389,000 Shares in Magnite, Inc. $MGNI Acquired by Armistice Capital LLC

Key Points

• Armistice Capital LLC acquired 389,000 shares of Magnite, Inc. (NASDAQ:MGNI), valued at approximately $4.4 million, during the first quarter, marking a new position for the institutional investor.
• Magnite reported a revenue of $162 million for the last quarter, exceeding analysts' expectations, and an earnings per share of $0.20, which was also above consensus estimates.
• Multiple analysts have raised their price targets for Magnite, with projections ranging from $24.00 to $39.00, reflecting a generally positive outlook on the stock.

Armistice Capital LLC purchased a new stake in Magnite, Inc. (NASDAQ:MGNI - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 389,000 shares of the company's stock, valued at approximately $4,438,000. Armistice Capital LLC owned about 0.28% of Magnite at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of MGNI. MCF Advisors LLC lifted its holdings in Magnite by 2,100.0% in the 1st quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock valued at $25,000 after acquiring an additional 2,100 shares during the last quarter. Smartleaf Asset Management LLC lifted its holdings in Magnite by 74.9% in the 1st quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company's stock valued at $33,000 after acquiring an additional 1,203 shares during the last quarter. AllSquare Wealth Management LLC lifted its holdings in Magnite by 76.8% in the 1st quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company's stock valued at $41,000 after acquiring an additional 1,555 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Magnite by 10,170.3% in the 1st quarter. GAMMA Investing LLC now owns 3,800 shares of the company's stock valued at $43,000 after acquiring an additional 3,763 shares during the last quarter. Finally, Smithfield Trust Co lifted its holdings in Magnite by 38.9% in the 1st quarter. Smithfield Trust Co now owns 5,930 shares of the company's stock valued at $67,000 after acquiring an additional 1,660 shares during the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO David Day sold 38,146 shares of the company's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $18.95, for a total value of $722,866.70. Following the transaction, the chief financial officer owned 443,528 shares in the company, valued at $8,404,855.60. This represents a 7.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael G. Barrett sold 300,000 shares of the company's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $20.01, for a total value of $6,003,000.00. Following the completion of the transaction, the chief executive officer owned 356,708 shares in the company, valued at $7,137,727.08. This represents a 45.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,117,017 shares of company stock worth $23,574,659 over the last quarter. Company insiders own 3.80% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on MGNI. Susquehanna upped their price objective on shares of Magnite from $22.00 to $28.00 and gave the company a "positive" rating in a research note on Thursday, August 7th. Wells Fargo & Company upped their price objective on shares of Magnite from $13.00 to $24.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Royal Bank Of Canada upped their price objective on shares of Magnite from $19.00 to $27.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Wall Street Zen raised shares of Magnite from a "hold" rating to a "buy" rating in a research note on Sunday, July 13th. Finally, Craig Hallum set a $24.00 price objective on shares of Magnite and gave the company a "buy" rating in a research note on Tuesday, May 20th. Ten investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $25.82.

Magnite Price Performance

Shares of MGNI remained flat at $24.85 during trading hours on Friday. The stock had a trading volume of 2,438,275 shares, compared to its average volume of 2,967,625. The company has a market cap of $3.54 billion, a price-to-earnings ratio of 85.69, a price-to-earnings-growth ratio of 1.71 and a beta of 3.05. Magnite, Inc. has a one year low of $8.22 and a one year high of $26.65. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. The firm has a fifty day moving average of $23.69 and a 200 day moving average of $17.60.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.20 earnings per share for the quarter, beating analysts' consensus estimates of $0.17 by $0.03. The company had revenue of $162.00 million for the quarter, compared to the consensus estimate of $157.05 million. Magnite had a return on equity of 8.07% and a net margin of 6.30%.The firm's quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.14 EPS. As a group, analysts forecast that Magnite, Inc. will post 0.33 EPS for the current fiscal 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.