ExodusPoint Capital Management LP Takes Position in Magnite, Inc. (NASDAQ:MGNI)

ExodusPoint Capital Management LP purchased a new stake in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 127,645 shares of the company's stock, valued at approximately $2,032,000. ExodusPoint Capital Management LP owned about 0.09% of Magnite at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in MGNI. SBI Securities Co. Ltd. bought a new position in Magnite in the 4th quarter worth approximately $25,000. Larson Financial Group LLC raised its stake in Magnite by 179.2% during the 4th quarter. Larson Financial Group LLC now owns 3,647 shares of the company's stock valued at $58,000 after purchasing an additional 2,341 shares during the last quarter. Quantbot Technologies LP acquired a new position in Magnite during the 4th quarter valued at $87,000. Jones Financial Companies Lllp boosted its holdings in 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 purchasing an additional 1,000 shares during the period. Finally, KBC Group NV grew its position in Magnite by 66.5% in the 4th quarter. KBC Group NV now owns 5,943 shares of the company's stock worth $95,000 after purchasing an additional 2,374 shares during the last quarter. Institutional investors own 73.40% of the company's stock.

Magnite Trading Up 1.9 %

Magnite stock traded up $0.18 during trading hours on Monday, reaching $9.86. 342,107 shares of the company's stock traded hands, compared to its average volume of 2,057,582. Magnite, Inc. has a fifty-two week low of $8.22 and a fifty-two week high of $21.29. The firm's 50 day moving average is $14.43 and its 200-day moving average is $14.92. 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 firm has a market capitalization of $1.41 billion, a price-to-earnings ratio of 164.33, a PEG ratio of 1.00 and a beta of 2.69.

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Magnite (NASDAQ:MGNI - Get Free Report) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share for the quarter, missing analysts' consensus estimates of $0.39 by ($0.14). Magnite had a net margin of 2.62% and a return on equity of 4.64%. The company had revenue of $180.20 million during the quarter, compared to analyst estimates of $183.90 million. On average, analysts predict that Magnite, Inc. will post 0.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Needham & Company LLC reaffirmed a "buy" rating and issued a $20.00 target price on shares of Magnite in a research report on Wednesday, April 2nd. Wolfe Research lifted their target price on shares of Magnite from $14.00 to $19.00 and gave the company an "outperform" rating in a research report on Friday, January 3rd. Royal Bank of Canada increased their price target on shares of Magnite from $19.00 to $22.00 and gave the stock an "outperform" rating in a research report on Friday, January 3rd. Benchmark reaffirmed a "buy" rating and set a $25.00 price objective on shares of Magnite in a report on Monday, March 10th. Finally, Wells Fargo & Company increased their target price on Magnite from $13.00 to $15.00 and gave the stock an "equal weight" rating in a report on Thursday, January 16th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $19.27.

Insider Activity at Magnite

In other news, Director James Rossman sold 149,936 shares of the company's stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $19.46, for a total transaction of $2,917,754.56. Following the completion of the transaction, the director now directly owns 219,920 shares of the company's stock, valued at $4,279,643.20. This represents a 40.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Adam Lee Soroca sold 15,499 shares of Magnite stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $15.75, for a total value of $244,109.25. Following the completion of the sale, the insider now directly owns 458,386 shares in the company, valued at approximately $7,219,579.50. This represents a 3.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 244,905 shares of company stock worth $4,718,855 in the last ninety days. Company insiders own 4.30% of the company's stock.

Magnite Company 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.