15,221 Shares in Magnite, Inc. (NASDAQ:MGNI) Bought by Diametric Capital LP

Diametric Capital LP acquired a new stake in Magnite, Inc. (NASDAQ:MGNI) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 15,221 shares of the company’s stock, valued at approximately $242,000.

Other hedge funds also recently made changes to their positions in the company. SBI Securities Co. Ltd. purchased a new stake in Magnite during the fourth quarter worth about $25,000. Larson Financial Group LLC increased its stake in shares of Magnite by 179.2% during the 4th quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock worth $58,000 after purchasing an additional 2,341 shares during the last quarter. Quantbot Technologies LP bought a new stake in shares of Magnite in the 4th quarter worth approximately $87,000. Quarry LP lifted its stake in Magnite by 446.8% in the third quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after purchasing an additional 4,508 shares during the last quarter. Finally, Jones Financial Companies Lllp grew its holdings in Magnite by 20.6% during the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock valued at $93,000 after purchasing an additional 1,000 shares during the period. 73.40% of the stock is currently owned by institutional investors.

Magnite Stock Down 0.1 %

Shares of NASDAQ MGNI opened at $11.40 on Wednesday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The business has a 50-day moving average of $15.91 and a 200-day moving average of $15.17. The firm has a market capitalization of $1.63 billion, a price-to-earnings ratio of 190.00, a PEG ratio of 1.00 and a beta of 2.79. Magnite, Inc. has a 12 month low of $8.38 and a 12 month high of $21.29.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results 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 return on equity of 4.64% and a net margin of 2.62%. The company had revenue of $180.20 million during the quarter, compared to the consensus estimate of $183.90 million. Sell-side analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Magnite news, CFO David Day sold 13,345 shares of Magnite stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $17.00, for a total transaction of $226,865.00. Following the transaction, the chief financial officer now directly owns 374,014 shares of the company’s stock, valued at approximately $6,358,238. This trade represents a 3.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Adam Lee Soroca sold 15,499 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $15.75, for a total transaction of $244,109.25. Following the completion of the sale, the insider now directly owns 458,386 shares of the company’s stock, valued at $7,219,579.50. This trade represents a 3.27 % decrease in their position. 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 over the last 90 days. Insiders own 4.30% of the company’s stock.

Analyst Upgrades and Downgrades

MGNI has been the topic of a number of research reports. Wells Fargo & Company boosted their price objective on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. Susquehanna upped their price target on shares of Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a research note on Thursday, February 27th. Scotiabank started coverage on shares of Magnite in a research note on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price objective for the company. Wolfe Research increased their target price on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $20.00 price target on shares of Magnite in a research report on Thursday, February 27th. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $19.27.

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.