Woodmont Investment Counsel LLC Sells 46,739 Shares of Magnite, Inc. (NASDAQ:MGNI)

Woodmont Investment Counsel LLC cut its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 27.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 120,558 shares of the company’s stock after selling 46,739 shares during the period. Woodmont Investment Counsel LLC owned 0.09% of Magnite worth $1,296,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Burgundy Asset Management Ltd. increased its position in shares of Magnite by 3.2% during the fourth quarter. Burgundy Asset Management Ltd. now owns 2,431,110 shares of the company’s stock worth $22,707,000 after purchasing an additional 75,852 shares in the last quarter. Rubric Capital Management LP increased its position in shares of Magnite by 80.7% in the 3rd quarter. Rubric Capital Management LP now owns 4,000,000 shares of the company’s stock valued at $30,160,000 after acquiring an additional 1,785,978 shares during the period. Kennedy Capital Management LLC increased its position in shares of Magnite by 2.8% in the 3rd quarter. Kennedy Capital Management LLC now owns 2,692,371 shares of the company’s stock valued at $20,300,000 after acquiring an additional 74,367 shares during the period. Wellington Management Group LLP increased its position in shares of Magnite by 1.8% in the 4th quarter. Wellington Management Group LLP now owns 2,939,541 shares of the company’s stock valued at $27,455,000 after acquiring an additional 52,129 shares during the period. Finally, Norges Bank acquired a new position in shares of Magnite in the 4th quarter valued at $8,164,000. 73.40% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Aaron Saltz sold 4,778 shares of Magnite stock in a transaction on Friday, June 14th. The shares were sold at an average price of $13.65, for a total transaction of $65,219.70. Following the sale, the insider now directly owns 317,010 shares in the company, valued at approximately $4,327,186.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Magnite news, insider Adam Lee Soroca sold 10,597 shares of Magnite stock in a transaction on Friday, May 17th. The shares were sold at an average price of $12.30, for a total value of $130,343.10. Following the transaction, the insider now directly owns 450,655 shares in the company, valued at $5,543,056.50. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Aaron Saltz sold 4,778 shares of the business’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $13.65, for a total transaction of $65,219.70. Following the transaction, the insider now owns 317,010 shares in the company, valued at $4,327,186.50. The disclosure for this sale can be found here. Insiders have sold 99,629 shares of company stock worth $1,323,232 in the last ninety days. 4.30% of the stock is owned by corporate insiders.

Magnite Trading Down 0.3 %

Shares of Magnite stock traded down $0.04 during trading on Tuesday, hitting $13.49. 652,271 shares of the stock were exchanged, compared to its average volume of 1,476,350. The firm’s 50-day moving average price is $11.56 and its 200 day moving average price is $10.44. Magnite, Inc. has a 12-month low of $6.28 and a 12-month high of $15.73. 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 (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.05. The business had revenue of $130.55 million during the quarter, compared to analysts’ expectations of $123.77 million. Magnite had a negative net margin of 12.24% and a positive return on equity of 3.23%. Equities analysts anticipate that Magnite, Inc. will post 0.38 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on MGNI shares. Bank of America raised Magnite from a “neutral” rating to a “buy” rating and upped their target price for the company from $13.00 to $15.00 in a research report on Friday, May 24th. Susquehanna reaffirmed a “positive” rating and issued a $14.00 price target on shares of Magnite in a report on Thursday, May 16th. Craig Hallum upped their price target on shares of Magnite from $18.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, May 16th. Needham & Company LLC reaffirmed a “buy” rating and issued a $15.00 price target on shares of Magnite in a report on Thursday, May 16th. Finally, Royal Bank of Canada upped their price target on shares of Magnite from $17.00 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, June 5th. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Magnite currently has an average rating of “Buy” and an average price target of $15.65.

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.