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

Woodmont Investment Counsel LLC lowered its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 27.9% during the first quarter, Holdings Channel reports. The fund owned 120,558 shares of the company’s stock after selling 46,739 shares during the period. Woodmont Investment Counsel LLC’s holdings in Magnite were worth $1,296,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in MGNI. Cape Investment Advisory Inc. acquired a new position in Magnite during the 4th quarter valued at about $25,000. Dynamic Technology Lab Private Ltd acquired a new position in Magnite during the 4th quarter valued at about $99,000. Legato Capital Management LLC acquired a new position in Magnite during the 4th quarter valued at about $103,000. HCR Wealth Advisors acquired a new position in Magnite during the 4th quarter valued at about $121,000. Finally, Twin Focus Capital Partners LLC acquired a new position in Magnite during the 4th quarter valued at about $143,000. Institutional investors own 73.40% of the company’s stock.

Insider Transactions at Magnite

In other news, CFO David Day sold 21,299 shares of Magnite stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $14.01, for a total transaction of $298,398.99. Following the completion of the sale, the chief financial officer now owns 449,832 shares of the company’s stock, valued at $6,302,146.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO David Day sold 21,299 shares of the business’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $14.01, for a total value of $298,398.99. Following the completion of the transaction, the chief financial officer now owns 449,832 shares of the company’s stock, valued at $6,302,146.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Robert F. Spillane sold 25,000 shares of the business’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $13.04, for a total value of $326,000.00. Following the completion of the transaction, the director now directly owns 69,090 shares of the company’s stock, valued at approximately $900,933.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 99,629 shares of company stock valued at $1,323,232. 4.30% of the stock is currently owned by corporate insiders.

Magnite Trading Down 0.3 %

Magnite stock traded down $0.04 during mid-day trading on Tuesday, hitting $13.49. 652,271 shares of the company’s stock traded hands, compared to its average volume of 1,476,350. The firm has a 50 day simple moving average of $11.56 and a two-hundred day simple moving average of $10.44. Magnite, Inc. has a fifty-two week low of $6.28 and a fifty-two week high of $15.73. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.79.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, May 8th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.05. Magnite had a positive return on equity of 3.23% and a negative net margin of 12.24%. The company had revenue of $130.55 million during the quarter, compared to the consensus estimate of $123.77 million. On average, analysts anticipate that Magnite, Inc. will post 0.38 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have issued reports on MGNI. Susquehanna restated a “positive” rating and set a $14.00 target price on shares of Magnite in a research report on Thursday, May 16th. Craig Hallum increased their price target on shares of Magnite from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, May 16th. B. Riley started coverage on shares of Magnite in a research report on Friday, April 19th. They issued a “buy” rating and a $14.50 price target on the stock. Royal Bank of Canada increased their price target on shares of Magnite from $17.00 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, June 5th. Finally, Bank of America upgraded shares of Magnite from a “neutral” rating to a “buy” rating and increased their price target for the company from $13.00 to $15.00 in a research report on Friday, May 24th. Ten equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Magnite presently has an average rating of “Buy” and an average target price of $15.65.

Magnite Company 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.