Calamos Advisors LLC Purchases 30,132 Shares of Magnite, Inc. (NASDAQ:MGNI)

Calamos Advisors LLC boosted its holdings in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 85.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 65,275 shares of the company's stock after acquiring an additional 30,132 shares during the quarter. Calamos Advisors LLC's holdings in Magnite were worth $745,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in MGNI. Arizona State Retirement System grew its stake in shares of Magnite by 1.5% in the fourth quarter. Arizona State Retirement System now owns 36,846 shares of the company's stock worth $587,000 after purchasing an additional 559 shares during the last quarter. Summit Investment Advisors Inc. grew its position in shares of Magnite by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 13,162 shares of the company's stock valued at $210,000 after buying an additional 836 shares during the last quarter. ANTIPODES PARTNERS Ltd grew its position in shares of Magnite by 13.4% in the 4th quarter. ANTIPODES PARTNERS Ltd now owns 8,072 shares of the company's stock valued at $129,000 after buying an additional 956 shares during the last quarter. Jones Financial Companies Lllp grew its position in shares of Magnite by 20.6% in the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company's stock valued at $93,000 after buying an additional 1,000 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of Magnite by 1.2% in the 1st quarter. Principal Financial Group Inc. now owns 124,547 shares of the company's stock valued at $1,421,000 after buying an additional 1,474 shares during the last quarter. 73.40% of the stock is owned by institutional investors.

Magnite Stock Performance

Shares of NASDAQ:MGNI traded down $0.61 during mid-day trading on Tuesday, reaching $23.68. The company had a trading volume of 669,178 shares, compared to its average volume of 2,603,807. The firm has a market cap of $3.34 billion, a price-to-earnings ratio of 118.62, a PEG ratio of 2.00 and a beta of 2.96. The company's 50-day moving average price is $17.35 and its 200-day moving average price is $15.66. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.47. Magnite, Inc. has a one year low of $8.22 and a one year high of $25.27.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.06. The firm had revenue of $145.85 million during 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 company's revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the company earned $0.05 earnings per share. As a group, equities research analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Insider Buying and Selling at Magnite

In related news, Director James Rossman sold 137,007 shares of the company's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $18.78, for a total value of $2,572,991.46. Following the completion of the transaction, the director directly owned 93,679 shares in the company, valued at approximately $1,759,291.62. The trade was a 59.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Katie Seitz Evans sold 35,000 shares of the stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $17.36, for a total value of $607,600.00. Following the transaction, the insider owned 442,788 shares in the company, valued at $7,686,799.68. This trade represents a 7.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 840,743 shares of company stock worth $16,021,928. 4.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts recently commented on MGNI shares. Wells Fargo & Company upped their target price on Magnite from $13.00 to $24.00 and gave the company an "equal weight" rating in a report on Tuesday. Lake Street Capital cut their target price 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. Benchmark cut their price target on Magnite from $25.00 to $24.00 and set a "buy" rating on the stock in a report 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, Needham & Company LLC raised their price objective on Magnite from $14.00 to $18.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, Magnite currently has an average rating of "Moderate Buy" and an average price target of $20.33.

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.