Gamco Investors INC. ET AL Boosts Holdings in Magnite, Inc. (NASDAQ:MGNI)

Gamco Investors INC. ET AL lifted its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 14.6% during the 4th quarter, HoldingsChannel reports. The fund owned 84,632 shares of the company’s stock after acquiring an additional 10,799 shares during the period. Gamco Investors INC. ET AL’s holdings in Magnite were worth $1,347,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. SBI Securities Co. Ltd. purchased a new position in Magnite in the fourth quarter valued at approximately $25,000. Larson Financial Group LLC raised its stake in shares of Magnite by 179.2% in the 4th quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock valued at $58,000 after acquiring an additional 2,341 shares during the period. Quantbot Technologies LP acquired a new position in shares of Magnite during the 4th quarter valued at $87,000. Jones Financial Companies Lllp boosted its position in Magnite by 20.6% during the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock worth $93,000 after purchasing an additional 1,000 shares during the period. Finally, KBC Group NV raised its position in Magnite by 66.5% in the fourth quarter. KBC Group NV now owns 5,943 shares of the company’s stock valued at $95,000 after purchasing an additional 2,374 shares during the period. 73.40% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

MGNI has been the subject of several analyst reports. Wells Fargo & Company upped their target price on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. Needham & Company LLC restated a “buy” rating and issued a $14.00 target price on shares of Magnite in a research note on Tuesday. Susquehanna lifted their price target on shares of Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a research note on Thursday, February 27th. Royal Bank of Canada upped their price objective on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Finally, Benchmark reiterated a “buy” rating and issued a $25.00 price target on shares of Magnite in a research note on Monday, March 10th. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $18.81.

Magnite Trading Up 12.4 %

Shares of NASDAQ MGNI opened at $11.13 on Friday. The stock has a market capitalization of $1.59 billion, a P/E ratio of 185.50, a PEG ratio of 1.00 and a beta of 2.69. The stock’s 50 day moving average price is $13.49 and its two-hundred day moving average price is $14.80. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite, Inc. has a 52-week low of $8.22 and a 52-week high of $21.29.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.14). The firm had revenue of $180.20 million for the quarter, compared to analyst estimates of $183.90 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. On average, analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO David Day sold 39,000 shares of the business’s stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $20.00, for a total transaction of $780,000.00. Following the completion of the transaction, the chief financial officer now owns 488,506 shares in the company, valued at $9,770,120. The trade was a 7.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director James Rossman sold 149,936 shares of the stock in a transaction on Friday, February 7th. The stock was sold at an average price of $19.46, for a total value of $2,917,754.56. Following the completion of the sale, the director now directly owns 219,920 shares in the company, valued at $4,279,643.20. This represents a 40.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 244,905 shares of company stock valued at $4,718,855. Company insiders own 4.30% of the company’s stock.

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.