Quantbot Technologies LP Buys New Position in Magnite, Inc. (NASDAQ:MGNI)

Quantbot Technologies LP purchased a new position in shares of Magnite, Inc. (NASDAQ:MGNI) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,450 shares of the company’s stock, valued at approximately $87,000.

Several other hedge funds have also made changes to their positions in the business. SBI Securities Co. Ltd. acquired a new position in shares of Magnite in the fourth quarter valued at approximately $25,000. Larson Financial Group LLC grew its stake in shares of Magnite by 179.2% in the fourth quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock worth $58,000 after acquiring an additional 2,341 shares in the last quarter. Quarry LP grew its stake in shares of Magnite by 446.8% in the third quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after acquiring an additional 4,508 shares in the last quarter. Jones Financial Companies Lllp increased its position in shares of Magnite by 20.6% during the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock worth $93,000 after acquiring an additional 1,000 shares during the period. Finally, KBC Group NV raised its stake in shares of Magnite by 66.5% in the fourth quarter. KBC Group NV now owns 5,943 shares of the company’s stock valued at $95,000 after acquiring an additional 2,374 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on MGNI. Benchmark restated a “buy” rating and set a $25.00 price target on shares of Magnite in a report on Monday, March 10th. Wolfe Research upped their target price on shares of Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Susquehanna lifted their price target on shares of Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a research note on Thursday, February 27th. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price objective on shares of Magnite in a research report on Thursday, February 27th. Finally, Royal Bank of Canada lifted their price objective on shares of Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. One equities 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, the company currently has an average rating of “Moderate Buy” and an average price target of $19.27.

Magnite Stock Performance

Shares of MGNI stock opened at $11.41 on Tuesday. The stock’s 50-day moving average is $15.99 and its two-hundred day moving average is $15.19. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. Magnite, Inc. has a 1 year low of $8.38 and a 1 year high of $21.29. The firm has a market cap of $1.63 billion, a price-to-earnings ratio of 190.17, a PEG ratio of 1.00 and a beta of 2.79.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share (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 firm had revenue of $180.20 million for the quarter, compared to analysts’ expectations of $183.90 million. Analysts predict that Magnite, Inc. will post 0.33 earnings per share for the current year.

Insider Activity at Magnite

In related news, insider Adam Lee Soroca sold 15,499 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $15.75, for a total transaction of $244,109.25. Following the transaction, the insider now owns 458,386 shares of the company’s stock, valued at $7,219,579.50. This trade represents a 3.27 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Sean Patrick Buckley sold 18,693 shares of the company’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $20.00, for a total value of $373,860.00. Following the sale, the insider now directly owns 408,529 shares of the company’s stock, valued at approximately $8,170,580. This represents a 4.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 258,250 shares of company stock worth $4,945,720 in the last 90 days. 4.30% of the stock is owned by insiders.

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.