Susquehanna Fundamental Investments LLC Acquires Shares of 136,944 Magnite, Inc. (NASDAQ:MGNI)

Susquehanna Fundamental Investments LLC bought a new position in shares of Magnite, Inc. (NASDAQ:MGNI) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 136,944 shares of the company’s stock, valued at approximately $1,820,000. Susquehanna Fundamental Investments LLC owned approximately 0.10% of Magnite as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of MGNI. Norges Bank purchased a new position in Magnite during the fourth quarter worth approximately $8,164,000. Roumell Asset Management LLC lifted its position in shares of Magnite by 14.7% during the 4th quarter. Roumell Asset Management LLC now owns 622,511 shares of the company’s stock valued at $5,814,000 after buying an additional 80,000 shares in the last quarter. Grizzlyrock Capital LLC purchased a new position in shares of Magnite during the 4th quarter valued at approximately $6,656,000. GSA Capital Partners LLP purchased a new stake in Magnite in the 4th quarter worth $4,490,000. Finally, Twin Focus Capital Partners LLC acquired a new position in Magnite during the fourth quarter worth $143,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CRO Sean Patrick Buckley sold 19,607 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $14.50, for a total value of $284,301.50. Following the completion of the transaction, the executive now directly owns 363,615 shares in the company, valued at $5,272,417.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CRO Sean Patrick Buckley sold 19,607 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $14.50, for a total value of $284,301.50. Following the sale, the executive now directly owns 363,615 shares in the company, valued at approximately $5,272,417.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Brian Gephart sold 16,166 shares of the stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $15.00, for a total transaction of $242,490.00. Following the transaction, the chief accounting officer now directly owns 121,169 shares of the company’s stock, valued at approximately $1,817,535. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 250,383 shares of company stock valued at $3,519,150. 4.30% of the stock is currently owned by company insiders.

Magnite Stock Down 10.8 %

Shares of MGNI opened at $12.36 on Wednesday. Magnite, Inc. has a 52-week low of $6.28 and a 52-week high of $15.92. 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 stock has a fifty day simple moving average of $13.38 and a two-hundred day simple moving average of $12.21. The company has a market capitalization of $1.73 billion, a PE ratio of -19.31, a price-to-earnings-growth ratio of 1.19 and a beta of 2.41.

Magnite (NASDAQ:MGNI) last issued its earnings results on Wednesday, August 7th. The company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). The firm 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%. Magnite’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same period last year, the firm earned ($0.04) earnings per share. As a group, equities analysts forecast that Magnite, Inc. will post 0.31 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on MGNI shares. Benchmark reiterated a “buy” rating and issued a $21.00 target price on shares of Magnite in a research report on Wednesday, September 18th. Royal Bank of Canada reiterated an “outperform” rating and issued a $19.00 price objective on shares of Magnite in a report on Friday, September 27th. Craig Hallum reissued a “buy” rating and set a $20.00 target price on shares of Magnite in a report on Wednesday, August 21st. Lake Street Capital started coverage on Magnite in a research note on Thursday, July 25th. They issued a “buy” rating and a $21.00 price target on the stock. Finally, Wolfe Research started coverage on Magnite in a research report on Tuesday, July 16th. They set an “outperform” rating and a $16.00 price target for the company. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average 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.