Versor Investments LP Sells 8,800 Shares of Magnite, Inc. (NASDAQ:MGNI)

Versor Investments LP trimmed its holdings in Magnite, Inc. (NASDAQ:MGNI) by 44.7% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,900 shares of the company’s stock after selling 8,800 shares during the quarter. Versor Investments LP’s holdings in Magnite were worth $174,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Greenwood Capital Associates LLC boosted its position in shares of Magnite by 14.3% during the third quarter. Greenwood Capital Associates LLC now owns 74,760 shares of the company’s stock worth $1,035,000 after acquiring an additional 9,368 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Magnite by 552.2% in the 3rd quarter. Principal Financial Group Inc. now owns 107,515 shares of the company’s stock worth $1,489,000 after purchasing an additional 91,031 shares in the last quarter. Winthrop Advisory Group LLC bought a new position in shares of Magnite during the 3rd quarter valued at about $179,000. Verdence Capital Advisors LLC grew its position in shares of Magnite by 4.8% during the third quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company’s stock valued at $268,000 after purchasing an additional 892 shares in the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of Magnite by 2.9% in the third quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company’s stock worth $18,569,000 after purchasing an additional 37,601 shares during the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

Magnite Stock Performance

Magnite stock opened at $14.65 on Wednesday. Magnite, Inc. has a 1-year low of $8.38 and a 1-year high of $21.29. The company’s 50-day moving average is $17.24 and its 200 day moving average is $15.27. The firm has a market capitalization of $2.06 billion, a P/E ratio of 244.17, a price-to-earnings-growth ratio of 1.00 and a beta of 2.52. 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 (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, February 26th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.14). Magnite had a net margin of 2.62% and a return on equity of 4.64%. The business had revenue of $180.20 million for the quarter, compared to analysts’ expectations of $183.90 million. Research analysts forecast that Magnite, Inc. will post 0.33 EPS for the current year.

Wall Street Analyst Weigh In

MGNI has been the subject of a number of research reports. Royal Bank of Canada increased their price target on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Susquehanna increased their target price on Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a research report on Thursday, February 27th. Wells Fargo & Company boosted their price target on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. Wolfe Research upped their price target 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, 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 equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.27.

Insider Buying and Selling

In other news, insider Sean Patrick Buckley sold 10,527 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $19.13, for a total transaction of $201,381.51. Following the transaction, the insider now directly owns 370,558 shares of the company’s stock, valued at approximately $7,088,774.54. This trade represents a 2.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO David Buonasera sold 1,969 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $16.31, for a total value of $32,114.39. Following the completion of the sale, the chief technology officer now owns 223,795 shares of the company’s stock, valued at $3,650,096.45. The trade was a 0.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 250,114 shares of company stock valued at $4,825,153 in the last 90 days. Company insiders own 4.30% of the company’s stock.

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.