Bayesian Capital Management LP Makes New $260,000 Investment in Magnite, Inc. (NASDAQ:MGNI)

Bayesian Capital Management LP acquired a new stake in Magnite, Inc. (NASDAQ:MGNI) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 16,320 shares of the company’s stock, valued at approximately $260,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Capital Research Global Investors acquired a new stake in Magnite in the 4th quarter valued at about $122,986,000. Boston Partners lifted its position in shares of Magnite by 39.1% in the fourth quarter. Boston Partners now owns 4,756,323 shares of the company’s stock valued at $76,061,000 after buying an additional 1,336,458 shares during the last quarter. Maestria Partners LLC bought a new position in shares of Magnite during the 4th quarter worth approximately $15,161,000. CenterBook Partners LP acquired a new position in shares of Magnite during the 4th quarter worth approximately $9,962,000. Finally, Stephens Investment Management Group LLC raised its stake 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 acquiring an additional 592,853 shares during the period. Institutional investors own 73.40% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Rosenblatt Securities initiated coverage on shares of Magnite in a report on Tuesday, April 29th. They issued a “buy” rating and a $18.00 price objective on the stock. Royal Bank of Canada lowered their price target on shares of Magnite from $22.00 to $19.00 and set an “outperform” rating on the stock in a report on Friday, May 2nd. Benchmark restated a “buy” rating and set a $25.00 price objective on shares of Magnite in a report on Monday, April 21st. Wells Fargo & Company increased their target price on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 16th. Finally, Susquehanna boosted their price target on Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a research note on Thursday, February 27th. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.85.

Insider Buying and Selling at Magnite

In related news, Director James Rossman sold 149,936 shares of the company’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $19.46, for a total transaction of $2,917,754.56. Following the completion of the sale, the director now directly owns 219,920 shares in the company, valued at $4,279,643.20. This represents a 40.54 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO David Day sold 39,000 shares of the firm’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $20.00, for a total value of $780,000.00. Following the completion of the sale, the chief financial officer now directly owns 488,506 shares in the company, valued at $9,770,120. This trade represents a 7.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 244,905 shares of company stock valued at $4,718,855. 4.30% of the stock is currently owned by corporate insiders.

Magnite Trading Up 0.9 %

MGNI opened at $12.45 on Thursday. 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 twelve month low of $8.22 and a twelve month high of $21.29. The stock has a market capitalization of $1.76 billion, a price-to-earnings ratio of 207.42, a P/E/G ratio of 1.00 and a beta of 2.73. The company has a 50-day simple moving average of $11.84 and a 200 day simple moving average of $14.79.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.06. The business had revenue of $145.85 million for the quarter, compared to analyst estimates of $142.18 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter last year, the business posted $0.05 EPS. Analysts predict that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

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.