Empirical Capital Management LLC Makes New $279,000 Investment in Magnite, Inc. (NASDAQ:MGNI)

Empirical Capital Management LLC bought a new stake in shares of Magnite, Inc. (NASDAQ:MGNI) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 21,000 shares of the company’s stock, valued at approximately $279,000. Magnite comprises 0.2% of Empirical Capital Management LLC’s investment portfolio, making the stock its 15th largest position.

A number of other hedge funds have also recently made changes to their positions in the stock. Burgundy Asset Management Ltd. raised its stake in Magnite by 3.2% during the fourth quarter. Burgundy Asset Management Ltd. now owns 2,431,110 shares of the company’s stock valued at $22,707,000 after buying an additional 75,852 shares during the last quarter. Commonwealth Equity Services LLC boosted its stake in Magnite by 668.3% in the 2nd quarter. Commonwealth Equity Services LLC now owns 81,573 shares of the company’s stock worth $1,084,000 after purchasing an additional 70,956 shares in the last quarter. Wellington Management Group LLP grew its position in Magnite by 1.8% during the 4th quarter. Wellington Management Group LLP now owns 2,939,541 shares of the company’s stock valued at $27,455,000 after purchasing an additional 52,129 shares during the last quarter. Tidal Investments LLC increased its stake in Magnite by 212.8% during the 1st quarter. Tidal Investments LLC now owns 69,388 shares of the company’s stock valued at $746,000 after purchasing an additional 47,205 shares in the last quarter. Finally, Baader Bank Aktiengesellschaft purchased a new position in Magnite in the second quarter worth about $671,000. 73.40% of the stock is owned by institutional investors.

Magnite Price Performance

NASDAQ MGNI opened at $13.72 on Friday. The business’s fifty day moving average is $13.46 and its 200 day moving average is $12.17. Magnite, Inc. has a fifty-two week low of $6.28 and a fifty-two week high of $15.92. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.10 and a current ratio of 1.10. The company has a market capitalization of $1.94 billion, a PE ratio of -21.44, a price-to-earnings-growth ratio of 1.15 and a beta of 2.41.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). The company had revenue of $162.88 million for the quarter, compared to analysts’ expectations of $144.04 million. Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The firm’s quarterly revenue was up 6.8% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.04) earnings per share. Sell-side analysts predict that Magnite, Inc. will post 0.31 earnings per share for the current year.

Insiders Place Their Bets

In other news, CRO Sean Patrick Buckley sold 2,623 shares of the firm’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $12.53, for a total transaction of $32,866.19. Following the sale, the executive now directly owns 331,742 shares in the company, valued at approximately $4,156,727.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CRO Sean Patrick Buckley sold 2,623 shares of the company’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $12.53, for a total value of $32,866.19. Following the completion of the transaction, the executive now owns 331,742 shares of the company’s stock, valued at $4,156,727.26. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Michael G. Barrett sold 100,000 shares of Magnite stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $15.00, for a total value of $1,500,000.00. Following the sale, the chief executive officer now directly owns 1,052,493 shares in the company, valued at approximately $15,787,395. The disclosure for this sale can be found here. Insiders sold a total of 250,383 shares of company stock worth $3,519,150 over the last three months. 4.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have recently commented on MGNI shares. Royal Bank of Canada reissued an “outperform” rating and set a $19.00 price target on shares of Magnite in a research report on Friday. Evercore ISI lifted their target price on Magnite from $13.00 to $15.00 and gave the stock an “outperform” rating in a report on Monday, June 3rd. Wolfe Research assumed coverage on Magnite in a report on Tuesday, July 16th. They set an “outperform” rating and a $16.00 price target on the stock. Lake Street Capital initiated coverage on Magnite in a report on Thursday, July 25th. They issued a “buy” rating and a $21.00 price objective for the company. Finally, Bank of America boosted their target price on Magnite from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Magnite presently has an average rating of “Buy” and a consensus target price of $17.25.

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.