Contravisory Investment Management Inc. Purchases Shares of 16,932 Magnite, Inc. (NASDAQ:MGNI)

Contravisory Investment Management Inc. purchased a new stake in Magnite, Inc. (NASDAQ:MGNI - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 16,932 shares of the company's stock, valued at approximately $193,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. acquired a new position in shares of Magnite in the 4th quarter valued at about $25,000. Larson Financial Group LLC grew its position in Magnite by 179.2% during 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 in the last quarter. GAMMA Investing LLC grew its position in Magnite by 10,170.3% during the first quarter. GAMMA Investing LLC now owns 3,800 shares of the company's stock valued at $43,000 after purchasing an additional 3,763 shares in the last quarter. Quantbot Technologies LP acquired a new position in Magnite in the 4th quarter valued at approximately $87,000. Finally, Jones Financial Companies Lllp lifted its position in Magnite by 20.6% in the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company's stock worth $93,000 after buying an additional 1,000 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company's stock.

Insiders Place Their Bets

In other news, insider Adam Lee Soroca sold 8,328 shares of the company's stock in a transaction that occurred on 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 in the company, valued at $7,430,989. The trade was a 1.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Sean Patrick Buckley sold 9,692 shares of the firm's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $15.73, for a total transaction of $152,455.16. Following the completion of the sale, the insider now owns 347,394 shares in the company, 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. Insiders sold a total of 48,115 shares of company stock valued at $769,952 in the last quarter. Insiders own 3.80% of the company's stock.

Magnite Stock Performance

MGNI traded up $0.78 on Thursday, hitting $17.46. The company had a trading volume of 4,314,004 shares, compared to its average volume of 2,126,127. The stock has a market cap of $2.46 billion, a price-to-earnings ratio of 291.00, a price-to-earnings-growth ratio of 1.00 and a beta of 2.73. 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 company's fifty day moving average price is $12.97 and its 200 day moving average price is $15.12. Magnite, Inc. has a 1-year low of $8.22 and a 1-year high of $21.29.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 EPS for the quarter, beating 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 company's quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.05 earnings per share. Equities analysts predict that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Analyst Ratings Changes

MGNI has been the topic of several research analyst reports. Needham & Company LLC boosted their price target on shares of Magnite from $14.00 to $18.00 and gave the company a "buy" rating in a report on Monday, May 12th. Royal Bank of Canada reduced their price objective on Magnite from $22.00 to $19.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Susquehanna boosted their target price on Magnite from $16.00 to $22.00 and gave the company a "positive" rating in a research note on Thursday, February 27th. Craig Hallum set a $24.00 price target on Magnite and gave the stock a "buy" rating in a research note on Tuesday, May 20th. Finally, Lake Street Capital reduced their price target on Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a report on Thursday, May 8th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $19.58.

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.