Sanctuary Advisors LLC Invests $335,000 in Magnite, Inc. (NASDAQ:MGNI)

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

Several other hedge funds and other institutional investors have also made changes to their positions in MGNI. Quarry LP raised its position in shares of Magnite by 446.8% during 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 in the last quarter. KBC Group NV raised its position in shares of Magnite by 66.5% during 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 in the last quarter. Seelaus Asset Management LLC acquired a new stake in shares of Magnite during the 3rd quarter worth about $175,000. Parametrica Management Ltd acquired a new stake in shares of Magnite during the 3rd quarter worth about $177,000. Finally, Winthrop Advisory Group LLC acquired a new position in Magnite during the third quarter worth approximately $179,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Trading Down 6.8 %

Shares of MGNI stock opened at $14.69 on Tuesday. The business’s 50 day moving average is $17.27 and its two-hundred day moving average is $15.26. Magnite, Inc. has a twelve month low of $8.38 and a twelve month high of $21.29. The company has a market capitalization of $2.07 billion, a P/E ratio of 244.83, a price-to-earnings-growth ratio of 1.00 and a beta of 2.52. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76.

Magnite (NASDAQ:MGNI) last posted 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). Magnite had a net margin of 2.62% and a return on equity of 4.64%. The business had revenue of $180.20 million during the quarter, compared to analysts’ expectations of $183.90 million. Equities analysts forecast that Magnite, Inc. will post 0.33 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have commented on MGNI shares. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price target on shares of Magnite in a research report on Thursday, February 27th. Benchmark lifted their price target on Magnite from $21.00 to $25.00 and gave the stock a “buy” rating in a research report on Thursday, February 27th. Scotiabank started coverage on Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price target on the stock. Macquarie reaffirmed an “outperform” rating and set a $18.00 price target on shares of Magnite in a research report on Friday, November 8th. Finally, Wolfe Research lifted their price target on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $19.27.

Insider Activity at Magnite

In related news, insider Sean Patrick Buckley sold 18,693 shares of Magnite stock in a transaction that occurred on Friday, February 7th. The stock was 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 in the company, valued at $8,170,580. The trade was a 4.38 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director James Rossman sold 149,936 shares of Magnite stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $19.46, for a total value of $2,917,754.56. Following the completion of the sale, the director now owns 219,920 shares in the company, valued at approximately $4,279,643.20. This trade represents a 40.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 398,110 shares of company stock worth $7,418,043 over the last three months. 4.30% of the stock is currently owned by corporate insiders.

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.