26,851 Shares in Magnite, Inc. (NASDAQ:MGNI) Bought by Maven Securities LTD

Maven Securities LTD purchased a new stake in Magnite, Inc. (NASDAQ:MGNI) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 26,851 shares of the company’s stock, valued at approximately $357,000.

Other hedge funds also recently made changes to their positions in the company. New Century Financial Group LLC acquired a new stake in shares of Magnite during the 2nd quarter valued at about $640,000. Commonwealth Equity Services LLC boosted its holdings in Magnite by 668.3% during the second quarter. Commonwealth Equity Services LLC now owns 81,573 shares of the company’s stock valued at $1,084,000 after purchasing an additional 70,956 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Magnite by 1.8% in 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 period. Tidal Investments LLC raised its holdings in shares of Magnite by 212.8% in the 1st quarter. Tidal Investments LLC now owns 69,388 shares of the company’s stock worth $746,000 after buying an additional 47,205 shares in the last quarter. Finally, Baader Bank Aktiengesellschaft bought a new position in shares of Magnite during the 2nd quarter worth approximately $671,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Stock Down 3.7 %

NASDAQ:MGNI opened at $11.91 on Thursday. The stock’s fifty day moving average price is $13.33 and its two-hundred day moving average price is $12.21. The company has a market cap of $1.67 billion, a price-to-earnings ratio of -18.60, a P/E/G ratio of 1.19 and a beta of 2.41. Magnite, Inc. has a 52-week low of $6.28 and a 52-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.

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

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Wolfe Research began coverage on Magnite in a research note on Tuesday, July 16th. They set an “outperform” rating and a $16.00 price objective for the company. Benchmark reiterated a “buy” rating and set a $21.00 target price on shares of Magnite in a research report on Wednesday. Bank of America lifted their price target on shares of Magnite from $15.00 to $17.00 and gave the company a “buy” rating in a report on Monday, July 29th. Craig Hallum reaffirmed a “buy” rating and set a $20.00 price objective on shares of Magnite in a report on Wednesday, August 21st. Finally, Lake Street Capital started coverage on Magnite in a report on Thursday, July 25th. They issued a “buy” rating and a $21.00 target price on the stock. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $17.25.

Insider Activity at Magnite

In other Magnite news, CAO Brian Gephart sold 16,166 shares of Magnite stock in a transaction on Monday, July 15th. The shares were sold at an average price of $15.00, for a total transaction of $242,490.00. Following the completion of the sale, the chief accounting officer now owns 121,169 shares of the company’s stock, valued at approximately $1,817,535. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Magnite news, CEO Michael G. Barrett sold 100,000 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $15.00, for a total transaction of $1,500,000.00. Following the transaction, the chief executive officer now owns 1,052,493 shares in the company, valued at $15,787,395. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Brian Gephart sold 16,166 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $15.00, for a total value of $242,490.00. Following the transaction, the chief accounting officer now owns 121,169 shares of the company’s stock, valued at $1,817,535. The disclosure for this sale can be found here. Insiders have sold 250,383 shares of company stock worth $3,519,150 over the last ninety days. Company insiders own 4.30% of the company’s stock.

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.