Marshall Wace LLP Sells 2,847,273 Shares of Magnite, Inc. (NASDAQ:MGNI)

Marshall Wace LLP cut its stake in Magnite, Inc. (NASDAQ:MGNI) by 78.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 796,994 shares of the company’s stock after selling 2,847,273 shares during the quarter. Marshall Wace LLP owned about 0.57% of Magnite worth $12,688,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Merit Financial Group LLC bought a new position in shares of Magnite during the fourth quarter valued at approximately $586,000. Rice Hall James & Associates LLC bought a new position in Magnite in the 4th quarter valued at $3,000,000. Jennison Associates LLC purchased a new stake in Magnite in the fourth quarter worth $818,000. JPMorgan Chase & Co. lifted its position in shares of Magnite by 5.9% during the fourth quarter. JPMorgan Chase & Co. now owns 1,511,439 shares of the company’s stock worth $24,062,000 after purchasing an additional 84,497 shares during the last quarter. Finally, Penbrook Management LLC lifted its position in shares of Magnite by 60.8% during the fourth quarter. Penbrook Management LLC now owns 38,480 shares of the company’s stock worth $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 Price Performance

MGNI opened at $11.01 on Tuesday. The firm has a market capitalization of $1.57 billion, a PE ratio of 183.50, a price-to-earnings-growth 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. The business’s 50-day moving average is $13.30 and its two-hundred day moving average is $14.83. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $21.29.

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). Magnite had a return on equity of 4.64% and a net margin of 2.62%. The firm had revenue of $180.20 million during the quarter, compared to analysts’ expectations of $183.90 million. Research analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Paul Caine sold 5,000 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $20.35, for a total value of $101,750.00. Following the completion of the transaction, the director now directly owns 182,837 shares of the company’s stock, valued at $3,720,732.95. This trade represents a 2.66 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director James Rossman sold 149,936 shares of Magnite stock in a transaction that occurred 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 completion of the sale, the director now owns 219,920 shares of the company’s stock, valued at $4,279,643.20. This trade represents a 40.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 244,905 shares of company stock worth $4,718,855. Insiders own 4.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $14.00 price target on shares of Magnite in a research note on Monday. Benchmark reaffirmed a “buy” rating and set a $25.00 price target on shares of Magnite in a research note on Monday. Wolfe Research raised their price objective on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Wells Fargo & Company lifted their target price 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 increased their price target on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $19.17.

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.