1858 Wealth Management LLC Takes Position in Magnite, Inc. (NASDAQ:MGNI)

1858 Wealth Management LLC bought a new stake in Magnite, Inc. (NASDAQ:MGNI) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 12,605 shares of the company’s stock, valued at approximately $144,000.

Several other institutional investors and hedge funds have also made changes to their positions in MGNI. SBI Securities Co. Ltd. purchased a new position in shares of Magnite in the fourth quarter valued at $25,000. GAMMA Investing LLC boosted its stake in Magnite by 10,170.3% during the 1st quarter. GAMMA Investing LLC now owns 3,800 shares of the company’s stock valued at $43,000 after acquiring an additional 3,763 shares during the last quarter. Larson Financial Group LLC boosted its stake in Magnite by 179.2% during the 4th quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock valued at $58,000 after acquiring an additional 2,341 shares during the last quarter. Farther Finance Advisors LLC boosted its stake in Magnite by 7,043.0% during the 1st quarter. Farther Finance Advisors LLC now owns 6,643 shares of the company’s stock valued at $76,000 after acquiring an additional 6,550 shares during the last quarter. Finally, Quantbot Technologies LP bought a new position in Magnite during the 4th quarter valued at $87,000. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on MGNI shares. Royal Bank Of Canada dropped their target price 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. Needham & Company LLC raised their price objective on shares of Magnite from $14.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, May 12th. Rosenblatt Securities reiterated a “buy” rating and issued a $18.00 target price on shares of Magnite in a report on Thursday, May 8th. Susquehanna raised their price target on shares of Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a report on Thursday, February 27th. Finally, Lake Street Capital cut their price objective on shares of Magnite from $21.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $19.58.

Magnite Stock Performance

Shares of MGNI opened at $18.72 on Friday. The firm has a market cap of $2.64 billion, a price-to-earnings ratio of 93.60, a PEG ratio of 1.53 and a beta of 2.87. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. Magnite, Inc. has a 52-week low of $8.22 and a 52-week high of $21.29. The business’s 50 day moving average is $14.85 and its two-hundred day moving average is $15.22.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.06. Magnite had a return on equity of 6.71% and a net margin of 4.58%. The company had revenue of $145.85 million during the quarter, compared to the consensus estimate of $142.18 million. During the same period last year, the business earned $0.05 EPS. The business’s quarterly revenue was up 4.3% on a year-over-year basis. Analysts forecast that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Insider Transactions at Magnite

In other Magnite news, Director James Rossman sold 137,007 shares of Magnite stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $18.78, for a total transaction of $2,572,991.46. Following the completion of the transaction, the director now owns 93,679 shares in the company, valued at approximately $1,759,291.62. The trade was a 59.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Sean Patrick Buckley sold 9,692 shares of Magnite stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $15.73, for a total value of $152,455.16. Following the transaction, the insider now owns 347,394 shares of the company’s stock, valued at $5,464,507.62. This trade represents a 2.71% decrease in their position. The disclosure for this sale can be found here. Insiders sold 420,224 shares of company stock valued at $7,576,098 in the last three months. Corporate insiders own 3.80% 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.