BNP Paribas Financial Markets Acquires New Position in Magnite, Inc. (NASDAQ:MGNI)

BNP Paribas Financial Markets acquired a new position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 30,939 shares of the company's stock, valued at approximately $493,000.

Several other institutional investors and hedge funds have also made changes to their positions in MGNI. SBI Securities Co. Ltd. purchased a new position in Magnite in the 4th quarter worth $25,000. Larson Financial Group LLC increased its holdings in shares of Magnite by 179.2% in the fourth quarter. Larson Financial Group LLC now owns 3,647 shares of the company's stock valued at $58,000 after purchasing an additional 2,341 shares during the period. Quantbot Technologies LP purchased a new position in shares of Magnite in the fourth quarter worth about $87,000. Jones Financial Companies Lllp raised its stake in shares of Magnite by 20.6% in the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company's stock worth $93,000 after purchasing an additional 1,000 shares during the last quarter. Finally, KBC Group NV lifted its holdings in shares of Magnite by 66.5% during the fourth quarter. KBC Group NV now owns 5,943 shares of the company's stock worth $95,000 after purchasing an additional 2,374 shares during the period. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Adam Lee Soroca sold 15,499 shares of the company's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $15.75, for a total transaction of $244,109.25. Following the completion of the sale, the insider now owns 458,386 shares of the company's stock, valued at $7,219,579.50. This represents a 3.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Brian Gephart sold 6,250 shares of the business's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $16.00, for a total transaction of $100,000.00. Following the transaction, the chief accounting officer now owns 132,909 shares in the company, valued at $2,126,544. The trade was a 4.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 69,864 shares of company stock worth $1,114,062. Insiders own 3.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MGNI. Rosenblatt Securities reiterated a "buy" rating and issued a $18.00 price target on shares of Magnite in a report on Thursday, May 8th. Needham & Company LLC increased their price objective on shares of Magnite from $14.00 to $18.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Susquehanna boosted their target price on shares of Magnite from $16.00 to $22.00 and gave the company a "positive" rating in a research report on Thursday, February 27th. Lake Street Capital cut their price target on Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Finally, Craig Hallum set a $24.00 price objective on Magnite and gave the company a "buy" rating in a research note on Tuesday, May 20th. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, Magnite currently has an average rating of "Moderate Buy" and an average target price of $19.23.

Magnite Price Performance

Shares of MGNI stock traded down $0.25 during trading hours on Thursday, hitting $16.23. 1,855,379 shares of the company's stock were exchanged, compared to its average volume of 2,117,739. Magnite, Inc. has a fifty-two week low of $8.22 and a fifty-two week high of $21.29. The firm has a market cap of $2.29 billion, a P/E ratio of 270.50, a P/E/G ratio of 1.00 and a beta of 2.73. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. The firm has a 50 day moving average of $12.65 and a two-hundred day moving average of $15.11.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $0.12 earnings per share for the quarter, topping analysts' consensus estimates of $0.06 by $0.06. Magnite had a net margin of 2.62% and a return on equity of 4.64%. The company had revenue of $145.85 million during the quarter, compared to analysts' expectations of $142.18 million. During the same period in the prior year, the business posted $0.05 earnings per share. The firm's revenue for the quarter was up 4.3% on a year-over-year basis. Sell-side analysts forecast that Magnite, Inc. will post 0.33 EPS for the current year.

About Magnite

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.