Magnite, Inc. (NASDAQ:MGNI) Shares Bought by Atlas Merchant Capital LLC

Atlas Merchant Capital LLC increased its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 65.0% during the 4th quarter, Holdings Channel reports. The institutional investor owned 82,500 shares of the company’s stock after acquiring an additional 32,500 shares during the quarter. Magnite comprises about 1.2% of Atlas Merchant Capital LLC’s holdings, making the stock its 8th largest position. Atlas Merchant Capital LLC’s holdings in Magnite were worth $1,313,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in MGNI. Stifel Financial Corp raised its position in shares of Magnite by 85.8% during the third quarter. Stifel Financial Corp now owns 46,502 shares of the company’s stock worth $644,000 after acquiring an additional 21,472 shares during the last quarter. Barclays PLC lifted its position in shares of Magnite by 352.9% in the 3rd quarter. Barclays PLC now owns 210,598 shares of the company’s stock worth $2,917,000 after purchasing an additional 164,093 shares during the period. Geode Capital Management LLC boosted its stake in shares of Magnite by 2.2% in the 3rd quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company’s stock valued at $41,118,000 after purchasing an additional 63,545 shares during the last quarter. Tidal Investments LLC increased its position in shares of Magnite by 22.2% during the third quarter. Tidal Investments LLC now owns 130,580 shares of the company’s stock worth $1,809,000 after buying an additional 23,688 shares during the period. Finally, Franklin Resources Inc. raised its stake in Magnite by 99.7% during the third quarter. Franklin Resources Inc. now owns 144,563 shares of the company’s stock worth $2,002,000 after buying an additional 72,169 shares during the last quarter. 73.40% of the stock is owned by institutional investors.

Magnite Stock Performance

Shares of Magnite stock opened at $11.01 on Tuesday. The company has a market cap of $1.57 billion, a PE ratio of 183.50, a price-to-earnings-growth ratio of 1.00 and a beta of 2.69. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite, Inc. has a 52 week low of $8.22 and a 52 week high of $21.29. The business has a 50 day moving average price of $13.30 and a 200-day moving average price of $14.83.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.14). Magnite had a net margin of 2.62% and a return on equity of 4.64%. The company had revenue of $180.20 million for the quarter, compared to the consensus estimate of $183.90 million. Equities analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on MGNI shares. Benchmark reiterated a “buy” rating and set a $25.00 price target on shares of Magnite in a report on Monday. Wolfe Research boosted their price target on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Wells Fargo & Company raised their price objective on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. Royal Bank of Canada increased their target price on shares of Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Finally, Needham & Company LLC reiterated a “buy” rating and set a $14.00 price objective on shares of Magnite in a report on Monday. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $19.17.

Insider Activity at Magnite

In other news, Director James Rossman sold 149,936 shares of the company’s stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $19.46, for a total value of $2,917,754.56. Following the completion of the transaction, the director now directly owns 219,920 shares of the company’s stock, valued at $4,279,643.20. This represents a 40.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Brian Gephart sold 6,250 shares of Magnite stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $16.00, for a total value of $100,000.00. Following the sale, the chief accounting officer now owns 132,909 shares in the company, valued at $2,126,544. This trade represents a 4.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 244,905 shares of company stock valued at $4,718,855 over the last ninety days. Corporate insiders own 4.30% of the company’s stock.

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.