1858 Wealth Management LLC Purchases 1,465 Shares of Magnite, Inc. $MGNI

1858 Wealth Management LLC lifted its position in Magnite, Inc. (NASDAQ:MGNI) by 11.6% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 14,070 shares of the company’s stock after acquiring an additional 1,465 shares during the period. 1858 Wealth Management LLC’s holdings in Magnite were worth $339,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in MGNI. GAMMA Investing LLC raised its position in shares of Magnite by 10,170.3% in the 1st quarter. GAMMA Investing LLC now owns 3,800 shares of the company’s stock worth $43,000 after acquiring an additional 3,763 shares in the last quarter. Rhumbline Advisers raised its position in shares of Magnite by 4.4% in the 1st quarter. Rhumbline Advisers now owns 192,502 shares of the company’s stock worth $2,196,000 after acquiring an additional 8,171 shares in the last quarter. Farther Finance Advisors LLC raised its position in shares of Magnite by 7,043.0% in the 1st quarter. Farther Finance Advisors LLC now owns 6,643 shares of the company’s stock worth $76,000 after acquiring an additional 6,550 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its position in shares of Magnite by 74.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 51,815 shares of the company’s stock worth $591,000 after acquiring an additional 22,131 shares in the last quarter. Finally, Oppenheimer & Co. Inc. bought a new position in shares of Magnite in the 1st quarter worth approximately $319,000. Institutional investors own 73.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on MGNI shares. Wall Street Zen lowered Magnite from a “buy” rating to a “hold” rating in a research report on Saturday, September 20th. Susquehanna raised their price objective on Magnite from $22.00 to $28.00 and gave the company a “positive” rating in a research report on Thursday, August 7th. Royal Bank Of Canada raised their price objective on Magnite from $19.00 to $27.00 and gave the company an “outperform” rating in a research report on Thursday, July 31st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a research report on Wednesday. Finally, Benchmark raised their price objective on Magnite from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Ten analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Magnite presently has a consensus rating of “Moderate Buy” and an average target price of $25.64.

Insiders Place Their Bets

In other news, CTO David Buonasera sold 2,950 shares of the firm’s stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $25.37, for a total value of $74,841.50. Following the transaction, the chief technology officer directly owned 238,629 shares in the company, valued at $6,054,017.73. This trade represents a 1.22% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Sean Patrick Buckley sold 20,000 shares of the firm’s stock in a transaction on Monday, September 8th. The stock was sold at an average price of $25.56, for a total value of $511,200.00. Following the completion of the transaction, the insider owned 307,193 shares in the company, valued at approximately $7,851,853.08. This trade represents a 6.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 394,175 shares of company stock worth $9,527,619. 3.80% of the stock is owned by corporate insiders.

Magnite Stock Down 5.7%

Magnite stock opened at $17.50 on Friday. The firm has a market cap of $2.49 billion, a price-to-earnings ratio of 60.35, a PEG ratio of 1.20 and a beta of 3.02. The stock has a fifty day simple moving average of $23.01 and a two-hundred day simple moving average of $18.96. Magnite, Inc. has a 12 month low of $8.22 and a 12 month high of $26.65. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, August 6th. The company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.03. The business had revenue of $162.00 million during the quarter, compared to analyst estimates of $157.05 million. Magnite had a return on equity of 8.07% and a net margin of 6.30%.The company’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.14 EPS. Equities analysts predict that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

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.