Vicus Capital Invests $164,000 in Magnite, Inc. (NASDAQ:MGNI)

Vicus Capital purchased a new stake in shares of Magnite, Inc. (NASDAQ:MGNI) in the third quarter, according to its most recent disclosure with the SEC. The firm purchased 11,816 shares of the company’s stock, valued at approximately $164,000.

Other large investors also recently modified their holdings of the company. Granite Investment Partners LLC bought a new position in shares of Magnite in the second quarter worth $11,227,000. Driehaus Capital Management LLC purchased a new stake in shares of Magnite in the 2nd quarter valued at approximately $9,938,000. Marshall Wace LLP grew its holdings in shares of Magnite by 59.0% during the second quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock valued at $20,726,000 after buying an additional 578,678 shares in the last quarter. Dana Investment Advisors Inc. purchased a new position in Magnite during the 2nd quarter valued at about $6,556,000. Finally, iA Global Asset Management Inc. purchased a new stake in Magnite in the 2nd quarter worth approximately $4,698,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Magnite Stock Performance

Shares of MGNI stock opened at $12.07 on Wednesday. The company has a market capitalization of $1.70 billion, a P/E ratio of -109.73, a price-to-earnings-growth ratio of 1.07 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. The company’s 50 day moving average price is $12.98 and its two-hundred day moving average price is $12.38.

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

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. Benchmark restated a “buy” rating and set a $21.00 price target on shares of Magnite in a report on Wednesday, October 2nd. Craig Hallum reaffirmed a “buy” rating and set a $20.00 price objective on shares of Magnite in a research report on Wednesday, August 21st. Royal Bank of Canada restated an “outperform” rating and issued a $19.00 price objective on shares of Magnite in a research note on Friday, September 27th. Bank of America raised 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. Finally, Needham & Company LLC reiterated a “buy” rating and set a $15.00 price objective on shares of Magnite in a research note on Wednesday, October 2nd. Ten research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $17.25.

Insider Transactions at Magnite

In other Magnite news, CTO David Buonasera sold 10,000 shares of Magnite stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $12.65, for a total value of $126,500.00. Following the sale, the chief technology officer now directly owns 258,102 shares in the company, valued at approximately $3,264,990.30. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Magnite news, CTO David Buonasera sold 10,000 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $12.65, for a total value of $126,500.00. Following the completion of the sale, the chief technology officer now owns 258,102 shares in the company, valued at $3,264,990.30. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CRO Sean Patrick Buckley sold 2,623 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $12.53, for a total transaction of $32,866.19. Following the completion of the sale, the executive now directly owns 331,742 shares in the company, valued at approximately $4,156,727.26. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 95,533 shares of company stock valued at $1,206,203 in the last ninety days. 4.30% of the stock is currently owned by corporate 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.