Wedge Capital Management L L P NC Trims Stake in Magnite, Inc. (NASDAQ:MGNI)

Wedge Capital Management L L P NC cut its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 8.9% in the second quarter, Holdings Channel.com reports. The firm owned 95,030 shares of the company’s stock after selling 9,239 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Magnite were worth $1,263,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Cape Investment Advisory Inc. bought a new stake in Magnite in the fourth quarter worth about $25,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of Magnite during the 4th quarter worth approximately $99,000. O Shaughnessy Asset Management LLC purchased a new position in Magnite during the 1st quarter valued at $108,000. HCR Wealth Advisors purchased a new position in Magnite during the 4th quarter valued at $121,000. Finally, Bayesian Capital Management LP bought a new position in Magnite in the 1st quarter valued at $132,000. 73.40% of the stock is owned by hedge funds and other institutional investors.

Magnite Stock Down 0.1 %

Magnite stock traded down $0.01 during mid-day trading on Friday, reaching $12.50. 101,346 shares of the company were exchanged, compared to its average volume of 1,567,369. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.10 and a current ratio of 1.10. The firm has a market cap of $1.76 billion, a P/E ratio of -19.55, a PEG ratio of 0.86 and a beta of 2.35. The business has a fifty day moving average of $13.66 and a 200 day moving average of $11.47. Magnite, Inc. has a 12-month low of $6.28 and a 12-month high of $15.92.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.14 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.01). Magnite had a positive return on equity of 3.74% and a negative net margin of 0.83%. The company had revenue of $162.88 million during the quarter, compared to the consensus estimate of $144.04 million. During the same period in the previous year, the firm posted ($0.04) earnings per share. The company’s revenue was up 6.8% on a year-over-year basis. Research analysts anticipate that Magnite, Inc. will post 0.39 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CRO Sean Patrick Buckley sold 2,682 shares of the firm’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $12.50, for a total value of $33,525.00. Following the sale, the executive now directly owns 404,875 shares in the company, valued at approximately $5,060,937.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CRO Sean Patrick Buckley sold 2,682 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $12.50, for a total transaction of $33,525.00. Following the completion of the transaction, the executive now owns 404,875 shares in the company, valued at approximately $5,060,937.50. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Brian Gephart sold 16,166 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $15.00, for a total transaction of $242,490.00. Following the completion of the sale, the chief accounting officer now owns 121,169 shares of the company’s stock, valued at $1,817,535. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 243,882 shares of company stock worth $3,505,836. 4.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Lake Street Capital initiated coverage on shares of Magnite in a report on Thursday, July 25th. They issued a “buy” rating and a $21.00 price target on the stock. Needham & Company LLC restated a “buy” rating and issued a $15.00 target price on shares of Magnite in a research note on Tuesday, July 9th. Craig Hallum lifted their price target on shares of Magnite from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, May 16th. Wolfe Research assumed coverage on Magnite in a research note on Tuesday, July 16th. They issued an “outperform” rating and a $16.00 price objective on the stock. Finally, Susquehanna restated a “positive” rating and set a $14.00 price objective on shares of Magnite in a report on Thursday, May 16th. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $17.25.

About Magnite

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.