Wedge Capital Management L L P NC Grows Position in Magnite, Inc. $MGNI

Wedge Capital Management L L P NC raised its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 45.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 189,903 shares of the company’s stock after purchasing an additional 59,124 shares during the quarter. Wedge Capital Management L L P NC owned 0.13% of Magnite worth $3,082,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MGNI. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Magnite by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,847 shares of the company’s stock valued at $854,000 after purchasing an additional 3,267 shares in the last quarter. Millennium Management LLC grew its holdings in Magnite by 113.7% in the 1st quarter. Millennium Management LLC now owns 434,479 shares of the company’s stock worth $4,957,000 after acquiring an additional 231,213 shares during the last quarter. Jones Financial Companies Lllp increased its position in shares of Magnite by 24.3% in the first quarter. Jones Financial Companies Lllp now owns 7,276 shares of the company’s stock valued at $83,000 after acquiring an additional 1,423 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Magnite by 9.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 404,717 shares of the company’s stock valued at $4,618,000 after buying an additional 36,097 shares during the period. Finally, Intech Investment Management LLC boosted its holdings in Magnite by 103.6% in the first quarter. Intech Investment Management LLC now owns 109,992 shares of the company’s stock valued at $1,255,000 after acquiring an additional 55,971 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Adam Lee Soroca sold 21,529 shares of the stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $12.00, for a total transaction of $258,348.00. Following the sale, the insider owned 388,425 shares in the company, valued at approximately $4,661,100. This represents a 5.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 3.80% of the stock is owned by insiders.

Magnite Stock Performance

Shares of NASDAQ:MGNI opened at $11.65 on Monday. The stock has a 50 day moving average of $12.88 and a 200 day moving average of $15.90. The company has a market cap of $1.68 billion, a PE ratio of 12.39, a price-to-earnings-growth ratio of 0.63 and a beta of 2.34. Magnite, Inc. has a 12-month low of $8.22 and a 12-month high of $26.65. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38.

Analyst Ratings Changes

MGNI has been the topic of a number of research analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a report on Thursday, January 22nd. Wells Fargo & Company reduced their target price on shares of Magnite from $20.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Friday, February 27th. Rosenblatt Securities reissued a “buy” rating and set a $39.00 price target on shares of Magnite in a research report on Thursday, February 26th. Benchmark cut their price objective on shares of Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Finally, Scotiabank cut their target price on Magnite from $30.00 to $16.00 and set a “sector outperform” rating on the stock in a research note on Thursday, February 26th. Nine analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Magnite has a consensus rating of “Moderate Buy” and an average price target of $24.10.

Magnite Profile

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).