61,293 Shares in Magnite, Inc. $MGNI Purchased by QVT Financial LP

QVT Financial LP bought a new position in Magnite, Inc. (NASDAQ:MGNI) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 61,293 shares of the company’s stock, valued at approximately $995,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in MGNI. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Magnite by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,847 shares of the company’s stock worth $854,000 after acquiring an additional 3,267 shares during the last quarter. Millennium Management LLC increased its stake in Magnite by 113.7% in the 1st quarter. Millennium Management LLC now owns 434,479 shares of the company’s stock valued at $4,957,000 after buying an additional 231,213 shares during the last quarter. Jones Financial Companies Lllp increased its stake in Magnite by 24.3% in the 1st quarter. Jones Financial Companies Lllp now owns 7,276 shares of the company’s stock valued at $83,000 after buying an additional 1,423 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Magnite by 9.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 404,717 shares of the company’s stock valued at $4,618,000 after buying an additional 36,097 shares during the last quarter. Finally, Intech Investment Management LLC increased its stake in Magnite by 103.6% in the 1st quarter. Intech Investment Management LLC now owns 109,992 shares of the company’s stock valued at $1,255,000 after buying an additional 55,971 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $25.00 price objective on shares of Magnite in a research note on Thursday, April 16th. Wells Fargo & Company increased 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 Friday, May 8th. Scotiabank increased their price objective on shares of Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a research note on Thursday, May 7th. Weiss Ratings upgraded shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Finally, Benchmark decreased their price objective on shares of Magnite from $31.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, February 26th. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $23.89.

Insider Buying and Selling

In related news, Director Robert F. Spillane sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $13.33, for a total value of $133,300.00. Following the completion of the transaction, the director directly owned 43,917 shares of the company’s stock, valued at approximately $585,413.61. This trade represents a 18.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David T. Pearson sold 10,766 shares of the firm’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $15.65, for a total transaction of $168,487.90. Following the completion of the transaction, the director directly owned 79,001 shares of the company’s stock, valued at approximately $1,236,365.65. This trade represents a 11.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 32,941 shares of company stock valued at $492,272. Company insiders own 4.30% of the company’s stock.

Magnite Stock Performance

Shares of MGNI stock opened at $16.25 on Monday. The company has a 50 day moving average of $13.50 and a 200-day moving average of $13.87. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. Magnite, Inc. has a 12-month low of $10.82 and a 12-month high of $26.65. The firm has a market cap of $2.33 billion, a P/E ratio of 15.63, a PEG ratio of 0.77 and a beta of 2.32.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.02. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The company had revenue of $164.37 million during the quarter, compared to analyst estimates of $159.24 million. During the same quarter last year, the business posted $0.12 EPS. Magnite’s quarterly revenue was up 5.5% compared to the same quarter last year. Sell-side analysts anticipate that Magnite, Inc. will post 0.6 earnings per share for the current year.

About Magnite

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).