Kapitalo Investimentos Ltda Invests $182,000 in Magnite, Inc. (NASDAQ:MGNI)

Key Points

• Kapitalo Investimentos Ltda has invested approximately $182,000 in Magnite, acquiring 15,975 shares of the company's stock.
• Insider selling has been significant, with CFO David Day and CEO Michael G. Barrett selling a combined 106,900 shares recently, reflecting a decrease in their respective positions by 7.51% and 19.88%.
• Magnite's stock is showing positive trends with a 2.5% increase, and analysts predict a strong growth outlook, rating the stock as a "Moderate Buy" with a target price averaging $20.83.

Kapitalo Investimentos Ltda acquired a new position in Magnite, Inc. (NASDAQ:MGNI - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 15,975 shares of the company's stock, valued at approximately $182,000.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Pacer Advisors Inc. acquired a new stake in Magnite during the first quarter worth $12,576,000. Cetera Investment Advisers boosted its stake in Magnite by 42.5% during the first quarter. Cetera Investment Advisers now owns 33,821 shares of the company's stock worth $386,000 after buying an additional 10,089 shares in the last quarter. ANTIPODES PARTNERS Ltd boosted its stake in Magnite by 176.7% during the first quarter. ANTIPODES PARTNERS Ltd now owns 22,339 shares of the company's stock worth $255,000 after buying an additional 14,267 shares in the last quarter. Maestria Partners LLC boosted its stake in Magnite by 10.5% during the first quarter. Maestria Partners LLC now owns 1,052,317 shares of the company's stock worth $12,007,000 after buying an additional 100,000 shares in the last quarter. Finally, AllSquare Wealth Management LLC boosted its stake in Magnite by 76.8% during the first quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company's stock worth $41,000 after buying an additional 1,555 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company's stock.

Insider Activity

In other Magnite news, CFO David Day sold 36,000 shares of the stock in a transaction dated Thursday, June 26th. The shares were sold at an average price of $20.95, for a total transaction of $754,200.00. Following the sale, the chief financial officer owned 443,528 shares of the company's stock, valued at $9,291,911.60. This represents a 7.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael G. Barrett sold 70,900 shares of the stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $23.27, for a total transaction of $1,649,843.00. Following the sale, the chief executive officer directly owned 285,808 shares in the company, valued at approximately $6,650,752.16. This represents a 19.88% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 959,227 shares of company stock worth $18,854,021. 3.80% of the stock is currently owned by insiders.

Magnite Stock Up 2.5%

Shares of NASDAQ:MGNI opened at $23.52 on Friday. Magnite, Inc. has a 52 week low of $8.22 and a 52 week high of $25.27. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.98 and a current ratio of 0.98. The company's fifty day moving average is $20.02 and its 200-day moving average is $16.35. The company has a market capitalization of $3.32 billion, a PE ratio of 117.61, a P/E/G ratio of 1.92 and a beta of 2.96.

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

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MGNI. Wells Fargo & Company lifted their price target on shares of Magnite from $13.00 to $24.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Craig Hallum set a $24.00 price target on shares of Magnite and gave the stock a "buy" rating in a research note on Tuesday, May 20th. Needham & Company LLC lifted their price target on shares of Magnite from $14.00 to $18.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Wall Street Zen upgraded shares of Magnite from a "hold" rating to a "buy" rating in a research note on Sunday, July 13th. Finally, Lake Street Capital decreased their price target on shares of Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Magnite presently has an average rating of "Moderate Buy" and an average target price of $20.83.

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.

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