Riverwater Partners LLC Acquires New Holdings in Magnite, Inc. (NASDAQ:MGNI)

Riverwater Partners LLC acquired a new position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 84,079 shares of the company's stock, valued at approximately $1,164,000. Riverwater Partners LLC owned approximately 0.06% of Magnite at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of MGNI. Vanguard Group Inc. increased its holdings in Magnite by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 12,651,675 shares of the company's stock worth $118,167,000 after buying an additional 209,771 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in Magnite during the first quarter worth about $340,000. Capstone Investment Advisors LLC increased its stake in shares of Magnite by 20.9% in the 1st quarter. Capstone Investment Advisors LLC now owns 51,221 shares of the company's stock valued at $551,000 after purchasing an additional 8,872 shares during the last quarter. Iridian Asset Management LLC CT acquired a new position in Magnite during the first quarter worth about $198,000. Finally, Empowered Funds LLC lifted its stake in Magnite by 9.1% in the 1st quarter. Empowered Funds LLC now owns 42,761 shares of the company's stock valued at $460,000 after purchasing an additional 3,560 shares during the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Magnite news, CRO Sean Patrick Buckley sold 2,623 shares of the business's stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $12.53, for a total transaction of $32,866.19. Following the completion of the transaction, the executive now owns 331,742 shares in the company, valued at $4,156,727.26. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Magnite news, CTO David Buonasera sold 10,000 shares of the business's stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $12.65, for a total transaction of $126,500.00. Following the sale, the chief technology officer now directly owns 258,102 shares in the company, valued at approximately $3,264,990.30. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CRO Sean Patrick Buckley sold 2,623 shares of the firm's stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $12.53, for a total value of $32,866.19. Following the completion of the transaction, the executive now directly owns 331,742 shares of the company's stock, valued at $4,156,727.26. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 95,533 shares of company stock worth $1,206,203 over the last ninety days. Corporate insiders own 4.30% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Wolfe Research initiated coverage on shares of Magnite in a research report on Tuesday, July 16th. They set an "outperform" rating and a $16.00 price objective for the company. Benchmark restated a "buy" rating and issued a $21.00 target price on shares of Magnite in a report on Wednesday, October 2nd. Craig Hallum reaffirmed a "buy" rating and issued a $20.00 target price on shares of Magnite in a report on Wednesday, August 21st. Needham & Company LLC restated a "buy" rating and set a $15.00 price target on shares of Magnite in a research note on Wednesday, October 2nd. Finally, Royal Bank of Canada restated an "outperform" rating and issued a $19.00 target price on shares of Magnite in a research note on Friday, September 27th. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of $17.25.

Magnite Stock Down 1.5 %

Shares of Magnite stock traded down $0.19 during trading on Thursday, reaching $12.32. The company's stock had a trading volume of 1,485,592 shares, compared to its average volume of 1,584,259. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.77. The company has a 50-day simple moving average of $12.98 and a two-hundred day simple moving average of $12.38. Magnite, Inc. has a 1-year low of $6.28 and a 1-year high of $15.92. The company has a market cap of $1.74 billion, a price-to-earnings ratio of -111.82, a P/E/G ratio of 1.05 and a beta of 2.41.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.14 earnings per share for the quarter, missing analysts' consensus estimates of $0.15 by ($0.01). Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The firm had revenue of $162.88 million during the quarter, compared to analysts' expectations of $144.04 million. During the same period in the previous year, the firm posted ($0.04) EPS. The firm's quarterly revenue was up 6.8% on a year-over-year basis. As a group, equities analysts forecast that Magnite, Inc. will post 0.31 earnings per share for the current year.

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.