Advantage Alpha Capital Partners LP Lowers Position in Magnite, Inc. $MGNI

Advantage Alpha Capital Partners LP lessened its stake in Magnite, Inc. (NASDAQ:MGNI) by 7.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 427,162 shares of the company’s stock after selling 34,745 shares during the period. Advantage Alpha Capital Partners LP’s holdings in Magnite were worth $4,874,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. boosted its position in Magnite by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company’s stock worth $156,814,000 after purchasing an additional 138,417 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Magnite by 3.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,524,643 shares of the company’s stock valued at $87,957,000 after buying an additional 170,532 shares in the last quarter. Boston Partners lifted its position in shares of Magnite by 10.9% during the 1st quarter. Boston Partners now owns 5,276,356 shares of the company’s stock valued at $60,187,000 after buying an additional 520,033 shares in the last quarter. Nuveen LLC purchased a new position in shares of Magnite during the 1st quarter valued at approximately $41,036,000. Finally, American Century Companies Inc. lifted its position in shares of Magnite by 855.2% during the 1st quarter. American Century Companies Inc. now owns 2,961,009 shares of the company’s stock valued at $33,785,000 after buying an additional 2,651,033 shares in the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Insiders Place Their Bets

In other Magnite news, insider Adam Lee Soroca sold 10,579 shares of the firm’s stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $23.47, for a total value of $248,289.13. Following the completion of the sale, the insider directly owned 346,393 shares of the company’s stock, valued at $8,129,843.71. This trade represents a 2.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Katie Seitz Evans sold 10,487 shares of the firm’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $23.85, for a total value of $250,114.95. Following the completion of the sale, the insider directly owned 423,943 shares of the company’s stock, valued at $10,111,040.55. This trade represents a 2.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,070,563 shares of company stock worth $21,771,456. 3.80% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on MGNI shares. Benchmark increased their target price on Magnite from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Royal Bank Of Canada increased their target price on Magnite from $19.00 to $27.00 and gave the company an “outperform” rating in a research report on Thursday, July 31st. Wells Fargo & Company increased their target price on Magnite from $13.00 to $24.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 8th. Craig Hallum set a $24.00 target price on Magnite and gave the company a “buy” rating in a research report on Tuesday, May 20th. Finally, Scotiabank reiterated an “outperform” rating and set a $30.00 target price (up previously from $22.00) on shares of Magnite in a research report on Thursday, August 7th. Ten research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $25.82.

Magnite Stock Up 3.1%

NASDAQ MGNI opened at $22.52 on Friday. The business has a fifty day moving average price of $22.36 and a 200 day moving average price of $17.17. Magnite, Inc. has a one year low of $8.22 and a one year high of $25.27. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.00. The company has a market cap of $3.21 billion, a P/E ratio of 77.66, a P/E/G ratio of 1.50 and a beta of 3.05.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.17 by $0.03. Magnite had a return on equity of 8.07% and a net margin of 6.30%.The firm had revenue of $162.00 million during the quarter, compared to the consensus estimate of $157.05 million. During the same period in the prior year, the company earned $0.14 EPS. The firm’s revenue was up 6.4% compared to the same quarter last year. Research analysts anticipate 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.