Raymond James Financial Services Advisors Inc. Invests $299,000 in Magnite, Inc. (NASDAQ:MGNI)

Raymond James Financial Services Advisors Inc. acquired a new position in shares of Magnite, Inc. (NASDAQ:MGNI) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 32,055 shares of the company’s stock, valued at approximately $299,000.

Several other institutional investors and hedge funds also recently modified their holdings of MGNI. SG Americas Securities LLC acquired a new position in shares of Magnite during the third quarter worth about $1,700,000. Counterpoint Mutual Funds LLC raised its holdings in Magnite by 85.2% during the third quarter. Counterpoint Mutual Funds LLC now owns 17,379 shares of the company’s stock worth $131,000 after acquiring an additional 7,995 shares in the last quarter. Valeo Financial Advisors LLC bought a new stake in Magnite during the third quarter worth about $112,000. Harbor Capital Advisors Inc. raised its holdings in Magnite by 32.2% during the third quarter. Harbor Capital Advisors Inc. now owns 37,559 shares of the company’s stock worth $283,000 after acquiring an additional 9,153 shares in the last quarter. Finally, Commonwealth Equity Services LLC raised its holdings in Magnite by 120.1% during the third quarter. Commonwealth Equity Services LLC now owns 34,544 shares of the company’s stock worth $260,000 after acquiring an additional 18,846 shares in the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Susquehanna upped their target price on Magnite from $11.00 to $14.00 and gave the stock a “positive” rating in a report on Thursday, February 29th. Needham & Company LLC reiterated a “buy” rating and set a $15.00 target price on shares of Magnite in a report on Thursday, March 21st. B. Riley started coverage on Magnite in a research note on Friday. They issued a “buy” rating and a $14.50 price objective on the stock. Bank of America upped their price objective on Magnite from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Thursday, February 29th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $15.00 price objective on shares of Magnite in a research note on Thursday, March 7th. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, Magnite has an average rating of “Moderate Buy” and an average price target of $14.39.

Insider Buying and Selling

In related news, CEO Michael G. Barrett sold 75,000 shares of the stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $11.21, for a total transaction of $840,750.00. Following the sale, the chief executive officer now owns 1,234,662 shares of the company’s stock, valued at $13,840,561.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.30% of the stock is currently owned by company insiders.

Magnite Price Performance

Magnite stock opened at $8.69 on Tuesday. Magnite, Inc. has a 12 month low of $6.28 and a 12 month high of $15.73. The stock’s 50 day moving average is $10.30 and its 200-day moving average is $9.05. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of -7.01, a PEG ratio of 0.53 and a beta of 2.25.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, February 28th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.03 by $0.13. Magnite had a positive return on equity of 2.52% and a negative net margin of 25.69%. The company had revenue of $165.28 million for the quarter, compared to the consensus estimate of $160.24 million. Equities research analysts expect that Magnite, Inc. will post 0.47 EPS for the current 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.