Magnite, Inc. (NASDAQ:MGNI) Shares Acquired by Verdence Capital Advisors LLC

Verdence Capital Advisors LLC grew its stake in Magnite, Inc. (NASDAQ:MGNI) by 12.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,434 shares of the company’s stock after buying an additional 2,109 shares during the period. Verdence Capital Advisors LLC’s holdings in Magnite were worth $245,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Calamos Advisors LLC acquired a new stake in Magnite during the 2nd quarter worth $2,048,000. Blue Trust Inc. acquired a new stake in Magnite during the 2nd quarter worth $56,000. Outlook Wealth Advisors LLC acquired a new stake in Magnite during the 2nd quarter worth $276,000. Assenagon Asset Management S.A. boosted its stake in Magnite by 517.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 142,283 shares of the company’s stock worth $1,891,000 after purchasing an additional 119,229 shares during the period. Finally, Baader Bank Aktiengesellschaft acquired a new stake in Magnite during the 2nd quarter worth $671,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Stock Performance

Shares of MGNI opened at $14.03 on Tuesday. The company has a 50-day simple moving average of $13.65 and a 200-day simple moving average of $11.68. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $1.96 billion, a PE ratio of -21.92, a P/E/G ratio of 1.09 and a beta of 2.35. Magnite, Inc. has a 52-week low of $6.28 and a 52-week high of $15.92.

Magnite (NASDAQ:MGNI) last announced its quarterly 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 company had revenue of $162.88 million during the quarter, compared to analysts’ expectations of $144.04 million. Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.04) EPS. Equities research analysts predict that Magnite, Inc. will post 0.31 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO David Day sold 20,732 shares of the stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $13.00, for a total value of $269,516.00. Following the completion of the transaction, the chief financial officer now owns 471,131 shares in the company, valued at approximately $6,124,703. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Magnite news, CRO Sean Patrick Buckley sold 19,607 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $14.50, for a total transaction of $284,301.50. Following the completion of the transaction, the executive now directly owns 363,615 shares in the company, valued at approximately $5,272,417.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO David Day sold 20,732 shares of the firm’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $13.00, for a total transaction of $269,516.00. Following the transaction, the chief financial officer now owns 471,131 shares of the company’s stock, valued at $6,124,703. The disclosure for this sale can be found here. Insiders sold 336,733 shares of company stock worth $4,678,514 in the last 90 days. 4.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

MGNI has been the subject of a number of recent research reports. Wolfe Research initiated coverage on shares of Magnite in a research note on Tuesday, July 16th. They set an “outperform” rating and a $16.00 price target for the company. Susquehanna reiterated a “positive” rating and set a $14.00 price target on shares of Magnite in a research note on Thursday, May 16th. Craig Hallum restated a “buy” rating and set a $20.00 price objective on shares of Magnite in a research report on Wednesday, August 21st. Needham & Company LLC restated a “buy” rating and set a $15.00 price objective on shares of Magnite in a research report on Tuesday, July 9th. Finally, Benchmark restated a “buy” rating and set a $21.00 price objective on shares of Magnite in a research report on Tuesday, August 20th. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $17.25.

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.