S Squared Technology LLC Sells 160,000 Shares of Magnite, Inc. (NASDAQ:MGNI)

S Squared Technology LLC decreased its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 32.3% in the 4th quarter, HoldingsChannel reports. The fund owned 335,746 shares of the company’s stock after selling 160,000 shares during the period. Magnite makes up about 1.5% of S Squared Technology LLC’s holdings, making the stock its 23rd biggest holding. S Squared Technology LLC’s holdings in Magnite were worth $3,136,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of MGNI. Burgundy Asset Management Ltd. grew its holdings in 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 buying an additional 75,852 shares in the last quarter. Capstone Investment Advisors LLC grew its holdings in Magnite by 26.4% during the fourth quarter. Capstone Investment Advisors LLC now owns 42,349 shares of the company’s stock worth $396,000 after buying an additional 8,833 shares in the last quarter. 1492 Capital Management LLC bought a new stake in Magnite during the fourth quarter worth $1,058,000. Cape Investment Advisory Inc. bought a new stake in Magnite during the fourth quarter worth $25,000. Finally, Advisory Services Network LLC grew its holdings in Magnite by 1.9% during the fourth quarter. Advisory Services Network LLC now owns 127,106 shares of the company’s stock worth $1,187,000 after buying an additional 2,377 shares in the last quarter. Institutional investors own 73.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Evercore ISI upped their price target on Magnite from $13.00 to $15.00 and gave the stock an “outperform” rating in a report on Monday, June 3rd. B. Riley initiated coverage on Magnite in a report on Friday, April 19th. They set a “buy” rating and a $14.50 price target for the company. Craig Hallum upped their price objective on Magnite from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, May 16th. Benchmark restated a “buy” rating and issued a $18.00 price objective on shares of Magnite in a research note on Thursday, May 16th. Finally, Susquehanna restated a “positive” rating and issued a $14.00 price objective on shares of Magnite in a research note on Thursday, May 16th. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Magnite presently has an average rating of “Buy” and an average target price of $15.65.

Magnite Stock Performance

Shares of NASDAQ MGNI traded down $0.65 during trading on Friday, reaching $12.93. 1,447,125 shares of the stock traded hands, compared to its average volume of 2,688,577. Magnite, Inc. has a 52-week low of $6.28 and a 52-week 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. The company has a 50-day moving average of $10.30 and a 200-day moving average of $9.87. The stock has a market capitalization of $1.81 billion, a P/E ratio of -20.20, a price-to-earnings-growth ratio of 0.90 and a beta of 2.35.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, May 8th. The company reported ($0.06) EPS for the quarter, beating 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 firm had revenue of $130.55 million for the quarter, compared to analysts’ expectations of $123.77 million. Analysts forecast that Magnite, Inc. will post 0.38 EPS for the current fiscal year.

Insider Activity

In other news, CEO Michael G. Barrett sold 75,000 shares of the company’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $11.21, for a total transaction of $840,750.00. Following the transaction, the chief executive officer now owns 1,234,662 shares of the company’s stock, valued at approximately $13,840,561.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Michael G. Barrett sold 75,000 shares of the stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $11.21, for a total transaction of $840,750.00. Following the sale, the chief executive officer now owns 1,234,662 shares of the company’s stock, valued at approximately $13,840,561.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO David Day sold 20,732 shares of the stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $13.00, for a total value of $269,516.00. Following the sale, the chief financial officer now directly owns 471,131 shares in the company, valued at approximately $6,124,703. The disclosure for this sale can be found here. Insiders have sold 109,011 shares of company stock valued at $1,274,134 in the last 90 days. Insiders own 4.30% of the company’s stock.

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.