48,183 Shares in Magnite, Inc. (NASDAQ:MGNI) Bought by New Century Financial Group LLC

New Century Financial Group LLC purchased a new stake in Magnite, Inc. (NASDAQ:MGNI) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 48,183 shares of the company’s stock, valued at approximately $640,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Magnite by 1.3% in the first quarter. Vanguard Group Inc. now owns 12,818,197 shares of the company’s stock worth $137,796,000 after acquiring an additional 166,522 shares during the period. Wellington Management Group LLP boosted its stake in shares of Magnite by 1.8% in the 4th quarter. Wellington Management Group LLP now owns 2,939,541 shares of the company’s stock valued at $27,455,000 after purchasing an additional 52,129 shares during the last quarter. Burgundy Asset Management Ltd. boosted its stake in shares of Magnite by 1.1% in the 1st quarter. Burgundy Asset Management Ltd. now owns 2,457,031 shares of the company’s stock valued at $26,413,000 after purchasing an additional 25,921 shares during the last quarter. Marshall Wace LLP increased its position 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 worth $20,726,000 after buying an additional 578,678 shares during the period. Finally, Meros Investment Management LP raised its stake in Magnite by 1.3% during the second quarter. Meros Investment Management LP now owns 1,044,209 shares of the company’s stock worth $13,878,000 after buying an additional 13,570 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Price Performance

Shares of MGNI opened at $13.85 on Tuesday. The business’s fifty day moving average is $13.44 and its 200 day moving average is $12.20. Magnite, Inc. has a 12-month low of $6.28 and a 12-month high of $15.92. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.77. The stock has a market cap of $1.95 billion, a P/E ratio of -21.64, a P/E/G ratio of 1.15 and a beta of 2.41.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data 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 business had revenue of $162.88 million for the quarter, compared to analyst estimates of $144.04 million. Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.04) earnings per share. Sell-side analysts anticipate that Magnite, Inc. will post 0.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Adam Lee Soroca sold 7,910 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $12.59, for a total value of $99,586.90. Following the completion of the transaction, the insider now directly owns 436,001 shares of the company’s stock, valued at approximately $5,489,252.59. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CRO Sean Patrick Buckley sold 2,623 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $12.53, for a total transaction of $32,866.19. Following the sale, the executive now owns 331,742 shares of the company’s stock, valued at approximately $4,156,727.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Adam Lee Soroca sold 7,910 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $12.59, for a total transaction of $99,586.90. Following the completion of the sale, the insider now owns 436,001 shares in the company, valued at $5,489,252.59. The disclosure for this sale can be found here. Insiders sold 250,383 shares of company stock valued at $3,519,150 over the last ninety days. 4.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Wolfe Research began coverage on Magnite in a report on Tuesday, July 16th. They set an “outperform” rating and a $16.00 price target for the company. Lake Street Capital started coverage on Magnite in a research note on Thursday, July 25th. They set a “buy” rating and a $21.00 target price for the company. Evercore ISI lifted their target price on Magnite from $13.00 to $15.00 and gave the stock an “outperform” rating in a report on Monday, June 3rd. Royal Bank of Canada restated an “outperform” rating and set a $19.00 price target on shares of Magnite in a report on Friday. Finally, Benchmark reiterated a “buy” rating and issued a $21.00 price objective on shares of Magnite in a research note on Wednesday, September 18th. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $17.25.

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.