Magnite, Inc. $MGNI Shares Sold by First Eagle Investment Management LLC

First Eagle Investment Management LLC trimmed its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 48.5% during the 4th quarter, HoldingsChannel.com reports. The firm owned 296,443 shares of the company’s stock after selling 279,000 shares during the quarter. First Eagle Investment Management LLC’s holdings in Magnite were worth $4,811,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of MGNI. Vanguard Group Inc. lifted its stake in Magnite by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 14,802,630 shares of the company’s stock valued at $240,247,000 after buying an additional 148,198 shares in the last quarter. Granahan Investment Management LLC boosted its holdings in Magnite by 6.3% in the 3rd quarter. Granahan Investment Management LLC now owns 3,873,179 shares of the company’s stock worth $84,358,000 after buying an additional 230,393 shares during the last quarter. State Street Corp increased its stake in Magnite by 5.2% during the 2nd quarter. State Street Corp now owns 3,053,607 shares of the company’s stock worth $73,653,000 after buying an additional 150,547 shares in the last quarter. Blue Grotto Capital LLC raised its holdings in shares of Magnite by 443.8% during the third quarter. Blue Grotto Capital LLC now owns 1,548,796 shares of the company’s stock valued at $33,733,000 after acquiring an additional 1,263,992 shares during the last quarter. Finally, Kennedy Capital Management LLC raised its holdings in shares of Magnite by 39.6% during the third quarter. Kennedy Capital Management LLC now owns 1,213,613 shares of the company’s stock valued at $26,432,000 after acquiring an additional 344,466 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Price Performance

NASDAQ:MGNI opened at $12.91 on Thursday. Magnite, Inc. has a one year low of $10.82 and a one year high of $26.65. The stock has a market cap of $1.85 billion, a PE ratio of 12.41, a P/E/G ratio of 0.63 and a beta of 2.33. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a 50 day moving average price of $12.78 and a 200 day moving average price of $14.13.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. The company had revenue of $164.37 million for the quarter, compared to analyst estimates of $159.24 million. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The firm’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.12 earnings per share. Equities research analysts expect that Magnite, Inc. will post 0.62 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on MGNI shares. Rosenblatt Securities reaffirmed a “buy” rating and issued a $39.00 price target on shares of Magnite in a research note on Thursday, February 26th. Royal Bank Of Canada reduced their price objective on Magnite from $23.00 to $20.00 and set an “outperform” rating for the company in a research note on Thursday, May 7th. Evercore reaffirmed an “outperform” rating and set a $21.00 target price on shares of Magnite in a research note on Thursday, May 7th. Wells Fargo & Company upped their target price on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Friday, May 8th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $25.00 target price on shares of Magnite in a research report on Thursday, April 16th. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $24.33.

Insider Buying and Selling at Magnite

In other news, insider Adam Lee Soroca sold 21,529 shares of the business’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $12.00, for a total transaction of $258,348.00. Following the transaction, the insider owned 388,425 shares of the company’s stock, valued at approximately $4,661,100. The trade was a 5.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 3.80% of the company’s stock.

About Magnite

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).