Merit Financial Group LLC Purchases New Holdings in Magnite, Inc. (NASDAQ:MGNI)

Merit Financial Group LLC purchased a new position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 36,823 shares of the company's stock, valued at approximately $586,000.

A number of other institutional investors and hedge funds have also modified their holdings of MGNI. Benjamin F. Edwards & Company Inc. raised its stake in shares of Magnite by 973.5% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company's stock worth $58,000 after buying an additional 3,972 shares during the last quarter. Quarry LP raised its stake in shares of Magnite by 446.8% during the third quarter. Quarry LP now owns 5,517 shares of the company's stock worth $76,000 after buying an additional 4,508 shares during the last quarter. Blue Trust Inc. raised its stake in shares of Magnite by 87.0% during the third quarter. Blue Trust Inc. now owns 7,931 shares of the company's stock worth $105,000 after buying an additional 3,689 shares during the last quarter. Lebenthal Global Advisors LLC bought a new stake in shares of Magnite during the third quarter worth approximately $141,000. Finally, Vicus Capital bought a new stake in shares of Magnite during the third quarter worth approximately $164,000. 73.40% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, CEO Michael G. Barrett sold 27,004 shares of the business's stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $17.63, for a total transaction of $476,080.52. Following the completion of the sale, the chief executive officer now owns 782,910 shares in the company, valued at $13,802,703.30. The trade was a 3.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO David Day sold 13,345 shares of the business's stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $17.00, for a total value of $226,865.00. Following the sale, the chief financial officer now owns 374,014 shares of the company's stock, valued at approximately $6,358,238. This represents a 3.45 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 366,097 shares of company stock worth $6,165,147. Company insiders own 4.30% of the company's stock.

Wall Street Analyst Weigh In

MGNI has been the subject of several recent analyst reports. Needham & Company LLC reaffirmed a "buy" rating and issued a $20.00 target price on shares of Magnite in a research note on Friday, January 17th. Benchmark reaffirmed a "buy" rating and issued a $21.00 target price on shares of Magnite in a research note on Wednesday, October 2nd. Scotiabank initiated coverage on shares of Magnite in a research note on Thursday, December 5th. They issued a "sector outperform" rating and a $22.00 target price for the company. Wolfe Research upped their target price on shares of Magnite from $14.00 to $19.00 and gave the company an "outperform" rating in a research note on Friday, January 3rd. Finally, Wells Fargo & Company upped their target price on shares of Magnite from $13.00 to $15.00 and gave the company an "equal weight" rating in a research note on Thursday, January 16th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, Magnite presently has a consensus rating of "Moderate Buy" and an average price target of $18.35.

Magnite Stock Up 5.7 %

MGNI stock traded up $0.94 during mid-day trading on Thursday, reaching $17.36. The company had a trading volume of 2,242,485 shares, compared to its average volume of 1,743,997. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a 50 day simple moving average of $16.40 and a two-hundred day simple moving average of $14.41. Magnite, Inc. has a 52 week low of $8.38 and a 52 week high of $18.38. The company has a market capitalization of $2.44 billion, a price-to-earnings ratio of 289.33, a PEG ratio of 0.81 and a beta of 2.51.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its quarterly earnings results on Thursday, November 7th. The company reported $0.07 EPS for the quarter, missing analysts' consensus estimates of $0.16 by ($0.09). Magnite had a return on equity of 4.64% and a net margin of 2.62%. The business had revenue of $162.00 million for the quarter, compared to the consensus estimate of $147.94 million. During the same quarter in the previous year, the business posted $0.02 EPS. As a group, equities analysts predict that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

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.