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

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

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MGNI. Barclays PLC increased its stake in shares of Magnite by 352.9% in the 3rd quarter. Barclays PLC now owns 210,598 shares of the company's stock valued at $2,917,000 after purchasing an additional 164,093 shares in the last quarter. Blue Trust Inc. increased its holdings in Magnite by 182.0% in the 4th quarter. Blue Trust Inc. now owns 22,364 shares of the company's stock worth $356,000 after acquiring an additional 14,433 shares in the last quarter. KBC Group NV raised its position in 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 acquiring an additional 2,374 shares during the period. Mount Yale Investment Advisors LLC raised its position in Magnite by 4.7% during the fourth quarter. Mount Yale Investment Advisors LLC now owns 25,377 shares of the company's stock worth $404,000 after acquiring an additional 1,148 shares during the period. Finally, Penbrook Management LLC lifted its holdings in Magnite by 60.8% during the fourth quarter. Penbrook Management LLC now owns 38,480 shares of the company's stock valued at $613,000 after purchasing an additional 14,550 shares in the last quarter. Hedge funds and other institutional investors own 73.40% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Craig Hallum set a $24.00 target price on shares of Magnite and gave the company a "buy" rating in a research report on Tuesday, May 20th. Royal Bank of Canada lowered their price target on shares of Magnite from $22.00 to $19.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. Needham & Company LLC raised their price objective on shares of Magnite from $14.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Lake Street Capital decreased their target price on shares of Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $18.00 price target on shares of Magnite in a research note on Thursday, May 8th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $19.23.

Magnite Trading Up 4.8%

Shares of NASDAQ:MGNI traded up $0.74 during mid-day trading on Tuesday, reaching $16.10. 1,650,309 shares of the company were exchanged, compared to its average volume of 2,115,528. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market cap of $2.27 billion, a price-to-earnings ratio of 268.33, a P/E/G ratio of 1.00 and a beta of 2.73. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $21.29. The firm's 50-day simple moving average is $12.47 and its 200 day simple moving average is $15.10.

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

Insider Buying and Selling

In other news, insider Adam Lee Soroca sold 8,328 shares of the company's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $17.00, for a total transaction of $141,576.00. Following the completion of the transaction, the insider now directly owns 437,117 shares of the company's stock, valued at approximately $7,430,989. This represents a 1.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Sean Patrick Buckley sold 9,692 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $15.73, for a total value of $152,455.16. Following the sale, the insider now owns 347,394 shares of the company's stock, valued at approximately $5,464,507.62. The trade was a 2.71% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 57,469 shares of company stock worth $919,285. Company insiders own 3.80% of the company's stock.

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.