Cibc World Markets Corp Acquires Shares of 11,774 Magnite, Inc. (NASDAQ:MGNI)

Cibc World Markets Corp bought a new position in Magnite, Inc. (NASDAQ:MGNI) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 11,774 shares of the company’s stock, valued at approximately $187,000.

Several other institutional investors have also bought and sold shares of MGNI. Quest Partners LLC bought a new position in shares of Magnite during the third quarter valued at $233,000. Intech Investment Management LLC acquired a new stake in shares of Magnite during the 3rd quarter worth about $649,000. Charles Schwab Investment Management Inc. lifted its holdings in Magnite by 2.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,033,104 shares of the company’s stock valued at $14,308,000 after purchasing an additional 26,656 shares during the last quarter. Algert Global LLC boosted its position in Magnite by 11.9% in the third quarter. Algert Global LLC now owns 159,075 shares of the company’s stock valued at $2,203,000 after buying an additional 16,920 shares in the last quarter. Finally, Bank of Montreal Can bought a new stake in Magnite during the third quarter worth about $1,899,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Scotiabank initiated coverage on shares of Magnite in a research note on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 target price for the company. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price objective on shares of Magnite in a research note on Thursday, February 27th. Royal Bank of Canada raised their target price on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Benchmark reiterated a “buy” rating and set a $25.00 price target on shares of Magnite in a research report on Monday, March 10th. Finally, Wells Fargo & Company raised their price objective on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, Magnite currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.27.

Magnite Price Performance

MGNI opened at $12.74 on Thursday. The company has a fifty day moving average price of $16.21 and a two-hundred day moving average price of $15.20. The firm has a market capitalization of $1.82 billion, a PE ratio of 212.33, a P/E/G ratio of 1.00 and a beta of 2.79. Magnite, Inc. has a 52 week low of $8.38 and a 52 week high of $21.29. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, February 26th. The company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.14). Magnite had a net margin of 2.62% and a return on equity of 4.64%. The company had revenue of $180.20 million during the quarter, compared to the consensus estimate of $183.90 million. As a group, analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current year.

Insider Activity

In other news, CAO Brian Gephart sold 6,250 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $16.00, for a total value of $100,000.00. Following the completion of the transaction, the chief accounting officer now owns 132,909 shares of the company’s stock, valued at $2,126,544. The trade was a 4.49 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Adam Lee Soroca sold 15,499 shares of Magnite stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $15.75, for a total value of $244,109.25. Following the transaction, the insider now owns 458,386 shares in the company, valued at approximately $7,219,579.50. This represents a 3.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 258,250 shares of company stock valued at $4,945,720 in the last ninety days. 4.30% of the stock is owned by insiders.

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.