Magnite, Inc. $MGNI Shares Sold by Apis Capital Advisors LLC

Apis Capital Advisors LLC reduced its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 19.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 839,399 shares of the company’s stock after selling 208,601 shares during the quarter. Magnite accounts for 4.0% of Apis Capital Advisors LLC’s holdings, making the stock its 11th largest position. Apis Capital Advisors LLC owned approximately 0.58% of Magnite worth $18,282,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently bought and sold shares of the company. Neo Ivy Capital Management acquired a new stake in shares of Magnite during the 3rd quarter worth approximately $27,000. US Bancorp DE increased its holdings in shares of Magnite by 75.8% during the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after purchasing an additional 688 shares in the last quarter. State of Wyoming acquired a new position in shares of Magnite in the 3rd quarter valued at $39,000. USA Financial Formulas acquired a new position in shares of Magnite in the 3rd quarter valued at $40,000. Finally, MTM Investment Management LLC purchased a new stake in Magnite during the second quarter worth $58,000. 73.40% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Magnite news, insider Adam Lee Soroca sold 21,529 shares of the stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $12.00, for a total transaction of $258,348.00. Following the transaction, the insider directly owned 388,425 shares of the company’s stock, valued at $4,661,100. This trade represents a 5.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 3.80% of the company’s stock.

Magnite Price Performance

Magnite stock opened at $11.88 on Friday. The company’s fifty day moving average price is $13.64 and its 200 day moving average price is $16.87. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $26.65. The stock has a market capitalization of $1.72 billion, a P/E ratio of 12.64, a P/E/G ratio of 0.64 and a beta of 2.34. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02.

Analysts Set New Price Targets

Several analysts recently commented on MGNI shares. Weiss Ratings restated a “hold (c)” rating on shares of Magnite in a research report on Thursday, January 22nd. Wells Fargo & Company decreased their price objective on shares of Magnite from $20.00 to $13.00 and set an “equal weight” rating for the company in a research report on Friday, February 27th. Evercore reissued an “outperform” rating and set a $20.00 target price on shares of Magnite in a research note on Thursday, February 26th. Benchmark dropped their target price on Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. Finally, Scotiabank cut their price target on Magnite from $30.00 to $16.00 and set a “sector outperform” rating for the company in a research note on Thursday, February 26th. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $24.10.

About Magnite

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).