Magnite, Inc. (NASDAQ:MGNI) Stock Position Increased by Advantage Alpha Capital Partners LP

Advantage Alpha Capital Partners LP grew its stake in Magnite, Inc. (NASDAQ:MGNI) by 1.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 461,907 shares of the company’s stock after purchasing an additional 7,350 shares during the period. Magnite makes up about 1.7% of Advantage Alpha Capital Partners LP’s holdings, making the stock its 7th largest holding. Advantage Alpha Capital Partners LP’s holdings in Magnite were worth $7,354,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in MGNI. SBI Securities Co. Ltd. purchased a new stake in shares of Magnite during the fourth quarter worth approximately $25,000. Larson Financial Group LLC boosted its position in shares of Magnite by 179.2% during the 4th quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock worth $58,000 after purchasing an additional 2,341 shares in the last quarter. Quantbot Technologies LP acquired a new stake in Magnite in the fourth quarter valued at $87,000. Quarry LP raised its holdings in shares of Magnite by 446.8% in the third quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after acquiring an additional 4,508 shares during the last quarter. Finally, Jones Financial Companies Lllp boosted its holdings in shares of Magnite by 20.6% during the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock worth $93,000 after purchasing an additional 1,000 shares during the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Magnite Stock Performance

MGNI stock opened at $13.30 on Monday. The stock has a market capitalization of $1.90 billion, a PE ratio of 221.67, a price-to-earnings-growth ratio of 1.00 and a beta of 2.79. Magnite, Inc. has a fifty-two week low of $8.38 and a fifty-two week high of $21.29. 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 company has a 50 day moving average price of $16.36 and a 200 day moving average price of $15.22.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings data on Wednesday, February 26th. The company reported $0.25 earnings per share (EPS) 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 the consensus estimate of $183.90 million. Analysts forecast that Magnite, Inc. will post 0.33 EPS for the current year.

Insider Activity at Magnite

In related news, insider Adam Lee Soroca sold 15,499 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $15.75, for a total transaction of $244,109.25. Following the transaction, the insider now directly owns 458,386 shares of the company’s stock, valued at approximately $7,219,579.50. The trade was a 3.27 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Brian Gephart sold 6,250 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $2,126,544. This represents a 4.49 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 258,250 shares of company stock worth $4,945,720. 4.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have issued reports on MGNI. Wolfe Research boosted their price objective on shares of Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Benchmark reaffirmed a “buy” rating and set a $25.00 price objective on shares of Magnite in a research report on Monday, March 10th. Scotiabank assumed coverage on Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price objective for the company. Royal Bank of Canada boosted their target price on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Finally, Susquehanna raised their price objective on shares of Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a research report on Thursday, February 27th. 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 MarketBeat, Magnite currently has an average rating of “Moderate Buy” and an average price target of $19.27.

About Magnite

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.