Bayforest Capital Ltd Purchases 15,318 Shares of 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 raised its position in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 608.6% during the first quarter, according to its most recent filing with the SEC. The firm owned 17,835 shares of the company's stock after purchasing 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 SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. MCF Advisors LLC lifted its position in shares of Magnite by 2,100.0% in the 1st quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock worth $25,000 after purchasing an additional 2,100 shares during the period. Smartleaf Asset Management LLC lifted its position in shares of Magnite by 74.9% in the 1st quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company's stock worth $33,000 after purchasing an additional 1,203 shares during the period. AllSquare Wealth Management LLC lifted its position in shares of 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 purchasing an additional 1,555 shares during the period. GAMMA Investing LLC lifted its position in shares of Magnite by 10,170.3% in the 1st quarter. GAMMA Investing LLC now owns 3,800 shares of the company's stock worth $43,000 after purchasing an additional 3,763 shares during the period. Finally, Smithfield Trust Co lifted its position in shares of 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 purchasing an additional 1,660 shares during the period. Institutional investors and hedge funds own 73.40% of the company's stock.

Insider Buying and Selling at Magnite

In other Magnite news, 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 completion of the sale, the chief accounting officer owned 92,898 shares in the company, valued at approximately $2,295,509.58. The trade was a 22.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO David Buonasera sold 2,950 shares of the business's stock in a transaction on Wednesday, September 3rd. The shares were sold at an average price of $25.37, for a total transaction of $74,841.50. Following the sale, the chief technology officer owned 238,629 shares of the company's stock, valued at $6,054,017.73. This trade represents a 1.22% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 840,076 shares of company stock worth $18,611,461 in the last ninety days. 4.30% of the stock is currently owned by corporate insiders.

Magnite Stock Up 3.7%

MGNI stock traded up $0.85 during midday trading on Wednesday, reaching $23.92. 1,066,304 shares of the company's stock traded hands, compared to its average volume of 2,739,050. The company has a market cap of $3.41 billion, a price-to-earnings ratio of 82.46, a P/E/G ratio of 1.63 and a beta of 3.05. The firm's fifty day moving average price is $23.67 and its 200-day moving average price is $17.92. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.45. Magnite, Inc. has a 52 week low of $8.22 and a 52 week high of $26.65.

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

Analysts Set New Price Targets

MGNI has been the topic of a number of recent analyst reports. Royal Bank Of Canada boosted their price target 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. Benchmark lifted 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. 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. Wall Street Zen upgraded shares of Magnite from a "hold" rating to a "buy" rating in a research note on Sunday, July 13th. Finally, Susquehanna lifted 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. Ten investment analysts have rated the stock with a Buy rating and one has assigned 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 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.