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

QVT Financial LP acquired a new position in Magnite, Inc. (NASDAQ:MGNI) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 61,293 shares of the company’s stock, valued at approximately $995,000.

Several other institutional investors and hedge funds also recently bought and sold shares of MGNI. Capital Research Global Investors boosted its holdings in Magnite by 85.0% in the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock worth $209,696,000 after buying an additional 5,937,428 shares during the period. Blue Grotto Capital LLC boosted its holdings in Magnite by 443.8% in the 3rd quarter. Blue Grotto Capital LLC now owns 1,548,796 shares of the company’s stock worth $33,733,000 after buying an additional 1,263,992 shares during the period. Vanguard Group Inc. boosted its holdings in Magnite by 8.1% in the 3rd quarter. Vanguard Group Inc. now owns 14,654,432 shares of the company’s stock valued at $319,174,000 after purchasing an additional 1,092,147 shares during the period. 325 Capital LLC bought a new position in Magnite in the 3rd quarter valued at $14,158,000. Finally, Nuveen LLC boosted its holdings in Magnite by 14.2% in the 4th quarter. Nuveen LLC now owns 3,531,108 shares of the company’s stock valued at $57,310,000 after purchasing an additional 439,072 shares during the period. 73.40% of the stock is owned by institutional investors.

Magnite Stock Performance

Magnite stock opened at $16.25 on Monday. The firm’s fifty day moving average price is $13.50 and its 200-day moving average price is $13.87. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a market cap of $2.33 billion, a P/E ratio of 15.63, a price-to-earnings-growth ratio of 0.77 and a beta of 2.32. Magnite, Inc. has a fifty-two week low of $10.82 and a fifty-two week high of $26.65.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.02. The firm had revenue of $164.37 million for the quarter, compared to analysts’ expectations of $159.24 million. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The business’s quarterly revenue was up 5.5% on a year-over-year basis. During the same quarter last year, the company posted $0.12 EPS. On average, equities research analysts expect that Magnite, Inc. will post 0.6 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Rosenblatt Securities reissued a “buy” rating and issued a $39.00 price target on shares of Magnite in a report on Thursday, February 26th. Evercore reissued an “outperform” rating and issued a $21.00 price target on shares of Magnite in a report on Thursday, May 7th. Royal Bank Of Canada reissued an “outperform” rating on shares of Magnite in a report on Thursday, May 28th. Weiss Ratings raised shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $25.00 price target on shares of Magnite in a report on Thursday, April 16th. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $23.89.

Insider Activity

In other news, Director Robert F. Spillane sold 10,000 shares of the firm’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $13.33, for a total transaction of $133,300.00. Following the sale, the director owned 43,917 shares in the company, 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 SEC, which can be accessed through this link. Also, Director Douglas S. Knopper sold 10,766 shares of the firm’s stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $15.73, for a total transaction of $169,349.18. Following the sale, the director owned 163,147 shares in the company, valued at approximately $2,566,302.31. This trade represents a 6.19% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 32,941 shares of company stock worth $492,272. 4.30% of the stock is currently owned by corporate insiders.

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).