Cerity Partners LLC Sells 27,329 Shares of Magnite, Inc. (NASDAQ:MGNI)

Cerity Partners LLC lowered its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 21.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 100,500 shares of the company’s stock after selling 27,329 shares during the period. Cerity Partners LLC owned about 0.07% of Magnite worth $939,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in the business. Rubric Capital Management LP boosted its stake in shares of Magnite by 80.7% during the third quarter. Rubric Capital Management LP now owns 4,000,000 shares of the company’s stock valued at $30,160,000 after purchasing an additional 1,785,978 shares during the period. Kennedy Capital Management LLC boosted its position in Magnite by 2.8% during the 3rd quarter. Kennedy Capital Management LLC now owns 2,692,371 shares of the company’s stock valued at $20,300,000 after buying an additional 74,367 shares during the period. Burgundy Asset Management Ltd. bought a new stake in Magnite in the 3rd quarter worth $17,759,000. Versor Investments LP bought a new stake in Magnite in the 3rd quarter worth $449,000. Finally, Qube Research & Technologies Ltd purchased a new position in shares of Magnite in the third quarter valued at about $2,284,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Michael G. Barrett sold 75,000 shares of Magnite stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $11.21, for a total value of $840,750.00. Following the completion of the transaction, the chief executive officer now owns 1,234,662 shares of the company’s stock, valued at approximately $13,840,561.02. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 4.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Royal Bank of Canada reissued an “outperform” rating and issued a $15.00 target price on shares of Magnite in a research note on Thursday, March 7th. B. Riley began coverage on Magnite in a research report on Friday. They issued a “buy” rating and a $14.50 price objective on the stock. Susquehanna upped their target price on Magnite from $11.00 to $14.00 and gave the company a “positive” rating in a report on Thursday, February 29th. Needham & Company LLC reiterated a “buy” rating and issued a $15.00 price target on shares of Magnite in a report on Thursday, March 21st. Finally, Benchmark reissued a “buy” rating and set a $18.00 price objective on shares of Magnite in a research report on Monday, March 25th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $14.39.

Magnite Trading Up 2.7 %

Shares of NASDAQ MGNI opened at $8.69 on Tuesday. Magnite, Inc. has a 1 year low of $6.28 and a 1 year high of $15.73. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.09 and a quick ratio of 1.09. The firm has a 50-day moving average of $10.30 and a 200 day moving average of $9.05. The stock has a market cap of $1.18 billion, a P/E ratio of -7.01, a price-to-earnings-growth ratio of 0.53 and a beta of 2.25.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, February 28th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.13. The firm had revenue of $165.28 million during the quarter, compared to analyst estimates of $160.24 million. Magnite had a negative net margin of 25.69% and a positive return on equity of 2.52%. As a group, sell-side analysts expect that Magnite, Inc. will post 0.47 EPS for the current fiscal year.

Magnite Company 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.