Riverwater Partners LLC Makes New $1.16 Million Investment in Magnite, Inc. (NASDAQ:MGNI)

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

Several other large investors have also recently bought and sold shares of the company. Arizona State Retirement System boosted its position in Magnite by 3.4% during the 2nd quarter. Arizona State Retirement System now owns 35,256 shares of the company’s stock worth $469,000 after buying an additional 1,160 shares during the period. UMB Bank n.a. grew its stake in shares of Magnite by 111.8% in the second quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock worth $30,000 after purchasing an additional 1,188 shares during the last quarter. Fulton Bank N.A. increased its holdings in Magnite by 6.4% in the third quarter. Fulton Bank N.A. now owns 28,311 shares of the company’s stock valued at $392,000 after purchasing an additional 1,696 shares during the period. Moody National Bank Trust Division increased its holdings in Magnite by 2.4% in the second quarter. Moody National Bank Trust Division now owns 75,367 shares of the company’s stock valued at $1,002,000 after purchasing an additional 1,783 shares during the period. Finally, ProShare Advisors LLC raised its position in Magnite by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 24,325 shares of the company’s stock worth $261,000 after purchasing an additional 1,914 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors.

Magnite Trading Up 3.6 %

NASDAQ MGNI opened at $12.51 on Thursday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.77. The business has a fifty day simple moving average of $12.98 and a 200 day simple moving average of $12.38. Magnite, Inc. has a 12 month low of $6.28 and a 12 month high of $15.92. The firm has a market capitalization of $1.77 billion, a P/E ratio of -113.73, a PEG ratio of 1.07 and a beta of 2.41.

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

Wall Street Analyst Weigh In

MGNI has been the subject of a number of recent analyst reports. Benchmark reissued a “buy” rating and set a $21.00 target price on shares of Magnite in a research report on Wednesday, October 2nd. Bank of America boosted their price objective on Magnite from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Wolfe Research initiated coverage on Magnite in a report on Tuesday, July 16th. They set an “outperform” rating and a $16.00 price target on the stock. Craig Hallum reiterated a “buy” rating and issued a $20.00 price objective on shares of Magnite in a research note on Wednesday, August 21st. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $19.00 target price on shares of Magnite in a research report on Friday, September 27th. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $17.25.

Insider Transactions at Magnite

In related news, insider Adam Lee Soroca sold 7,910 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $12.59, for a total transaction of $99,586.90. Following the completion of the sale, the insider now owns 436,001 shares in the company, valued at approximately $5,489,252.59. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Magnite news, insider Adam Lee Soroca sold 7,910 shares of the business’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $12.59, for a total value of $99,586.90. Following the transaction, the insider now directly owns 436,001 shares in the company, valued at $5,489,252.59. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 stock was sold at an average price of $12.53, for a total transaction of $32,866.19. Following the sale, the executive now owns 331,742 shares of the company’s stock, valued at approximately $4,156,727.26. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 95,533 shares of company stock worth $1,206,203 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.