Sanctuary Advisors LLC Acquires New Stake in Magnite, Inc. (NASDAQ:MGNI)

Sanctuary Advisors LLC acquired a new stake in Magnite, Inc. (NASDAQ:MGNI) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 19,161 shares of the company’s stock, valued at approximately $335,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Quarry LP increased its stake in shares of Magnite by 446.8% in the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after acquiring an additional 4,508 shares during the last quarter. KBC Group NV increased its stake in shares of Magnite by 66.5% in the 4th quarter. KBC Group NV now owns 5,943 shares of the company’s stock worth $95,000 after acquiring an additional 2,374 shares during the last quarter. Seelaus Asset Management LLC acquired a new stake in shares of Magnite in the 3rd quarter worth $175,000. Parametrica Management Ltd acquired a new stake in shares of Magnite in the 3rd quarter worth $177,000. Finally, Winthrop Advisory Group LLC acquired a new stake in shares of Magnite in the 3rd quarter worth $179,000. 73.40% of the stock is owned by institutional investors and hedge funds.

Magnite Stock Performance

Shares of Magnite stock opened at $14.69 on Tuesday. The business has a 50-day moving average of $17.27 and a 200 day moving average of $15.26. Magnite, Inc. has a 12 month low of $8.38 and a 12 month high of $21.29. The stock has a market capitalization of $2.07 billion, a price-to-earnings ratio of 244.83, a price-to-earnings-growth ratio of 1.00 and a beta of 2.52. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11.

Magnite (NASDAQ:MGNI) last announced its 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 net margin of 2.62% and a return on equity of 4.64%. The firm had revenue of $180.20 million for the quarter, compared to analysts’ expectations of $183.90 million. As a group, sell-side analysts forecast that Magnite, Inc. will post 0.33 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MGNI. Macquarie reaffirmed an “outperform” rating and issued a $18.00 target price on shares of Magnite in a research note on Friday, November 8th. Royal Bank of Canada raised their target price on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Benchmark increased their price target on Magnite from $21.00 to $25.00 and gave the stock a “buy” rating in a report on Thursday, February 27th. Wells Fargo & Company increased their price target on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $20.00 price target on shares of Magnite in a report on Thursday, February 27th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Magnite presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.27.

Insider Activity at Magnite

In other news, CTO David Buonasera sold 1,969 shares of Magnite stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $16.31, for a total value of $32,114.39. Following the completion of the transaction, the chief technology officer now owns 223,795 shares in the company, valued at approximately $3,650,096.45. This trade represents a 0.87 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Paul Caine sold 5,000 shares of Magnite stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $20.35, for a total value of $101,750.00. Following the completion of the transaction, the director now owns 182,837 shares of the company’s stock, valued at $3,720,732.95. The trade was a 2.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 398,110 shares of company stock worth $7,418,043 in the last three months. 4.30% of the stock is owned by company insiders.

Magnite Profile

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.