Wellington Management Group LLP Has $27.46 Million Stock Position in Magnite, Inc. (NASDAQ:MGNI)

Wellington Management Group LLP increased its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 1.8% in the fourth quarter, HoldingsChannel reports. The firm owned 2,939,541 shares of the company’s stock after purchasing an additional 52,129 shares during the period. Wellington Management Group LLP’s holdings in Magnite were worth $27,455,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Cape Investment Advisory Inc. acquired a new stake in shares of Magnite during the 4th quarter worth about $25,000. Dynamic Technology Lab Private Ltd bought a new stake in Magnite during the 4th quarter worth about $99,000. Legato Capital Management LLC bought a new stake in Magnite during the 4th quarter worth about $103,000. HCR Wealth Advisors bought a new stake in Magnite during the 4th quarter worth about $121,000. Finally, Twin Focus Capital Partners LLC bought a new stake in Magnite during the 4th quarter worth about $143,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Stock Up 1.3 %

Magnite stock opened at $13.19 on Tuesday. The company’s 50 day simple moving average is $11.10 and its 200 day simple moving average is $10.28. Magnite, Inc. has a fifty-two week low of $6.28 and a fifty-two week high of $15.73. The firm has a market capitalization of $1.85 billion, a price-to-earnings ratio of -20.61, a PEG ratio of 0.91 and a beta of 2.35. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.10 and a quick ratio of 1.10.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, May 8th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.05. Magnite had a negative net margin of 12.24% and a positive return on equity of 3.23%. The business had revenue of $130.55 million for the quarter, compared to analyst estimates of $123.77 million. As a group, sell-side analysts anticipate that Magnite, Inc. will post 0.38 EPS for the current year.

Insider Buying and Selling

In other Magnite news, insider Adam Lee Soroca sold 10,597 shares of the firm’s stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $12.30, for a total transaction of $130,343.10. Following the sale, the insider now directly owns 450,655 shares in the company, valued at approximately $5,543,056.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Magnite news, insider Adam Lee Soroca sold 10,597 shares of the firm’s stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $12.30, for a total transaction of $130,343.10. Following the sale, the insider now directly owns 450,655 shares in the company, valued at approximately $5,543,056.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO David Day sold 20,732 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $13.00, for a total transaction of $269,516.00. Following the sale, the chief financial officer now owns 471,131 shares in the company, valued at $6,124,703. The disclosure for this sale can be found here. Insiders have sold 99,629 shares of company stock valued at $1,323,232 in the last 90 days. 4.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on MGNI shares. Susquehanna reissued a “positive” rating and set a $14.00 price objective on shares of Magnite in a report on Thursday, May 16th. Royal Bank of Canada increased their price objective on shares of Magnite from $17.00 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, June 5th. Bank of America raised shares of Magnite from a “neutral” rating to a “buy” rating and raised their target price for the company from $13.00 to $15.00 in a research note on Friday, May 24th. Benchmark reaffirmed a “buy” rating and issued a $18.00 target price on shares of Magnite in a research note on Monday, June 17th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $15.00 target price on shares of Magnite in a research note on Thursday, May 16th. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Magnite has an average rating of “Buy” and an average target price of $15.65.

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.