Empowered Funds LLC increased its position in shares of Magnite, Inc. (NASDAQ:MGNI – Get Rating) by 31.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 51,984 shares of the company’s stock after acquiring an additional 12,520 shares during the period. Empowered Funds LLC’s holdings in Magnite were worth $342,000 as of its most recent filing with the Securities and Exchange Commission.
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Other large investors have also made changes to their positions in the company. Covestor Ltd boosted its position in shares of Magnite by 7,927.8% during the 1st quarter. Covestor Ltd now owns 2,890 shares of the company’s stock worth $38,000 after acquiring an additional 2,854 shares in the last quarter. Captrust Financial Advisors lifted its stake in Magnite by 48.5% in the 1st quarter. Captrust Financial Advisors now owns 3,767 shares of the company’s stock valued at $50,000 after purchasing an additional 1,230 shares during the last quarter. Guinness Atkinson Asset Management Inc lifted its stake in Magnite by 70.0% in the 2nd quarter. Guinness Atkinson Asset Management Inc now owns 3,790 shares of the company’s stock valued at $34,000 after purchasing an additional 1,560 shares during the last quarter. Castleview Partners LLC lifted its stake in Magnite by 736.0% in the 2nd quarter. Castleview Partners LLC now owns 4,155 shares of the company’s stock valued at $468,000 after purchasing an additional 3,658 shares during the last quarter. Finally, Strs Ohio lifted its stake in Magnite by 46.9% in the 2nd quarter. Strs Ohio now owns 4,700 shares of the company’s stock valued at $41,000 after purchasing an additional 1,500 shares during the last quarter. Institutional investors and hedge funds own 77.37% of the company’s stock.
Magnite Stock Performance
MGNI stock opened at $11.43 on Friday. The company has a fifty day moving average price of $10.62 and a 200-day moving average price of $8.78. Magnite, Inc. has a 52-week low of $5.59 and a 52-week high of $14.96. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.89.
Magnite (NASDAQ:MGNI – Get Rating) last posted its quarterly earnings data on Wednesday, November 9th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.01. Magnite had a negative net margin of 16.61% and a positive return on equity of 5.15%. The company had revenue of $145.82 million during the quarter, compared to analysts’ expectations of $124.00 million. As a group, equities research analysts forecast that Magnite, Inc. will post 0.31 EPS for the current year.
Analyst Upgrades and Downgrades
Several equities analysts recently commented on MGNI shares. Needham & Company LLC increased their price objective on shares of Magnite from $9.00 to $15.00 and gave the company a “buy” rating in a research note on Friday, December 16th. Vertical Research downgraded shares of Magnite to a “neutral” rating in a research note on Tuesday. Benchmark dropped their price objective on shares of Magnite to $14.00 in a research note on Tuesday, November 15th. Finally, Evercore ISI raised their price target on shares of Magnite to $11.00 in a research note on Tuesday, November 15th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Magnite currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.57.
Insider Transactions at Magnite
In other news, CEO Michael G. Barrett sold 75,000 shares of the stock in a transaction on Tuesday, November 15th. The shares were sold at an average price of $11.58, for a total transaction of $868,500.00. Following the completion of the sale, the chief executive officer now directly owns 1,430,236 shares in the company, valued at $16,562,132.88. The transaction was disclosed in a filing with the SEC, which is available at this link. 3.40% of the stock is currently owned by corporate insiders.
Magnite, Inc operates an independent 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 provides applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory.
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