Bayforest Capital Ltd Boosts Position in Magnite, Inc. (NASDAQ:MGNI)

Key Points

• Bayforest Capital Ltd significantly increased its stake in Magnite, Inc. by 608.6% during Q1, owning 17,835 shares valued at approximately $203,000.
• Magnite's latest earnings report showed a revenue of $145.85 million for the quarter, exceeding analysts' expectations and demonstrating a year-over-year revenue growth of 4.3%.
• Brokerage firms have a consensus rating of "Moderate Buy" for Magnite, with a target price of approximately $21.91.

Bayforest Capital Ltd lifted its stake in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 608.6% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 17,835 shares of the company's stock after acquiring an additional 15,318 shares during the period. Bayforest Capital Ltd's holdings in Magnite were worth $203,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Magnite by 1.9% during the 4th quarter. Vanguard Group Inc. now owns 13,605,104 shares of the company's stock worth $216,593,000 after purchasing an additional 257,032 shares during the last quarter. Capital Research Global Investors acquired a new stake in shares of Magnite during the 4th quarter worth about $122,986,000. Wellington Management Group LLP increased its position in shares of Magnite by 6.8% during the 4th quarter. Wellington Management Group LLP now owns 7,030,011 shares of the company's stock worth $111,918,000 after purchasing an additional 450,341 shares during the last quarter. Dimensional Fund Advisors LP increased 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 worth $87,957,000 after purchasing an additional 170,532 shares during the last quarter. Finally, Nine Ten Capital Management LLC increased its position in shares of Magnite by 18.8% during the 4th quarter. Nine Ten Capital Management LLC now owns 3,115,849 shares of the company's stock worth $49,604,000 after purchasing an additional 493,983 shares during the last quarter. Hedge funds and other institutional investors own 73.40% of the company's stock.

Magnite Stock Performance

Shares of Magnite stock opened at $22.19 on Friday. Magnite, Inc. has a one year low of $8.22 and a one year high of $25.27. The company has a market cap of $3.13 billion, a PE ratio of 110.96, a P/E/G ratio of 1.88 and a beta of 3.05. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.98 and a current ratio of 0.98. The business has a 50-day simple moving average of $20.74 and a 200-day simple moving average of $16.59.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.12 EPS for the quarter, topping analysts' consensus estimates of $0.06 by $0.06. Magnite had a return on equity of 6.71% and a net margin of 4.58%. The business had revenue of $145.85 million during the quarter, compared to the consensus estimate of $142.18 million. During the same period in the previous year, the company posted $0.05 earnings per share. The business's revenue for the quarter was up 4.3% on a year-over-year basis. On average, equities research analysts forecast that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MGNI. Rosenblatt Securities reissued a "buy" rating and set a $18.00 price objective on shares of Magnite in a research report on Thursday, May 8th. Craig Hallum set a $24.00 price objective on Magnite and gave the stock a "buy" rating in a research report on Tuesday, May 20th. Lake Street Capital cut their price objective on Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Royal Bank Of Canada lifted their target price on Magnite from $19.00 to $27.00 and gave the company an "outperform" rating in a research report on Thursday. Finally, Benchmark lifted their target price on Magnite from $24.00 to $30.00 and gave the company a "buy" rating in a research report on Tuesday, July 22nd. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Magnite has a consensus rating of "Moderate Buy" and a consensus price target of $21.91.

Insider Buying and Selling at Magnite

In other news, CEO Michael G. Barrett sold 300,000 shares of the business's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $20.01, for a total transaction of $6,003,000.00. Following the completion of the transaction, the chief executive officer directly owned 356,708 shares of the company's stock, valued at approximately $7,137,727.08. The trade was a 45.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Katie Seitz Evans sold 35,000 shares of the business's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $17.36, for a total value of $607,600.00. Following the transaction, the insider directly owned 442,788 shares of the company's stock, valued at approximately $7,686,799.68. This represents a 7.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 959,227 shares of company stock valued at $18,854,021. 3.80% of the stock is currently owned by company insiders.

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.

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