Magnite, Inc. (NASDAQ:MGNI) Shares Bought by Valeo Financial Advisors LLC

Valeo Financial Advisors LLC boosted its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 22.5% during the 4th quarter, Holdings Channel reports. The institutional investor owned 18,192 shares of the company’s stock after acquiring an additional 3,340 shares during the period. Valeo Financial Advisors LLC’s holdings in Magnite were worth $170,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in Magnite by 2.2% during the third quarter. Vanguard Group Inc. now owns 12,090,420 shares of the company’s stock valued at $79,435,000 after buying an additional 262,869 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Magnite by 132.3% in the first quarter. Dimensional Fund Advisors LP now owns 4,221,231 shares of the company’s stock valued at $39,087,000 after purchasing an additional 2,403,904 shares during the period. Rubric Capital Management LP grew its position in shares of Magnite by 80.7% in the third quarter. Rubric Capital Management LP now owns 4,000,000 shares of the company’s stock valued at $30,160,000 after purchasing an additional 1,785,978 shares during the period. Edenbrook Capital LLC grew its position in shares of Magnite by 12.3% in the first quarter. Edenbrook Capital LLC now owns 3,106,901 shares of the company’s stock valued at $41,042,000 after purchasing an additional 340,485 shares during the period. Finally, Kennedy Capital Management LLC grew its position in shares of Magnite by 2.8% in the third quarter. Kennedy Capital Management LLC now owns 2,692,371 shares of the company’s stock valued at $20,300,000 after purchasing an additional 74,367 shares during the period. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Price Performance

MGNI opened at $8.69 on Wednesday. Magnite, Inc. has a twelve month low of $6.28 and a twelve month high of $15.73. The firm’s 50-day moving average price is $10.37 and its 200 day moving average price is $9.02. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.09 and a current ratio of 1.09.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, February 28th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.13. Magnite had a negative net margin of 25.69% and a positive return on equity of 2.52%. The firm had revenue of $165.28 million for the quarter, compared to analyst estimates of $160.24 million. As a group, equities analysts expect that Magnite, Inc. will post 0.47 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Magnite news, CEO Michael G. Barrett sold 75,000 shares of Magnite stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $11.21, for a total transaction of $840,750.00. Following the transaction, the chief executive officer now directly owns 1,234,662 shares of the company’s stock, valued at $13,840,561.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.30% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on MGNI shares. Bank of America lifted their target price on shares of Magnite from $11.00 to $13.00 and gave the company a “neutral” rating in a research report on Thursday, February 29th. Susquehanna lifted their target price on shares of Magnite from $11.00 to $14.00 and gave the company a “positive” rating in a research report on Thursday, February 29th. Royal Bank of Canada reiterated an “outperform” rating and issued a $15.00 target price on shares of Magnite in a research report on Thursday, March 7th. B. Riley lifted their target price on shares of Magnite from $15.00 to $18.00 and gave the company a “buy” rating in a research report on Thursday, February 29th. Finally, Benchmark reiterated a “buy” rating and issued a $18.00 target price on shares of Magnite in a research report on Monday, March 25th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $14.78.

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.