Diametric Capital LP Acquires Shares of 15,221 Magnite, Inc. (NASDAQ:MGNI)

Diametric Capital LP acquired a new stake in shares of Magnite, Inc. (NASDAQ:MGNI) in the fourth quarter, HoldingsChannel.com reports. The fund acquired 15,221 shares of the company’s stock, valued at approximately $242,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. SBI Securities Co. Ltd. bought a new stake in Magnite during the 4th quarter valued at $25,000. Larson Financial Group LLC raised its stake in shares of Magnite by 179.2% during the fourth 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. Quarry LP raised its stake in shares of Magnite by 446.8% during the third quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after acquiring an additional 4,508 shares during the last quarter. Quantbot Technologies LP purchased a new stake in shares of Magnite during the fourth quarter worth about $87,000. Finally, Jones Financial Companies Lllp grew its stake 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 worth $93,000 after purchasing an additional 1,000 shares during the last quarter. Institutional investors own 73.40% of the company’s stock.

Insider Buying and Selling at Magnite

In related news, Director James Rossman sold 149,936 shares of the firm’s stock in a transaction that occurred on Friday, February 7th. The shares were 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 owns 219,920 shares of the company’s stock, valued at $4,279,643.20. This trade represents a 40.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sean Patrick Buckley sold 18,693 shares of the company’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $20.00, for a total value of $373,860.00. Following the completion of the transaction, the insider now directly owns 408,529 shares in the company, valued at $8,170,580. This trade represents a 4.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 258,250 shares of company stock worth $4,945,720. 4.30% of the stock is owned by corporate insiders.

Magnite Stock Down 0.1 %

MGNI stock opened at $11.40 on Wednesday. The business has a 50 day moving average of $15.91 and a 200 day moving average of $15.17. The firm has a market cap of $1.63 billion, a PE ratio of 190.00, a price-to-earnings-growth ratio of 1.00 and a beta of 2.79. Magnite, Inc. has a twelve month low of $8.38 and a twelve month high of $21.29. 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 (NASDAQ:MGNI) last issued its quarterly earnings results 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). The company had revenue of $180.20 million for the quarter, compared to the consensus estimate of $183.90 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. On average, research analysts forecast that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Wells Fargo & Company increased their price objective 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 target on shares of Magnite in a research note on Monday, March 10th. Scotiabank started coverage on shares of Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price objective on the stock. Susquehanna raised their target price on shares of Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a research report on Thursday, February 27th. Finally, Wolfe Research boosted their price target on shares of Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, Magnite currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.27.

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.