1620 Investment Advisors Inc. Purchases Shares of 6,497 Magnite, Inc. (NASDAQ:MGNI)

1620 Investment Advisors Inc. purchased a new stake in Magnite, Inc. (NASDAQ:MGNI) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 6,497 shares of the company’s stock, valued at approximately $103,000.

A number of other large investors also recently bought and sold shares of the stock. Maestria Partners LLC purchased a new stake in shares of Magnite in the fourth quarter valued at approximately $15,161,000. Boston Partners increased its position in shares of Magnite by 39.1% in the fourth quarter. Boston Partners now owns 4,756,323 shares of the company’s stock valued at $76,061,000 after buying an additional 1,336,458 shares in the last quarter. Cibc World Markets Corp purchased a new stake in shares of Magnite in the fourth quarter valued at approximately $187,000. Royce & Associates LP increased its position in shares of Magnite by 7.4% in the fourth quarter. Royce & Associates LP now owns 1,597,896 shares of the company’s stock valued at $25,439,000 after buying an additional 109,595 shares in the last quarter. Finally, First Eagle Investment Management LLC purchased a new stake in shares of Magnite in the fourth quarter valued at approximately $5,845,000. 73.40% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Adam Lee Soroca sold 15,499 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $15.75, for a total value of $244,109.25. Following the transaction, the insider now owns 458,386 shares of the company’s stock, valued at $7,219,579.50. This represents a 3.27 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Sean Patrick Buckley sold 18,693 shares of the company’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $20.00, for a total value of $373,860.00. Following the completion of the transaction, the insider now directly owns 408,529 shares in the company, valued at approximately $8,170,580. This trade represents a 4.38 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 258,250 shares of company stock valued at $4,945,720. Insiders own 4.30% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Needham & Company LLC restated a “buy” rating and issued a $20.00 price objective on shares of Magnite in a research report on Thursday, February 27th. Susquehanna boosted their price target on Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a research report on Thursday, February 27th. Wells Fargo & Company boosted their price target on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. Wolfe Research boosted their price target on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Finally, Royal Bank of Canada boosted their price target on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $19.27.

Magnite Stock Performance

NASDAQ MGNI opened at $13.30 on Friday. The stock’s fifty day moving average is $16.36 and its two-hundred day moving average is $15.19. The firm has a market capitalization of $1.90 billion, a P/E ratio of 221.67, a price-to-earnings-growth ratio of 1.00 and a beta of 2.79. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. Magnite, Inc. has a fifty-two week low of $8.38 and a fifty-two week high of $21.29.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, February 26th. The company reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.14). The company had revenue of $180.20 million for the quarter, compared to analyst estimates of $183.90 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. On average, research analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current year.

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.