Divisadero Street Capital Management LP Makes New $3.67 Million Investment in Magnite, Inc. (NASDAQ:MGNI)

Divisadero Street Capital Management LP acquired a new position in shares of Magnite, Inc. (NASDAQ:MGNI) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 275,876 shares of the company’s stock, valued at approximately $3,666,000. Divisadero Street Capital Management LP owned 0.20% of Magnite as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also made changes to their positions in the stock. Cape Investment Advisory Inc. acquired a new position in Magnite in the 4th quarter valued at approximately $25,000. UMB Bank n.a. increased its position in shares of Magnite by 111.8% during the second quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock valued at $30,000 after purchasing an additional 1,188 shares during the period. Asset Dedication LLC acquired a new position in shares of Magnite in the second quarter valued at $52,000. Blue Trust Inc. bought a new position in Magnite in the second quarter worth $56,000. Finally, Benjamin F. Edwards & Company Inc. boosted its stake in Magnite by 973.5% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock worth $58,000 after buying an additional 3,972 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Trading Down 0.5 %

MGNI opened at $13.24 on Friday. Magnite, Inc. has a 1-year low of $6.28 and a 1-year high of $15.92. The stock has a market capitalization of $1.87 billion, a PE ratio of -20.69, a PEG ratio of 1.22 and a beta of 2.41. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.77. The firm has a 50-day moving average price of $13.68 and a two-hundred day moving average price of $12.11.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The company had revenue of $162.88 million during the quarter, compared to analyst estimates of $144.04 million. During the same period in the prior year, the business earned ($0.04) EPS. The business’s revenue for the quarter was up 6.8% on a year-over-year basis. As a group, equities analysts anticipate that Magnite, Inc. will post 0.31 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently commented on MGNI. Wolfe Research began coverage on shares of Magnite in a report on Tuesday, July 16th. They set an “outperform” rating and a $16.00 price objective for the company. Royal Bank of Canada lifted their price objective on Magnite from $17.00 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, June 5th. Needham & Company LLC reissued a “buy” rating and issued a $15.00 target price on shares of Magnite in a report on Tuesday, July 9th. Evercore ISI raised their target price on Magnite from $13.00 to $15.00 and gave the stock an “outperform” rating in a research report on Monday, June 3rd. Finally, Craig Hallum reiterated a “buy” rating and issued a $20.00 price target on shares of Magnite in a research report on Wednesday, August 21st. Ten analysts have rated the stock with a buy rating, According to MarketBeat.com, Magnite presently has an average rating of “Buy” and an average target price of $17.25.

Insider Transactions at Magnite

In other news, insider Adam Lee Soroca sold 7,910 shares of the stock in a transaction on Monday, August 19th. The stock was sold at an average price of $12.59, for a total value of $99,586.90. Following the transaction, the insider now owns 436,001 shares of the company’s stock, valued at approximately $5,489,252.59. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Magnite news, CAO Brian Gephart sold 16,166 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $15.00, for a total value of $242,490.00. Following the sale, the chief accounting officer now directly owns 121,169 shares in the company, valued at $1,817,535. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Adam Lee Soroca sold 7,910 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $12.59, for a total transaction 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 disclosure for this sale can be found here. Insiders sold a total of 250,383 shares of company stock worth $3,519,150 in the last quarter. 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.