First Eagle Investment Management LLC Decreases Stock Position in Magnite, Inc. $MGNI

First Eagle Investment Management LLC decreased its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 6.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 575,443 shares of the company’s stock after selling 42,676 shares during the period. First Eagle Investment Management LLC’s holdings in Magnite were worth $12,533,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in MGNI. US Bancorp DE grew its holdings in Magnite by 75.8% during the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after buying an additional 688 shares in the last quarter. State of Wyoming purchased a new position in shares of Magnite in the third quarter valued at $39,000. USA Financial Formulas bought a new stake in Magnite in the third quarter worth $40,000. CWM LLC raised its stake in Magnite by 133.6% during the second quarter. CWM LLC now owns 1,775 shares of the company’s stock valued at $43,000 after purchasing an additional 1,015 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in Magnite by 45.1% during the third quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock valued at $53,000 after purchasing an additional 755 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on MGNI. Weiss Ratings reissued a “hold (c)” rating on shares of Magnite in a research note on Thursday, January 22nd. Scotiabank lowered their price target on shares of Magnite from $30.00 to $16.00 and set a “sector outperform” rating for the company in a report on Thursday, February 26th. Wells Fargo & Company dropped their price target on Magnite from $20.00 to $13.00 and set an “equal weight” rating for the company in a research report on Friday, February 27th. Wall Street Zen downgraded Magnite from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, Benchmark lowered their price objective on Magnite from $31.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, February 26th. Nine investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Magnite currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.10.

Insider Buying and Selling

In other Magnite news, insider Adam Lee Soroca sold 21,529 shares of the stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $12.00, for a total value of $258,348.00. Following the sale, the insider owned 388,425 shares in the company, valued at $4,661,100. This trade represents a 5.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 4.30% of the stock is owned by company insiders.

Magnite Trading Up 1.5%

MGNI opened at $13.77 on Wednesday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02. The stock’s 50 day moving average price is $14.14 and its 200-day moving average price is $17.41. Magnite, Inc. has a one year low of $8.22 and a one year high of $26.65. The stock has a market cap of $1.99 billion, a price-to-earnings ratio of 14.65, a P/E/G ratio of 0.73 and a beta of 2.34.

Magnite Profile

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).