Aigen Investment Management LP Takes $154,000 Position in Magnite, Inc. $MGNI

Key Points

• Aigen Investment Management LP recently acquired a stake in Magnite, Inc. (NASDAQ:MGNI) by purchasing 13,535 shares valued at approximately $154,000 in the first quarter.
• Magnite's stock saw recent **price target upgrades** from various analysts, with Needham & Company increasing it from $18.00 to $25.00, reflecting a consensus rating of "Moderate Buy" and an average target of $25.82.
• In the last ninety days, insiders sold a total of 965,695 shares of Magnite stock, indicating a decrease in their ownership of the company.

Aigen Investment Management LP acquired a new stake in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 13,535 shares of the company's stock, valued at approximately $154,000.

Several other hedge funds also recently bought and sold shares of MGNI. Summit Investment Advisors Inc. grew its stake in Magnite by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 13,162 shares of the company's stock worth $210,000 after buying an additional 836 shares in the last quarter. Perkins Capital Management Inc. grew its stake in Magnite by 0.9% in the 1st quarter. Perkins Capital Management Inc. now owns 145,125 shares of the company's stock worth $1,656,000 after buying an additional 1,300 shares in the last quarter. Principal Financial Group Inc. grew its stake in Magnite by 1.2% in the 1st quarter. Principal Financial Group Inc. now owns 124,547 shares of the company's stock worth $1,421,000 after buying an additional 1,474 shares in the last quarter. AllSquare Wealth Management LLC grew its stake in Magnite by 76.8% in the 1st quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company's stock worth $41,000 after buying an additional 1,555 shares in the last quarter. Finally, Smithfield Trust Co grew its stake in Magnite by 38.9% in the 1st quarter. Smithfield Trust Co now owns 5,930 shares of the company's stock worth $67,000 after buying an additional 1,660 shares in the last quarter. Hedge funds and other institutional investors own 73.40% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have commented on MGNI shares. Lake Street Capital cut their price target on shares of Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Benchmark upped their price objective on shares of Magnite from $30.00 to $31.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Wall Street Zen upgraded shares of Magnite from a "hold" rating to a "buy" rating in a report on Sunday, July 13th. Royal Bank Of Canada upped their price objective on shares of Magnite from $19.00 to $27.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Finally, Wells Fargo & Company upped their price objective on shares of Magnite from $13.00 to $24.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Ten research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $25.82.

Magnite Stock Performance

Shares of NASDAQ MGNI traded down $2.48 during trading on Tuesday, reaching $21.84. 3,217,783 shares of the company traded hands, compared to its average volume of 2,712,824. The firm has a 50 day simple moving average of $22.09 and a 200-day simple moving average of $17.07. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.45. The stock has a market capitalization of $3.11 billion, a PE ratio of 75.31, a P/E/G ratio of 1.63 and a beta of 3.05. Magnite, Inc. has a 52-week low of $8.22 and a 52-week high of $25.27.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly 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 net margin of 6.30% and a return on equity of 8.07%. The firm had revenue of $162.00 million for the quarter, compared to the consensus estimate of $157.05 million. During the same quarter last year, the firm posted $0.14 EPS. The business's quarterly revenue was up 6.4% compared to the same quarter last year. Equities research analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current year.

Insider Transactions at Magnite

In other Magnite news, CEO Michael G. Barrett sold 300,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $20.01, for a total transaction of $6,003,000.00. Following the sale, the chief executive officer owned 356,708 shares in the company, valued at approximately $7,137,727.08. This trade represents a 45.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Adam Lee Soroca sold 44,519 shares of the firm's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $20.00, for a total transaction of $890,380.00. Following the sale, the insider owned 400,927 shares in the company, valued at approximately $8,018,540. The trade was a 9.99% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 957,367 shares of company stock worth $19,047,538. 4.30% of the stock is currently owned by corporate insiders.

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.