Magnite, Inc. (NASDAQ:MGNI) Shares Bought by Victory Capital Management Inc.

Victory Capital Management Inc. grew its stake in shares of Magnite, Inc. (NASDAQ:MGNI – Get Rating) by 9,583.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,257,030 shares of the company’s stock after acquiring an additional 1,244,049 shares during the quarter. Victory Capital Management Inc. owned about 0.94% of Magnite worth $13,331,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of MGNI. JPMorgan Chase & Co. increased its stake in shares of Magnite by 12.2% during the 1st quarter. JPMorgan Chase & Co. now owns 333,176 shares of the company’s stock valued at $4,401,000 after acquiring an additional 36,176 shares during the last quarter. Raymond James & Associates increased its stake in shares of Magnite by 13.9% during the 1st quarter. Raymond James & Associates now owns 16,682 shares of the company’s stock valued at $220,000 after acquiring an additional 2,038 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in shares of Magnite by 27.8% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 25,361 shares of the company’s stock valued at $335,000 after acquiring an additional 5,512 shares during the last quarter. HighTower Advisors LLC increased its stake in shares of Magnite by 8.7% during the 1st quarter. HighTower Advisors LLC now owns 111,260 shares of the company’s stock valued at $1,470,000 after acquiring an additional 8,892 shares during the last quarter. Finally, MetLife Investment Management LLC increased its stake in shares of Magnite by 55.0% during the 1st quarter. MetLife Investment Management LLC now owns 69,690 shares of the company’s stock valued at $921,000 after acquiring an additional 24,725 shares during the last quarter. Institutional investors and hedge funds own 77.37% of the company’s stock.

Insider Activity

In other news, CEO Michael G. Barrett sold 24,679 shares of the stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $10.88, for a total transaction of $268,507.52. Following the completion of the transaction, the chief executive officer now directly owns 1,505,072 shares in the company, valued at approximately $16,375,183.36. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, insider Adam Lee Soroca sold 12,390 shares of the firm’s stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $10.88, for a total transaction of $134,803.20. Following the transaction, the insider now directly owns 432,277 shares in the company, valued at $4,703,173.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael G. Barrett sold 24,679 shares of the firm’s stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $10.88, for a total value of $268,507.52. Following the transaction, the chief executive officer now owns 1,505,072 shares in the company, valued at $16,375,183.36. The disclosure for this sale can be found here. In the last three months, insiders sold 69,021 shares of company stock worth $750,948. 3.40% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

MGNI has been the subject of a number of research analyst reports. Needham & Company LLC reissued a “buy” rating and set a $15.00 target price on shares of Magnite in a research report on Wednesday, March 22nd. Benchmark reissued a “buy” rating and set a $14.00 target price on shares of Magnite in a research report on Tuesday, February 21st. B. Riley initiated coverage on shares of Magnite in a research report on Wednesday, April 12th. They set a “buy” rating and a $15.00 target price for the company. Vertical Research downgraded shares of Magnite to a “neutral” rating in a research report on Tuesday, January 24th. Finally, Susquehanna increased their target price on shares of Magnite from $13.00 to $15.00 and gave the stock a “positive” rating in a research report on Thursday, February 23rd. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $14.22.

Magnite Stock Performance

NASDAQ MGNI opened at $11.63 on Wednesday. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.16 and a current ratio of 1.16. The business has a 50 day moving average price of $9.53 and a two-hundred day moving average price of $10.39. Magnite, Inc. has a fifty-two week low of $5.59 and a fifty-two week high of $14.20.

Magnite (NASDAQ:MGNI – Get Rating) last released its earnings results on Wednesday, May 10th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.32) by $0.22. The company had revenue of $130.15 million during the quarter, compared to analysts’ expectations of $110.90 million. Magnite had a positive return on equity of 3.29% and a negative net margin of 31.31%. On average, equities analysts predict that Magnite, Inc. will post -0.25 EPS for the current fiscal year.

About Magnite

(Get Rating)

Magnite, Inc provides a technology solution to automate the purchase and sale of digital advertising inventory for buyers and sellers. It features applications and services for digital advertising sellers including websites, mobile applications, and other digital media properties. The company was founded by Frank Addante, Duc Chau, Craig Roah, Julie Mattern and Brian D.