EFG Asset Management North America Corp. Has $3.15 Million Holdings in Magnite, Inc. (NASDAQ:MGNI)

EFG Asset Management North America Corp. raised its position in Magnite, Inc. (NASDAQ:MGNI) by 96.1% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 197,770 shares of the company’s stock after purchasing an additional 96,895 shares during the period. EFG Asset Management North America Corp.’s holdings in Magnite were worth $3,149,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Magnite by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 13,605,104 shares of the company’s stock worth $216,593,000 after buying an additional 257,032 shares during the last quarter. Wellington Management Group LLP grew its holdings in Magnite by 125.3% during the 3rd quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock worth $91,128,000 after acquiring an additional 3,659,759 shares during the period. Boston Partners raised its position in shares of Magnite by 39.1% in the 4th quarter. Boston Partners now owns 4,756,323 shares of the company’s stock worth $76,061,000 after acquiring an additional 1,336,458 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Magnite by 2.2% in the 3rd quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company’s stock valued at $41,118,000 after purchasing an additional 63,545 shares during the period. Finally, Nomura Asset Management Co. Ltd. bought a new stake in shares of Magnite during the 3rd quarter valued at about $23,917,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Royal Bank of Canada lifted their target price on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Scotiabank initiated coverage on shares of Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 target price on the stock. Susquehanna increased their target price 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. Wells Fargo & Company lifted their price target on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. Finally, Wolfe Research increased their price objective on shares of Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.27.

Insider Activity at Magnite

In other Magnite news, CAO Brian Gephart sold 6,250 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $16.00, for a total value of $100,000.00. Following the completion of the sale, the chief accounting officer now owns 132,909 shares in the company, valued at approximately $2,126,544. This trade represents a 4.49 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director James Rossman sold 149,936 shares of the business’s stock in a transaction that occurred 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 transaction, the director now owns 219,920 shares in the company, valued at $4,279,643.20. The trade was a 40.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 258,250 shares of company stock valued at $4,945,720 over the last ninety days. Corporate insiders own 4.30% of the company’s stock.

Magnite Stock Performance

Shares of MGNI opened at $13.28 on Tuesday. Magnite, Inc. has a 52 week low of $8.38 and a 52 week high of $21.29. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a 50 day moving average price of $16.32 and a two-hundred day moving average price of $15.22. The firm has a market capitalization of $1.90 billion, a P/E ratio of 221.33, a P/E/G ratio of 1.00 and a beta of 2.79.

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

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.