Blue Trust Inc. Acquires 14,433 Shares of Magnite, Inc. (NASDAQ:MGNI)

Blue Trust Inc. lifted its holdings in Magnite, Inc. (NASDAQ:MGNI) by 182.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 22,364 shares of the company’s stock after acquiring an additional 14,433 shares during the quarter. Blue Trust Inc.’s holdings in Magnite were worth $356,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Quarry LP grew its holdings in shares of Magnite by 446.8% during the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after purchasing an additional 4,508 shares during the last quarter. Lebenthal Global Advisors LLC bought a new position in shares of Magnite during the third quarter valued at about $141,000. Vicus Capital purchased a new position in shares of Magnite in the third quarter worth about $164,000. Seelaus Asset Management LLC bought a new stake in shares of Magnite in the 3rd quarter valued at about $175,000. Finally, Parametrica Management Ltd purchased a new stake in Magnite during the 3rd quarter valued at about $177,000. 73.40% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on MGNI shares. Wolfe Research lifted their price target on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Royal Bank of Canada upped their price target on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. 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 research report on Thursday, January 16th. Scotiabank initiated coverage on shares of Magnite in a research report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price objective on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price objective on shares of Magnite in a research note on Friday, January 17th. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $18.35.

Insider Transactions at Magnite

In other Magnite news, CFO David Day sold 13,345 shares of Magnite stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $17.00, for a total value of $226,865.00. Following the completion of the transaction, the chief financial officer now directly owns 374,014 shares of the company’s stock, valued at approximately $6,358,238. The trade was a 3.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Aaron Saltz sold 5,112 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $13.50, for a total transaction of $69,012.00. Following the completion of the transaction, the insider now owns 307,745 shares in the company, valued at approximately $4,154,557.50. This represents a 1.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 366,097 shares of company stock valued at $6,165,147 in the last ninety days. 4.30% of the stock is currently owned by corporate insiders.

Magnite Stock Down 1.6 %

Shares of NASDAQ:MGNI opened at $17.20 on Friday. The firm has a market capitalization of $2.42 billion, a P/E ratio of 286.67, a P/E/G ratio of 0.92 and a beta of 2.51. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a 50 day moving average price of $16.54 and a 200-day moving average price of $14.56. Magnite, Inc. has a 52-week low of $8.38 and a 52-week high of $18.38.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Thursday, November 7th. The company reported $0.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.09). Magnite had a return on equity of 4.64% and a net margin of 2.62%. The firm had revenue of $162.00 million during the quarter, compared to the consensus estimate of $147.94 million. During the same quarter last year, the company posted $0.02 EPS. As a group, equities research analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

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.