Atlas Merchant Capital LLC Raises Holdings in Magnite, Inc. (NASDAQ:MGNI)

Atlas Merchant Capital LLC increased its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 65.0% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 82,500 shares of the company’s stock after purchasing an additional 32,500 shares during the period. Magnite accounts for approximately 1.2% of Atlas Merchant Capital LLC’s holdings, making the stock its 8th largest position. Atlas Merchant Capital LLC owned about 0.06% of Magnite worth $1,313,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Arizona State Retirement System lifted its position in shares of Magnite by 1.5% in the fourth quarter. Arizona State Retirement System now owns 36,846 shares of the company’s stock valued at $587,000 after buying an additional 559 shares during the last quarter. Truist Financial Corp lifted its holdings in Magnite by 2.0% during the 4th quarter. Truist Financial Corp now owns 34,242 shares of the company’s stock valued at $545,000 after purchasing an additional 674 shares during the last quarter. Summit Investment Advisors Inc. boosted its position in Magnite by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 13,162 shares of the company’s stock worth $210,000 after purchasing an additional 836 shares during the period. ANTIPODES PARTNERS Ltd increased its holdings in shares of Magnite by 13.4% in the fourth quarter. ANTIPODES PARTNERS Ltd now owns 8,072 shares of the company’s stock valued at $129,000 after purchasing an additional 956 shares during the last quarter. Finally, Jones Financial Companies Lllp raised its position in shares of Magnite by 20.6% in the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock valued at $93,000 after purchasing an additional 1,000 shares during the period. Institutional investors and hedge funds own 73.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Susquehanna upped their price target on shares of Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a research note on Thursday, February 27th. Needham & Company LLC reaffirmed a “buy” rating and issued a $14.00 target price on shares of Magnite in a research report on Monday. Wells Fargo & Company lifted their price target on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. Benchmark reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Magnite in a report on Monday. Finally, Royal Bank of Canada lifted 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. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Magnite presently has an average rating of “Moderate Buy” and an average price target of $19.17.

Magnite Stock Down 1.1 %

MGNI 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 simple moving average of $13.30 and a 200 day simple moving average of $14.83.

Magnite (NASDAQ:MGNI) last issued 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). The firm had revenue of $180.20 million for the quarter, compared to the consensus estimate of $183.90 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. Sell-side analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Insider Buying and Selling

In other Magnite news, Director Paul Caine sold 5,000 shares of the business’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $20.35, for a total transaction of $101,750.00. Following the completion of the transaction, the director now owns 182,837 shares of the company’s stock, valued at approximately $3,720,732.95. The trade was a 2.66 % decrease in their ownership of the stock. The sale 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 firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $16.00, for a total transaction of $100,000.00. Following the completion of the sale, the chief accounting officer now owns 132,909 shares in the company, valued at approximately $2,126,544. The trade was a 4.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 244,905 shares of company stock worth $4,718,855 in the last ninety days. 4.30% of the stock is owned by 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.