Swiss National Bank Buys 3,800 Shares of Magnite, Inc. (NASDAQ:MGNI)

Swiss National Bank lifted its stake in Magnite, Inc. (NASDAQ:MGNI) by 1.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 249,900 shares of the company’s stock after acquiring an additional 3,800 shares during the quarter. Swiss National Bank’s holdings in Magnite were worth $3,978,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. SBI Securities Co. Ltd. purchased a new stake in Magnite in the fourth quarter worth approximately $25,000. Larson Financial Group LLC raised its holdings in Magnite by 179.2% in the 4th quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock worth $58,000 after purchasing an additional 2,341 shares during the period. Quarry LP increased its holdings in Magnite by 446.8% in the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after acquiring an additional 4,508 shares in the last quarter. Jones Financial Companies Lllp raised its position in shares of Magnite by 20.6% during the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock valued at $93,000 after purchasing an additional 1,000 shares during the period. Finally, KBC Group NV boosted its stake in shares of Magnite by 66.5% in the fourth quarter. KBC Group NV now owns 5,943 shares of the company’s stock worth $95,000 after acquiring an additional 2,374 shares during the period. 73.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on MGNI shares. Wolfe Research boosted their target price on shares of Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Needham & Company LLC reissued a “buy” rating and issued a $20.00 target price on shares of Magnite in a report on Thursday, February 27th. Susquehanna upped their price target on shares of Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a research note on Thursday, February 27th. Wells Fargo & Company boosted their price objective on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 16th. Finally, Scotiabank assumed coverage on shares of Magnite in a report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price target on the stock. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, Magnite presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.27.

Insider Buying and Selling at Magnite

In other news, Director Paul Caine sold 5,000 shares of the business’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $20.35, for a total transaction of $101,750.00. Following the sale, the director now 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO David Day sold 13,345 shares of Magnite stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $17.00, for a total transaction of $226,865.00. Following the sale, the chief financial officer now owns 374,014 shares of the company’s stock, valued at $6,358,238. The trade was a 3.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 258,250 shares of company stock worth $4,945,720 over the last quarter. Insiders own 4.30% of the company’s stock.

Magnite Price Performance

Shares of MGNI stock opened at $13.53 on Wednesday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The company’s 50-day simple moving average is $16.28 and its two-hundred day simple moving average is $15.22. The company has a market capitalization of $1.93 billion, a P/E ratio of 225.50, a P/E/G ratio of 1.00 and a beta of 2.79. Magnite, Inc. has a one year low of $8.38 and a one year high of $21.29.

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