Polar Asset Management Partners Inc. Buys New Position in Magnite, Inc. $MGNI

Polar Asset Management Partners Inc. purchased a new position in Magnite, Inc. (NASDAQ:MGNI) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 213,866 shares of the company’s stock, valued at approximately $4,658,000.

Other hedge funds have also added to or reduced their stakes in the company. Neo Ivy Capital Management bought a new position in Magnite in the 3rd quarter worth $27,000. US Bancorp DE boosted its stake in shares of Magnite by 75.8% during the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after purchasing an additional 688 shares in the last quarter. State of Wyoming bought a new position in Magnite in the third quarter worth about $39,000. USA Financial Formulas bought a new position in Magnite in the third quarter worth about $40,000. Finally, Strategic Advocates LLC purchased a new stake in Magnite in the third quarter worth about $42,000. 73.40% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Adam Lee Soroca sold 21,529 shares of the stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $12.00, for a total value of $258,348.00. Following the sale, the insider directly owned 388,425 shares of the company’s stock, valued at approximately $4,661,100. This represents a 5.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 3.80% of the company’s stock.

Wall Street Analyst Weigh In

MGNI has been the topic of several research reports. Wells Fargo & Company cut their price objective on Magnite from $20.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Friday, February 27th. Weiss Ratings restated a “hold (c)” rating on shares of Magnite in a research note on Thursday, January 22nd. Benchmark dropped their price target on Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. Scotiabank decreased their price objective on Magnite from $30.00 to $16.00 and set a “sector outperform” rating for the company in a report on Thursday, February 26th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $39.00 target price on shares of Magnite in a research report on Thursday, February 26th. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.10.

Magnite Stock Up 3.1%

MGNI stock opened at $12.72 on Thursday. Magnite, Inc. has a twelve month low of $8.22 and a twelve month high of $26.65. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. The firm has a market cap of $1.84 billion, a PE ratio of 13.53, a price-to-earnings-growth ratio of 0.67 and a beta of 2.34. The business has a 50 day moving average of $13.38 and a 200 day moving average of $16.58.

Magnite Company Profile

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).