Graham Capital Management L.P. Increases Holdings in Magnite, Inc. (NASDAQ:MGNI)

Graham Capital Management L.P. lifted its position in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 533.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 79,759 shares of the company's stock after purchasing an additional 67,172 shares during the quarter. Graham Capital Management L.P. owned 0.06% of Magnite worth $1,270,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Capital Research Global Investors bought a new position in shares of Magnite in the 4th quarter worth approximately $122,986,000. Boston Partners raised its position in shares of Magnite by 39.1% in the 4th quarter. Boston Partners now owns 4,756,323 shares of the company's stock worth $76,061,000 after acquiring an additional 1,336,458 shares in the last quarter. Maestria Partners LLC bought a new position in shares of Magnite in the 4th quarter worth approximately $15,161,000. CenterBook Partners LP bought a new position in shares of Magnite in the 4th quarter worth approximately $9,962,000. Finally, Stephens Investment Management Group LLC raised its position in shares of Magnite by 146.8% in the 4th quarter. Stephens Investment Management Group LLC now owns 996,644 shares of the company's stock worth $15,867,000 after acquiring an additional 592,853 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on MGNI shares. Benchmark reduced their price objective on Magnite from $25.00 to $24.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Wells Fargo & Company raised their price objective on Magnite from $13.00 to $15.00 and gave the company an "equal weight" rating in a research report on Thursday, January 16th. Susquehanna raised their price objective on Magnite from $16.00 to $22.00 and gave the company a "positive" rating in a research report on Thursday, February 27th. 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. Finally, Lake Street Capital reduced their price objective on Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Magnite has a consensus rating of "Moderate Buy" and an average target price of $18.92.

Magnite Stock Performance

Shares of MGNI stock traded down $0.71 on Thursday, reaching $15.88. The stock had a trading volume of 1,690,662 shares, compared to its average volume of 2,178,523. The stock has a market cap of $2.24 billion, a P/E ratio of 264.67, a price-to-earnings-growth ratio of 1.00 and a beta of 2.73. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $21.29. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The company has a 50 day simple moving average of $12.01 and a 200 day simple moving average of $14.91.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.06 by $0.06. The firm had revenue of $145.85 million for the quarter, compared to the consensus estimate of $142.18 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. The company's revenue for the quarter was up 4.3% on a year-over-year basis. During the same period last year, the business posted $0.05 EPS. Equities research analysts expect that Magnite, Inc. will post 0.33 EPS for the current year.

Insider Transactions at Magnite

In related news, insider Sean Patrick Buckley sold 10,527 shares of Magnite stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $19.13, for a total transaction of $201,381.51. Following the transaction, the insider now directly owns 370,558 shares in the company, valued at approximately $7,088,774.54. The trade was a 2.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Brian Gephart sold 6,334 shares of Magnite stock in a transaction on Monday, May 12th. The shares were sold at an average price of $16.16, for a total value of $102,357.44. Following the transaction, the chief accounting officer now owns 126,575 shares in the company, valued at $2,045,452. This trade represents a 4.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 38,610 shares of company stock worth $647,848 in the last ninety days. Insiders own 4.30% of the company's stock.

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.