FNY Investment Advisers LLC Buys New Shares in Magnite, Inc. $MGNI

FNY Investment Advisers LLC bought a new stake in Magnite, Inc. (NASDAQ:MGNI) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 7,862 shares of the company’s stock, valued at approximately $189,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Stephens Inc. AR increased its stake in Magnite by 20.4% in the second quarter. Stephens Inc. AR now owns 82,951 shares of the company’s stock valued at $2,001,000 after purchasing an additional 14,079 shares during the last quarter. Verdence Capital Advisors LLC increased its stake in Magnite by 5.8% in the second quarter. Verdence Capital Advisors LLC now owns 26,196 shares of the company’s stock valued at $632,000 after purchasing an additional 1,426 shares during the last quarter. Maestria Partners LLC increased its stake in Magnite by 36.3% during the second quarter. Maestria Partners LLC now owns 1,434,317 shares of the company’s stock worth $34,596,000 after acquiring an additional 382,000 shares during the last quarter. CWM LLC increased its stake in Magnite by 133.6% during the second quarter. CWM LLC now owns 1,775 shares of the company’s stock worth $43,000 after acquiring an additional 1,015 shares during the last quarter. Finally, Johnson Investment Counsel Inc. increased its stake in Magnite by 35.5% during the second quarter. Johnson Investment Counsel Inc. now owns 20,208 shares of the company’s stock worth $487,000 after acquiring an additional 5,299 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MGNI has been the subject of several research analyst reports. Benchmark upped their price target on Magnite from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday, August 7th. Rosenblatt Securities restated a “buy” rating and set a $39.00 price target on shares of Magnite in a research note on Friday, September 26th. Scotiabank restated an “outperform” rating and set a $30.00 price target (up from $22.00) on shares of Magnite in a research note on Thursday, August 7th. Wells Fargo & Company dropped their price target on Magnite from $24.00 to $22.00 and set an “equal weight” rating for the company in a research note on Monday, October 6th. Finally, Wall Street Zen upgraded Magnite from a “hold” rating to a “buy” rating in a research note on Saturday, October 18th. Ten analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Magnite currently has an average rating of “Moderate Buy” and a consensus target price of $25.64.

Insiders Place Their Bets

In related news, insider Aaron Saltz sold 8,522 shares of the stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $24.50, for a total value of $208,789.00. Following the completion of the transaction, the insider owned 215,079 shares of the company’s stock, valued at approximately $5,269,435.50. This represents a 3.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Paul Caine sold 7,500 shares of the stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $25.00, for a total value of $187,500.00. Following the completion of the transaction, the director directly owned 158,603 shares of the company’s stock, valued at $3,965,075. This represents a 4.52% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 323,275 shares of company stock valued at $7,877,776. Company insiders own 3.80% of the company’s stock.

Magnite Price Performance

MGNI stock opened at $18.94 on Thursday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.00. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $26.65. The firm has a market cap of $2.70 billion, a P/E ratio of 65.31, a price-to-earnings-growth ratio of 1.30 and a beta of 3.02. The stock has a 50-day simple moving average of $22.37 and a 200-day simple moving average of $19.31.

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

Magnite 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.