Verdence Capital Advisors LLC Has $123,000 Stock Position in Magnite, Inc. (NASDAQ:MGNI)

Verdence Capital Advisors LLC lessened its holdings in Magnite, Inc. (NASDAQ:MGNI) by 23.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,199 shares of the company’s stock after selling 4,134 shares during the period. Verdence Capital Advisors LLC’s holdings in Magnite were worth $123,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. SG Americas Securities LLC acquired a new stake in shares of Magnite in the third quarter worth about $1,700,000. Counterpoint Mutual Funds LLC grew its holdings in Magnite by 85.2% during the third quarter. Counterpoint Mutual Funds LLC now owns 17,379 shares of the company’s stock valued at $131,000 after purchasing an additional 7,995 shares during the last quarter. Valeo Financial Advisors LLC bought a new position in shares of Magnite in the third quarter valued at approximately $112,000. Harbor Capital Advisors Inc. lifted its stake in shares of Magnite by 32.2% in the third quarter. Harbor Capital Advisors Inc. now owns 37,559 shares of the company’s stock worth $283,000 after buying an additional 9,153 shares during the last quarter. Finally, Commonwealth Equity Services LLC boosted its holdings in shares of Magnite by 120.1% during the 3rd quarter. Commonwealth Equity Services LLC now owns 34,544 shares of the company’s stock worth $260,000 after buying an additional 18,846 shares during the period. 73.40% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on MGNI. Needham & Company LLC reissued a “buy” rating and set a $15.00 target price on shares of Magnite in a research report on Thursday, March 21st. Benchmark restated a “buy” rating and set a $18.00 target price on shares of Magnite in a research note on Monday, March 25th. B. Riley assumed coverage on Magnite in a research report on Friday, April 19th. They issued a “buy” rating and a $14.50 price target on the stock. Bank of America increased their price objective on Magnite from $11.00 to $13.00 and gave the company a “neutral” rating in a research report on Thursday, February 29th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $15.00 target price on shares of Magnite in a research report on Thursday, March 7th. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Magnite has a consensus rating of “Moderate Buy” and a consensus target price of $14.39.

Magnite Stock Performance

MGNI opened at $8.84 on Wednesday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.76. The firm’s fifty day moving average price is $10.30 and its two-hundred day moving average price is $9.06. Magnite, Inc. has a fifty-two week low of $6.28 and a fifty-two week high of $15.73.

Magnite (NASDAQ:MGNI) last issued its earnings results on Wednesday, February 28th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.13. Magnite had a negative net margin of 25.69% and a positive return on equity of 2.52%. The business had revenue of $165.28 million for the quarter, compared to analyst estimates of $160.24 million. On average, equities analysts anticipate that Magnite, Inc. will post 0.47 EPS for the current year.

Insider Activity

In related news, CEO Michael G. Barrett sold 75,000 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $11.21, for a total transaction of $840,750.00. Following the completion of the transaction, the chief executive officer now owns 1,234,662 shares in the company, valued at approximately $13,840,561.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 4.30% of the company’s stock.

Magnite Company 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.