D. E. Shaw & Co. Inc. Buys 24,917 Shares of Magnite, Inc. (NASDAQ:MGNI)

D. E. Shaw & Co. Inc. increased its position in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 122.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 45,187 shares of the company's stock after purchasing an additional 24,917 shares during the period. D. E. Shaw & Co. Inc.'s holdings in Magnite were worth $719,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in MGNI. Bosun Asset Management LLC bought a new position in shares of Magnite during the fourth quarter valued at approximately $507,000. Bridgefront Capital LLC purchased a new stake in shares of Magnite in the 4th quarter worth approximately $192,000. Bayesian Capital Management LP bought a new position in Magnite during the 4th quarter valued at approximately $260,000. BNP Paribas Financial Markets purchased a new position in Magnite during the fourth quarter valued at $493,000. Finally, Algert Global LLC raised its stake in Magnite by 7.2% during the fourth quarter. Algert Global LLC now owns 170,512 shares of the company's stock valued at $2,715,000 after buying an additional 11,437 shares during the last quarter. Institutional investors own 73.40% of the company's stock.

Insider Activity at Magnite

In related news, insider Sean Patrick Buckley sold 9,692 shares of Magnite stock in a transaction that occurred 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 sale, the insider now owns 347,394 shares of the company's stock, valued at approximately $5,464,507.62. This trade represents a 2.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 value of $141,576.00. Following the completion of the transaction, the insider now owns 437,117 shares of the company's stock, valued at $7,430,989. The trade was a 1.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 69,864 shares of company stock worth $1,114,062. 3.80% of the stock is owned by corporate insiders.

Magnite Stock Performance

NASDAQ MGNI traded down $0.25 on Thursday, hitting $16.23. 1,855,379 shares of the company traded hands, compared to its average volume of 2,117,739. The business's 50 day moving average price is $12.65 and its 200-day moving average price is $15.11. Magnite, Inc. has a 52-week low of $8.22 and a 52-week high of $21.29. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $2.29 billion, a price-to-earnings ratio of 270.50, a P/E/G ratio of 1.00 and a beta of 2.73.

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, beating analysts' consensus estimates of $0.06 by $0.06. The firm had revenue of $145.85 million for the quarter, compared to analysts' expectations of $142.18 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. The business's quarterly revenue was up 4.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.05 EPS. Equities analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently issued reports on MGNI. Lake Street Capital lowered their price target on Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Rosenblatt Securities restated a "buy" rating and issued a $18.00 price target on shares of Magnite in a research note on Thursday, May 8th. Benchmark reduced their price target on shares of Magnite from $25.00 to $24.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Susquehanna increased their price objective 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. Finally, Royal Bank of Canada dropped their target price on shares of Magnite from $22.00 to $19.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $19.23.

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.