Bayforest Capital Ltd Grows Stock Holdings in Magnite, Inc. $MGNI

Key Points

• Bayforest Capital Ltd increased its holdings in Magnite, Inc. by 608.6%, acquiring an additional 15,318 shares, bringing its total ownership to 17,835 shares valued at approximately $203,000.
• Insiders at Magnite sold a significant number of shares, with a total of 1,122,017 shares worth about $23.8 million sold in the last ninety days, indicating potential concerns over stock performance.
• Research analysts have boosted price targets for Magnite, with ratings including a "buy" from Needham & Company, raising their target from $18.00 to $25.00, showcasing positive market sentiment towards the stock.

Bayforest Capital Ltd increased 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 disclosure with the Securities & Exchange Commission. The institutional investor owned 17,835 shares of the company's stock after acquiring an additional 15,318 shares during the quarter. Bayforest Capital Ltd's holdings in Magnite were worth $203,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. MCF Advisors LLC lifted its stake in shares of Magnite by 2,100.0% in the first quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock valued at $25,000 after buying an additional 2,100 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in shares of Magnite by 74.9% in the first quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company's stock valued at $33,000 after buying an additional 1,203 shares in the last quarter. AllSquare Wealth Management LLC lifted its stake in shares of Magnite by 76.8% in the first quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company's stock valued at $41,000 after buying an additional 1,555 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Magnite by 10,170.3% in the first quarter. GAMMA Investing LLC now owns 3,800 shares of the company's stock valued at $43,000 after buying an additional 3,763 shares in the last quarter. Finally, Smithfield Trust Co lifted its stake in shares of Magnite by 38.9% in the first quarter. Smithfield Trust Co now owns 5,930 shares of the company's stock valued at $67,000 after buying an additional 1,660 shares in the last quarter. 73.40% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on MGNI. 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 research report on Thursday, July 31st. 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 report on Tuesday, July 8th. Scotiabank reissued an "outperform" rating and set a $30.00 price objective (up previously from $22.00) on shares of Magnite in a report on Thursday, August 7th. Benchmark increased their price objective on Magnite from $30.00 to $31.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Finally, Needham & Company LLC increased their price objective on Magnite from $18.00 to $25.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Ten equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Magnite has an average rating of "Moderate Buy" and a consensus price target of $25.82.

Magnite Trading Down 2.9%

Shares of Magnite stock traded down $0.68 during midday trading on Tuesday, reaching $23.05. 2,421,054 shares of the company's stock traded hands, compared to its average volume of 2,738,929. The company has a market cap of $3.28 billion, a PE ratio of 79.58, a price-to-earnings-growth ratio of 1.64 and a beta of 3.05. The stock has a 50 day moving average of $23.68 and a 200-day moving average of $17.89. Magnite, Inc. has a 12 month low of $8.22 and a 12 month high of $26.65. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.00.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $162.00 million for the quarter, compared to the consensus estimate of $157.05 million. During the same period in the previous year, the firm earned $0.14 EPS. The company's quarterly revenue was up 6.4% compared to the same quarter last year. As a group, equities analysts expect that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Insider Buying and Selling at Magnite

In other Magnite news, insider Sean Patrick Buckley sold 20,000 shares of the stock in a transaction on Monday, September 8th. The stock was sold at an average price of $25.56, for a total value of $511,200.00. Following the completion of the transaction, the insider owned 307,193 shares in the company, valued at approximately $7,851,853.08. This represents a 6.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Brian Gephart sold 27,671 shares of the business's stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $24.71, for a total transaction of $683,750.41. Following the sale, the chief accounting officer owned 92,898 shares in the company, valued at approximately $2,295,509.58. This trade represents a 22.95% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,045,229 shares of company stock worth $22,477,319. Insiders own 3.80% of the company's stock.

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.