Dynamic Technology Lab Private Ltd Buys Shares of 120,258 Magnite, Inc. $MGNI

Key Points

• Dynamic Technology Lab Private Ltd acquired 120,258 shares of Magnite, Inc. valued at approximately $1,372,000, representing 0.09% ownership of the company at the end of the most recent quarter.
• During the same period, several hedge funds, including MCF Advisors LLC and GAMMA Investing LLC, significantly increased their stakes in Magnite, underlining strong interest from institutional investors.
• Analysts have raised their price targets for Magnite, with Needham & Company LLC setting a new target of $25.00 and Rosenblatt Securities issuing a price objective of $39.00, indicating optimistic future prospects for the stock.

Dynamic Technology Lab Private Ltd bought a new stake in Magnite, Inc. (NASDAQ:MGNI - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 120,258 shares of the company's stock, valued at approximately $1,372,000. Dynamic Technology Lab Private Ltd owned 0.09% of Magnite at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in MGNI. The Manufacturers Life Insurance Company raised its stake in shares of Magnite by 9.3% in the 4th quarter. The Manufacturers Life Insurance Company now owns 71,785 shares of the company's stock valued at $1,143,000 after acquiring an additional 6,110 shares during the period. Northern Trust Corp raised its stake in shares of Magnite by 1.3% in the 4th quarter. Northern Trust Corp now owns 1,658,535 shares of the company's stock valued at $26,404,000 after acquiring an additional 21,230 shares during the period. BNP Paribas Financial Markets purchased a new stake in Magnite during the 4th quarter worth $493,000. D. E. Shaw & Co. Inc. increased its stake in Magnite by 122.9% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 45,187 shares of the company's stock worth $719,000 after buying an additional 24,917 shares during the period. Finally, Graham Capital Management L.P. increased its stake in Magnite by 533.7% during the 4th quarter. Graham Capital Management L.P. now owns 79,759 shares of the company's stock worth $1,270,000 after buying an additional 67,172 shares during the period. Hedge funds and other institutional investors own 73.40% of the company's stock.

Magnite Stock Performance

Shares of NASDAQ:MGNI traded down $0.27 during trading on Friday, reaching $23.87. 1,807,556 shares of the company's stock traded hands, compared to its average volume of 2,981,985. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.00 and a quick ratio of 1.00. Magnite, Inc. has a 12 month low of $8.22 and a 12 month high of $26.65. The company has a 50 day moving average of $23.69 and a 200-day moving average of $17.82. The stock has a market capitalization of $3.40 billion, a P/E ratio of 82.31, a price-to-earnings-growth ratio of 1.66 and a beta of 3.05.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.20 earnings per share for the quarter, beating analysts' consensus estimates of $0.17 by $0.03. Magnite had a net margin of 6.30% and a return on equity of 8.07%. The business had revenue of $162.00 million during the quarter, compared to the consensus estimate of $157.05 million. During the same quarter in the prior year, the firm earned $0.14 EPS. The company's revenue for the quarter was up 6.4% compared to the same quarter last year. On average, equities analysts expect that Magnite, Inc. will post 0.33 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Benchmark lifted their price target on shares of Magnite from $30.00 to $31.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Scotiabank reaffirmed an "outperform" rating and set a $30.00 price target (up previously from $22.00) on shares of Magnite in a research note on Thursday, August 7th. Rosenblatt Securities reaffirmed a "buy" rating and set a $39.00 price target on shares of Magnite in a research note on Thursday, August 7th. Royal Bank Of Canada boosted their target price on shares of Magnite from $19.00 to $27.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Finally, Susquehanna boosted their target price on shares of Magnite from $22.00 to $28.00 and gave the stock a "positive" rating in a research 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's stock. According to MarketBeat.com, Magnite presently has an average rating of "Moderate Buy" and an average target price of $25.82.

Insider Buying and Selling at Magnite

In related news, insider Sean Patrick Buckley sold 20,000 shares of the business's stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $25.56, for a total transaction of $511,200.00. Following the completion of the sale, the insider owned 307,193 shares of the company's stock, valued at $7,851,853.08. This represents a 6.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Adam Lee Soroca sold 24,986 shares of the business's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $24.69, for a total transaction of $616,904.34. Following the sale, the insider directly owned 346,393 shares of the company's stock, valued at approximately $8,552,443.17. This represents a 6.73% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,127,017 shares of company stock worth $23,940,309. 3.80% of the stock is owned by company insiders.

About Magnite

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.