately $2,126,544. The trade was a 4.49 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO David Day sold 39,000 shares of the firm’s stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $20.00, for a total transaction of $780,000.00. Following the sale, the chief financial officer now directly owns 488,506 shares in the company, valued at $9,770,120. This represents a 7.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 244,905 shares of company stock valued at $4,718,855. Corporate insiders own 4.30% of the company’s stock.

About Magnite

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.