Maestria Partners LLC Takes Position in Magnite, Inc. (NASDAQ:MGNI)

Maestria Partners LLC bought a new position in shares of Magnite, Inc. (NASDAQ:MGNI) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 952,317 shares of the company’s stock, valued at approximately $15,161,000. Magnite makes up 6.0% of Maestria Partners LLC’s investment portfolio, making the stock its 9th biggest position.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Wellington Management Group LLP boosted its stake in Magnite by 125.3% during the third quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock valued at $91,128,000 after buying an additional 3,659,759 shares during the last quarter. Nomura Asset Management Co. Ltd. purchased a new position in shares of Magnite in the third quarter valued at $23,917,000. Boston Partners increased its position in Magnite by 39.1% in the fourth quarter. Boston Partners now owns 4,756,323 shares of the company’s stock worth $76,061,000 after purchasing an additional 1,336,458 shares during the last quarter. Stephens Investment Management Group LLC raised its stake in Magnite by 146.8% during the fourth quarter. Stephens Investment Management Group LLC now owns 996,644 shares of the company’s stock valued at $15,867,000 after purchasing an additional 592,853 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Magnite in the 4th quarter worth $8,685,000. Institutional investors own 73.40% of the company’s stock.

Insider Activity at Magnite

In other news, Director James Rossman sold 149,936 shares of the business’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $19.46, for a total value of $2,917,754.56. Following the completion of the sale, the director now owns 219,920 shares in the company, valued at approximately $4,279,643.20. The trade was a 40.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Paul Caine sold 5,000 shares of Magnite stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $20.35, for a total transaction of $101,750.00. Following the transaction, the director now directly owns 182,837 shares in the company, valued at approximately $3,720,732.95. The trade was a 2.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 258,250 shares of company stock worth $4,945,720 over the last three months. 4.30% of the stock is owned by corporate insiders.

Magnite Price Performance

Shares of MGNI stock opened at $13.37 on Thursday. The company’s 50-day simple moving average is $16.47 and its two-hundred day simple moving average is $15.21. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. Magnite, Inc. has a one year low of $8.38 and a one year high of $21.29. The company has a market capitalization of $1.91 billion, a P/E ratio of 222.83, a P/E/G ratio of 1.00 and a beta of 2.79.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, February 26th. The company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.14). Magnite had a return on equity of 4.64% and a net margin of 2.62%. The firm had revenue of $180.20 million for the quarter, compared to analysts’ expectations of $183.90 million. As a group, equities analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current year.

Wall Street Analysts Forecast Growth

MGNI has been the subject of a number of analyst reports. Wells Fargo & Company increased their price target on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. Scotiabank initiated coverage on Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 target price on the stock. Royal Bank of Canada raised their price target on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Wolfe Research boosted their price objective 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. Finally, Benchmark restated a “buy” rating and issued a $25.00 target price on shares of Magnite in a report on Monday, March 10th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, Magnite presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.27.

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.