Avantax Advisory Services Inc. Invests $178,000 in Magnite, Inc. (NASDAQ:MGNI)

Avantax Advisory Services Inc. bought a new stake in Magnite, Inc. (NASDAQ:MGNI) during the 4th quarter, Holdings Channel.com reports. The firm bought 11,198 shares of the company’s stock, valued at approximately $178,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Intech Investment Management LLC bought a new stake in shares of Magnite in the 3rd quarter valued at $649,000. Charles Schwab Investment Management Inc. lifted its holdings in Magnite by 2.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,033,104 shares of the company’s stock valued at $14,308,000 after buying an additional 26,656 shares during the period. Bank of Montreal Can bought a new stake in Magnite during the third quarter valued at $1,899,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Magnite by 8.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,449 shares of the company’s stock worth $408,000 after acquiring an additional 2,298 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Magnite by 3.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 343,961 shares of the company’s stock worth $4,764,000 after acquiring an additional 10,994 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Price Performance

Shares of NASDAQ MGNI opened at $12.30 on Friday. The stock has a market cap of $1.76 billion, a price-to-earnings ratio of 205.00, a PEG ratio of 1.00 and a beta of 2.79. 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, Inc. has a fifty-two week low of $8.38 and a fifty-two week high of $21.29. The firm’s 50-day simple moving average is $16.15 and its 200 day simple moving average is $15.18.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share 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, research analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Needham & Company LLC restated a “buy” rating and set a $20.00 target price on shares of Magnite in a research report on Thursday, February 27th. Wolfe Research increased their price target on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Wells Fargo & Company lifted their price objective on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. Royal Bank of Canada increased their target price on shares of Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Finally, Susquehanna raised their price target on shares of Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a report on Thursday, February 27th. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $19.27.

Insiders Place Their Bets

In related news, CAO Brian Gephart sold 6,250 shares of Magnite stock in a transaction 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 sale, the chief accounting officer now directly owns 132,909 shares in the company, valued at approximately $2,126,544. This trade represents a 4.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Sean Patrick Buckley sold 18,693 shares of the business’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $20.00, for a total value of $373,860.00. Following the completion of the transaction, the insider now directly owns 408,529 shares in the company, valued at approximately $8,170,580. This represents a 4.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 258,250 shares of company stock valued at $4,945,720 in the last three months. 4.30% of the stock is currently owned by insiders.

Magnite 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.