Winthrop Advisory Group LLC Invests $179,000 in Magnite, Inc. (NASDAQ:MGNI)

Winthrop Advisory Group LLC bought a new stake in Magnite, Inc. (NASDAQ:MGNI) in the 3rd quarter, Holdings Channel.com reports. The fund bought 12,900 shares of the company’s stock, valued at approximately $179,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its holdings in shares of Magnite by 552.2% in the 3rd quarter. Principal Financial Group Inc. now owns 107,515 shares of the company’s stock valued at $1,489,000 after buying an additional 91,031 shares during the period. Greenwood Capital Associates LLC lifted its position in shares of Magnite by 14.3% during the third quarter. Greenwood Capital Associates LLC now owns 74,760 shares of the company’s stock worth $1,035,000 after purchasing an additional 9,368 shares in the last quarter. Harbor Capital Advisors Inc. boosted its stake in shares of Magnite by 136.0% in the third quarter. Harbor Capital Advisors Inc. now owns 921,531 shares of the company’s stock valued at $12,763,000 after purchasing an additional 531,069 shares during the period. Lebenthal Global Advisors LLC purchased a new stake in Magnite during the 3rd quarter worth approximately $141,000. Finally, Stephens Investment Management Group LLC acquired a new stake in Magnite during the 3rd quarter worth approximately $5,593,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Magnite Trading Up 2.2 %

Shares of MGNI opened at $13.49 on Friday. The stock’s fifty day simple moving average is $12.81 and its 200 day simple moving average is $12.62. The firm has a market capitalization of $1.90 billion, a P/E ratio of -120.36, a price-to-earnings-growth ratio of 1.14 and a beta of 2.43. Magnite, Inc. has a twelve month low of $6.55 and a twelve month high of $15.92. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.77.

Magnite (NASDAQ:MGNI) last announced its earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). The business had revenue of $162.88 million for the quarter, compared to analysts’ expectations of $144.04 million. Magnite had a positive return on equity of 3.74% and a negative net margin of 0.83%. The firm’s revenue was up 6.8% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.04) earnings per share. On average, equities research analysts forecast that Magnite, Inc. will post 0.29 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Michael G. Barrett sold 75,000 shares of Magnite stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $12.63, for a total transaction of $947,250.00. Following the transaction, the chief executive officer now directly owns 944,552 shares in the company, valued at approximately $11,929,691.76. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Michael G. Barrett sold 75,000 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $12.63, for a total value of $947,250.00. Following the completion of the sale, the chief executive officer now owns 944,552 shares of the company’s stock, valued at $11,929,691.76. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CTO David Buonasera sold 10,000 shares of Magnite stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $12.65, for a total transaction of $126,500.00. Following the sale, the chief technology officer now directly owns 258,102 shares of the company’s stock, valued at $3,264,990.30. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 95,533 shares of company stock valued at $1,206,203. Company insiders own 4.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on MGNI. Craig Hallum reaffirmed a “buy” rating and set a $20.00 price objective on shares of Magnite in a research report on Wednesday, August 21st. Wolfe Research assumed coverage on Magnite in a research note on Tuesday, July 16th. They issued an “outperform” rating and a $16.00 price objective for the company. Lake Street Capital started coverage on Magnite in a research report on Thursday, July 25th. They set a “buy” rating and a $21.00 price objective for the company. Wells Fargo & Company assumed coverage on shares of Magnite in a report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 target price on the stock. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $19.00 price target on shares of Magnite in a report on Friday, September 27th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $16.86.

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.