Nine Ten Capital Management LLC Boosts Stock Position in Magnite, Inc. (NASDAQ:MGNI)

Nine Ten Capital Management LLC lifted its position in Magnite, Inc. (NASDAQ:MGNI) by 18.8% in the 4th quarter, Holdings Channel reports. The fund owned 3,115,849 shares of the company’s stock after acquiring an additional 493,983 shares during the quarter. Magnite accounts for 14.2% of Nine Ten Capital Management LLC’s holdings, making the stock its 3rd biggest holding. Nine Ten Capital Management LLC’s holdings in Magnite were worth $49,604,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. SBI Securities Co. Ltd. purchased a new stake in Magnite in the fourth quarter worth about $25,000. Larson Financial Group LLC boosted its position in shares of Magnite by 179.2% in the 4th 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 in the last quarter. Quantbot Technologies LP purchased a new stake in shares of Magnite in the 4th quarter worth approximately $87,000. Jones Financial Companies Lllp increased its position in Magnite by 20.6% during the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock valued at $93,000 after buying an additional 1,000 shares in the last quarter. Finally, KBC Group NV raised its stake in Magnite by 66.5% during the fourth quarter. KBC Group NV now owns 5,943 shares of the company’s stock valued at $95,000 after buying an additional 2,374 shares during the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Insider Activity

In related news, Director James Rossman sold 149,936 shares of Magnite stock in a transaction on Friday, February 7th. The stock was sold at an average price of $19.46, for a total transaction of $2,917,754.56. Following the transaction, the director now directly owns 219,920 shares in the company, 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 Securities & Exchange Commission, which is accessible 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 stock was sold at an average price of $20.00, for a total value of $373,860.00. Following the completion of the sale, the insider now owns 408,529 shares of the company’s stock, valued at approximately $8,170,580. The trade was a 4.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 244,905 shares of company stock valued at $4,718,855 in the last quarter. 4.30% of the stock is currently owned by insiders.

Magnite Price Performance

Shares of MGNI opened at $11.13 on Friday. The firm has a fifty day simple moving average of $13.49 and a two-hundred day simple moving average of $14.80. The firm has a market cap of $1.59 billion, a PE ratio of 185.50, a P/E/G ratio of 1.00 and a beta of 2.69. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite, Inc. has a 1-year low of $8.22 and a 1-year high of $21.29.

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). The firm had revenue of $180.20 million for the quarter, compared to analysts’ expectations of $183.90 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. On average, equities analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current year.

Analyst Ratings Changes

A number of research firms have recently commented on MGNI. Wells Fargo & Company increased their target price on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 16th. Susquehanna increased their price objective on shares of Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a research report on Thursday, February 27th. Needham & Company LLC restated a “buy” rating and set a $14.00 price objective on shares of Magnite in a research note on Tuesday. 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. Finally, Royal Bank of Canada raised their price target on shares of 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 issued a buy rating to the stock. According to MarketBeat.com, Magnite presently has an average rating of “Moderate Buy” and an average target price of $18.81.

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.