Sanctuary Advisors LLC Purchases New Shares in Magnite, Inc. (NASDAQ:MGNI)

Sanctuary Advisors LLC bought a new stake in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 19,161 shares of the company's stock, valued at approximately $335,000.

A number of other large investors also recently made changes to their positions in MGNI. Victory Capital Management Inc. raised its holdings in shares of Magnite by 2.9% during the third quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company's stock worth $18,569,000 after acquiring an additional 37,601 shares in the last quarter. Merit Financial Group LLC acquired a new stake in shares of Magnite during the 4th quarter valued at about $586,000. Jennison Associates LLC bought a new stake in shares of Magnite in the 4th quarter valued at approximately $818,000. Penbrook Management LLC increased its holdings in Magnite by 60.8% in the fourth quarter. Penbrook Management LLC now owns 38,480 shares of the company's stock worth $613,000 after buying an additional 14,550 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in Magnite by 552.2% during the third quarter. Principal Financial Group Inc. now owns 107,515 shares of the company's stock valued at $1,489,000 after acquiring an additional 91,031 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company's stock.

Magnite Stock Performance

MGNI stock traded down $0.35 during trading on Friday, reaching $13.28. 1,904,461 shares of the stock were exchanged, compared to its average volume of 2,522,399. The stock has a 50 day simple moving average of $17.14 and a 200-day simple moving average of $15.26. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $1.90 billion, a P/E ratio of 221.25, a price-to-earnings-growth ratio of 1.00 and a beta of 2.79. Magnite, Inc. has a twelve month low of $8.38 and a twelve month high of $21.29.

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Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings data on Wednesday, February 26th. The company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.14). The firm had revenue of $180.20 million for the quarter, compared to analyst estimates of $183.90 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. As a group, sell-side analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have commented on MGNI. Royal Bank of Canada boosted their target price 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. Scotiabank initiated coverage on shares of Magnite in a report on Thursday, December 5th. They issued a "sector outperform" rating and a $22.00 price objective for the company. Macquarie restated an "outperform" rating and set a $18.00 target price on shares of Magnite in a report on Friday, November 8th. Wolfe Research boosted their price target on Magnite from $14.00 to $19.00 and gave the stock an "outperform" rating in a research report on Friday, January 3rd. Finally, Needham & Company LLC reissued a "buy" rating and issued a $20.00 price objective on shares of Magnite in a research note on Thursday, February 27th. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Magnite currently has a consensus rating of "Moderate Buy" and a consensus price target of $19.27.

Insider Activity at Magnite

In other news, insider Sean Patrick Buckley sold 18,693 shares of the company's stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $20.00, for a total value of $373,860.00. Following the sale, the insider now owns 408,529 shares of the company's stock, valued at approximately $8,170,580. This represents a 4.38 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Adam Lee Soroca sold 15,499 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $15.75, for a total transaction of $244,109.25. Following the sale, the insider now owns 458,386 shares of the company's stock, valued at $7,219,579.50. This trade represents a 3.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 271,863 shares of company stock valued at $5,169,262 over the last quarter. 4.30% of the stock is owned by company insiders.

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.