Magnite, Inc. (NASDAQ:MGNI) Shares Sold by AlphaQuest LLC

AlphaQuest LLC lessened its stake in Magnite, Inc. (NASDAQ:MGNI) by 40.5% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 10,004 shares of the company’s stock after selling 6,804 shares during the period. AlphaQuest LLC’s holdings in Magnite were worth $159,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in MGNI. Wellington Management Group LLP boosted its position in Magnite by 125.3% in the 3rd quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock valued at $91,128,000 after buying an additional 3,659,759 shares during the period. Nomura Asset Management Co. Ltd. purchased a new position in Magnite in the 3rd quarter valued at approximately $23,917,000. Stephens Investment Management Group LLC boosted its position in Magnite by 146.8% in the 4th quarter. Stephens Investment Management Group LLC now owns 996,644 shares of the company’s stock valued at $15,867,000 after buying an additional 592,853 shares during the period. Raymond James Financial Inc. purchased a new position in Magnite in the 4th quarter valued at approximately $8,685,000. Finally, Rice Hall James & Associates LLC purchased a new position in Magnite in the 4th quarter valued at approximately $3,000,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Insider Buying and Selling at Magnite

In other Magnite news, Director Paul Caine sold 5,000 shares of Magnite stock in a transaction on Monday, February 10th. The shares were sold at an average price of $20.35, for a total value of $101,750.00. Following the transaction, the director now directly owns 182,837 shares in the company, valued at approximately $3,720,732.95. The trade was a 2.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Sean Patrick Buckley sold 18,693 shares of the business’s stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $20.00, for a total transaction of $373,860.00. Following the transaction, the insider now owns 408,529 shares in the company, valued at approximately $8,170,580. This trade represents a 4.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 258,250 shares of company stock worth $4,945,720. 4.30% of the stock is owned by company insiders.

Magnite Price Performance

Shares of MGNI opened at $13.17 on Tuesday. Magnite, Inc. has a 1-year low of $8.38 and a 1-year high of $21.29. The stock has a market cap of $1.88 billion, a PE ratio of 219.50, a price-to-earnings-growth ratio of 1.00 and a beta of 2.79. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a fifty day moving average price of $16.61 and a 200 day moving average price of $15.23.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.14). The company had revenue of $180.20 million during the quarter, compared to analysts’ expectations of $183.90 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. As a group, sell-side analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on MGNI shares. Royal Bank of Canada raised their price target on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Wells Fargo & Company raised their price target on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Scotiabank started coverage on shares of Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price objective for the company. Wolfe Research lifted their price objective on shares of Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Finally, Benchmark reaffirmed a “buy” rating and set a $25.00 price objective on shares of Magnite in a research report on Monday, March 10th. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Magnite has a consensus rating of “Moderate Buy” and an average price target of $19.27.

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.