Cambridge Investment Research Advisors Inc. Increases Position in Magnite, Inc. (NASDAQ:MGNI)

Cambridge Investment Research Advisors Inc. lifted its position in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 74.6% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 51,815 shares of the company's stock after purchasing an additional 22,131 shares during the quarter. Cambridge Investment Research Advisors Inc.'s holdings in Magnite were worth $591,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in MGNI. Jones Financial Companies Lllp lifted its position in Magnite by 20.6% during the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company's stock worth $93,000 after acquiring an additional 1,000 shares during the period. SBI Securities Co. Ltd. acquired a new stake in Magnite during the 4th quarter worth approximately $25,000. Charles Schwab Investment Management Inc. lifted its position in Magnite by 1.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,049,412 shares of the company's stock worth $16,707,000 after acquiring an additional 16,308 shares during the period. M&T Bank Corp acquired a new stake in Magnite during the 4th quarter worth approximately $230,000. Finally, Arizona State Retirement System lifted its position in Magnite by 1.5% during the 4th quarter. Arizona State Retirement System now owns 36,846 shares of the company's stock worth $587,000 after acquiring an additional 559 shares during the period. 73.40% of the stock is owned by institutional investors and hedge funds.

Magnite Trading Down 0.6%

Shares of MGNI stock traded down $0.14 during mid-day trading on Thursday, hitting $23.56. 326,580 shares of the company's stock were exchanged, compared to its average volume of 2,257,127. Magnite, Inc. has a fifty-two week low of $8.22 and a fifty-two week high of $25.27. The stock has a 50-day simple moving average of $17.81 and a two-hundred day simple moving average of $15.77. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The stock has a market cap of $3.32 billion, a price-to-earnings ratio of 117.57, a PEG ratio of 1.92 and a beta of 2.96.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.06. Magnite had a return on equity of 6.71% and a net margin of 4.58%. The business had revenue of $145.85 million for the quarter, compared to analysts' expectations of $142.18 million. During the same quarter last year, the firm earned $0.05 earnings per share. The business's revenue was up 4.3% on a year-over-year basis. Equities analysts expect that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Insider Transactions at Magnite

In related news, CEO Michael G. Barrett sold 300,000 shares of Magnite stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $20.01, for a total value of $6,003,000.00. Following the transaction, the chief executive officer owned 356,708 shares in the company, valued at approximately $7,137,727.08. This trade represents a 45.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO David Day sold 38,146 shares of Magnite stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $18.95, for a total value of $722,866.70. Following the completion of the transaction, the chief financial officer owned 443,528 shares in the company, valued at $8,404,855.60. The trade was a 7.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 883,327 shares of company stock valued at $17,086,528 in the last ninety days. Company insiders own 3.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on MGNI shares. Craig Hallum set a $24.00 target price on Magnite and gave the stock a "buy" rating in a research note on Tuesday, May 20th. Lake Street Capital cut their target price on Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Benchmark dropped their price objective on Magnite from $25.00 to $24.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $18.00 price objective on shares of Magnite in a research note on Thursday, May 8th. Finally, Royal Bank Of Canada dropped their price objective on Magnite from $22.00 to $19.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $20.33.

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.