Bosun Asset Management LLC Sells 15,548 Shares of Magnite, Inc. $MGNI

Key Points

• Bosun Asset Management LLC reduced its stake in Magnite, Inc. by 48.8%, selling 15,548 shares in the first quarter, leaving it with 16,287 shares valued at $186,000.
• Magnite's stock opened at $24.85 and has a market cap of $3.54 billion, with a 12-month low of $8.22 and a high of $26.65.
• Insider sales included CFO David Day selling 38,146 shares and CEO Michael G. Barrett selling 300,000 shares, collectively totaling over $6.7 million.

Bosun Asset Management LLC reduced its stake in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 48.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,287 shares of the company's stock after selling 15,548 shares during the period. Bosun Asset Management LLC's holdings in Magnite were worth $186,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in MGNI. Cambridge Investment Research Advisors Inc. increased its stake in Magnite by 74.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 51,815 shares of the company's stock valued at $591,000 after purchasing an additional 22,131 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Magnite by 54.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 44,947 shares of the company's stock worth $513,000 after buying an additional 15,762 shares during the period. Calamos Advisors LLC boosted its holdings in Magnite by 85.7% in the first quarter. Calamos Advisors LLC now owns 65,275 shares of the company's stock valued at $745,000 after purchasing an additional 30,132 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Magnite by 1.0% in the first quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company's stock valued at $156,814,000 after buying an additional 138,417 shares in the last quarter. Finally, Brown Advisory Inc. acquired a new position in Magnite during the 1st quarter worth approximately $290,000. Institutional investors own 73.40% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on MGNI. Wall Street Zen upgraded Magnite from a "hold" rating to a "buy" rating in a research note on Sunday, July 13th. Royal Bank Of Canada increased their price target on Magnite from $19.00 to $27.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. 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. Susquehanna raised their price objective on Magnite from $22.00 to $28.00 and gave the company a "positive" rating in a research report on Thursday, August 7th. Finally, Needham & Company LLC lifted their price objective on Magnite from $18.00 to $25.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Ten research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Magnite has an average rating of "Moderate Buy" and an average price target of $25.82.

Insider Transactions at Magnite

In other Magnite news, CTO David Buonasera sold 2,950 shares of the stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $25.37, for a total value 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Katie Seitz Evans sold 21,509 shares of the firm's stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $25.52, for a total value of $548,909.68. Following the completion of the sale, the insider directly owned 394,089 shares of the company's stock, valued at $10,057,151.28. This represents a 5.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,102,017 shares of company stock valued at $23,311,109. Insiders own 4.30% of the company's stock.

Magnite Price Performance

NASDAQ MGNI traded down $0.78 during trading hours on Wednesday, reaching $23.61. 1,883,646 shares of the stock traded hands, compared to its average volume of 2,740,244. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.00 and a quick ratio of 1.00. The company has a market cap of $3.36 billion, a price-to-earnings ratio of 81.10, a price-to-earnings-growth ratio of 1.74 and a beta of 3.05. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $26.65. The stock has a 50 day simple moving average of $23.72 and a two-hundred day simple moving average of $17.69.

Magnite (NASDAQ:MGNI - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.03. The firm 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%. The business's revenue was up 6.4% on a year-over-year basis. During the same period last year, the business earned $0.14 earnings per share. On average, analysts predict that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

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.