Magnite, Inc. (NASDAQ:MGNI) Shares Sold by AlphaQuest LLC

AlphaQuest LLC trimmed its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 40.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,004 shares of the company’s stock after selling 6,804 shares during the quarter. AlphaQuest LLC’s holdings in Magnite were worth $159,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Larson Financial Group LLC increased its stake in shares of Magnite by 179.2% during the fourth quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock worth $58,000 after acquiring an additional 2,341 shares during the period. Lisanti Capital Growth LLC boosted its holdings in Magnite by 14.7% during the fourth quarter. Lisanti Capital Growth LLC now owns 168,045 shares of the company’s stock worth $2,675,000 after buying an additional 21,595 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Magnite during the fourth quarter worth about $8,685,000. Arizona State Retirement System boosted its holdings in Magnite by 1.5% during the fourth quarter. Arizona State Retirement System now owns 36,846 shares of the company’s stock worth $587,000 after buying an additional 559 shares in the last quarter. Finally, M&T Bank Corp purchased a new stake in Magnite during the fourth quarter worth about $230,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Magnite

In related news, insider Adam Lee Soroca sold 15,499 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $15.75, for a total transaction of $244,109.25. Following the completion of the transaction, the insider now owns 458,386 shares of the company’s stock, valued at approximately $7,219,579.50. This represents a 3.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Brian Gephart sold 6,250 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $16.00, for a total transaction of $100,000.00. Following the transaction, the chief accounting officer now directly owns 132,909 shares of the company’s stock, valued at $2,126,544. This trade represents a 4.49 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 258,250 shares of company stock valued at $4,945,720. Company insiders own 4.30% of the company’s stock.

Magnite Stock Performance

Shares of MGNI opened at $13.17 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. The company has a market capitalization of $1.88 billion, a price-to-earnings ratio of 219.50, a PEG ratio of 1.00 and a beta of 2.79. The company’s 50 day simple moving average is $16.61 and its 200 day simple moving average is $15.23. Magnite, Inc. has a 1 year low of $8.38 and a 1 year high of $21.29.

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 the consensus estimate of $0.39 by ($0.14). The firm had revenue of $180.20 million for the quarter, compared to analysts’ expectations of $183.90 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. On average, sell-side analysts predict that Magnite, Inc. will post 0.33 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Benchmark reissued a “buy” rating and set a $25.00 price objective on shares of Magnite in a report on Monday, March 10th. Royal Bank of Canada boosted their price objective on shares of Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Scotiabank assumed coverage on shares of Magnite in a report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price objective on the stock. Susquehanna boosted their price objective on shares of Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a report on Thursday, February 27th. Finally, Wells Fargo & Company upped their price target on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.27.

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.