Magnite, Inc. (NASDAQ:MGNI) Shares Sold by Cornercap Investment Counsel Inc.

Cornercap Investment Counsel Inc. lessened its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 58.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,050 shares of the company’s stock after selling 16,780 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Magnite were worth $192,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Wellington Management Group LLP grew its position in Magnite by 125.3% in the 3rd quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock valued at $91,128,000 after acquiring an additional 3,659,759 shares in the last quarter. Nomura Asset Management Co. Ltd. acquired a new position in shares of Magnite in the third quarter valued at approximately $23,917,000. Boston Partners increased its stake in Magnite by 39.1% during the 4th quarter. Boston Partners now owns 4,756,323 shares of the company’s stock worth $76,061,000 after buying an additional 1,336,458 shares during the period. Maestria Partners LLC acquired a new stake in Magnite during the 4th quarter worth approximately $15,161,000. Finally, Stephens Investment Management Group LLC boosted its position in Magnite by 146.8% in the 4th quarter. Stephens Investment Management Group LLC now owns 996,644 shares of the company’s stock valued at $15,867,000 after buying an additional 592,853 shares during the period. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Magnite Price Performance

Shares of NASDAQ:MGNI opened at $11.60 on Monday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. Magnite, Inc. has a 12 month low of $8.38 and a 12 month high of $21.29. The firm has a market capitalization of $1.66 billion, a P/E ratio of 193.33, a P/E/G ratio of 1.00 and a beta of 2.79. The company’s fifty day moving average price is $16.08 and its 200 day moving average price is $15.21.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.14). The firm had revenue of $180.20 million during the quarter, compared to analysts’ expectations of $183.90 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. As a group, sell-side analysts predict that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on MGNI shares. Benchmark reaffirmed a “buy” rating and set a $25.00 price objective on shares of Magnite in a research report on Monday, March 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 price target on shares of Magnite in a research report on Thursday, February 27th. Wolfe Research boosted their price objective on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Wells Fargo & Company raised their target price on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. Finally, Scotiabank began coverage on shares of Magnite in a report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price target for the company. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $19.27.

Insider Activity

In other Magnite news, Director Paul Caine sold 5,000 shares of Magnite stock in a transaction on Monday, February 10th. The shares were sold at an average price of $20.35, for a total value of $101,750.00. Following the transaction, the director now directly owns 182,837 shares in the company, valued at approximately $3,720,732.95. The trade was a 2.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director James Rossman sold 149,936 shares of the stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $19.46, for a total transaction of $2,917,754.56. Following the sale, the director now owns 219,920 shares of the company’s stock, valued at $4,279,643.20. This trade represents a 40.54 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 258,250 shares of company stock valued at $4,945,720. 4.30% of the stock is currently owned by company insiders.

Magnite Profile

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.