Woodmont Investment Counsel LLC Has $244,000 Position in Magnite, Inc. (NASDAQ:MGNI)

Woodmont Investment Counsel LLC cut its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 28.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,350 shares of the company’s stock after selling 6,000 shares during the period. Woodmont Investment Counsel LLC’s holdings in Magnite were worth $244,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of MGNI. Advantage Alpha Capital Partners LP increased its position in Magnite by 1.6% during the fourth quarter. Advantage Alpha Capital Partners LP now owns 461,907 shares of the company’s stock worth $7,354,000 after buying an additional 7,350 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Magnite by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 13,605,104 shares of the company’s stock worth $216,593,000 after acquiring an additional 257,032 shares during the period. LPL Financial LLC increased its holdings in shares of Magnite by 50.0% during the 4th quarter. LPL Financial LLC now owns 129,603 shares of the company’s stock worth $2,063,000 after acquiring an additional 43,207 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of Magnite during the 4th quarter worth approximately $443,000. Finally, Sei Investments Co. raised its stake in Magnite by 86.9% in the 4th quarter. Sei Investments Co. now owns 46,169 shares of the company’s stock valued at $735,000 after acquiring an additional 21,464 shares during the period. 73.40% of the stock is owned by institutional investors.

Analysts Set New Price Targets

MGNI has been the subject of a number of research analyst reports. Wolfe Research lifted 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. Wells Fargo & Company lifted their target price on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. Susquehanna increased their price target on shares of Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a report on Thursday, February 27th. Benchmark restated a “buy” rating and set a $25.00 price objective on shares of Magnite in a report on Monday, March 10th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $20.00 target price on shares of Magnite in a research note on Thursday, February 27th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $19.27.

Magnite Stock Performance

MGNI opened at $13.28 on Tuesday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. Magnite, Inc. has a 52-week low of $8.38 and a 52-week high of $21.29. The firm has a market cap of $1.90 billion, a P/E ratio of 221.33, a price-to-earnings-growth ratio of 1.00 and a beta of 2.79. The business’s fifty day moving average is $16.32 and its 200-day moving average is $15.22.

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

Insider Activity at Magnite

In related news, insider Adam Lee Soroca sold 15,499 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $15.75, for a total transaction of $244,109.25. Following the completion of the sale, the insider now directly owns 458,386 shares in the company, valued at $7,219,579.50. This represents a 3.27 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Brian Gephart sold 6,250 shares of Magnite 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 transaction, the chief accounting officer now owns 132,909 shares in the company, valued at approximately $2,126,544. This represents a 4.49 % 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 three months. 4.30% of the stock is owned by insiders.

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.