Cibc World Markets Corp Purchases Shares of 11,774 Magnite, Inc. (NASDAQ:MGNI)

Cibc World Markets Corp acquired a new position in shares of Magnite, Inc. (NASDAQ:MGNI) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 11,774 shares of the company’s stock, valued at approximately $187,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wellington Management Group LLP increased its holdings in Magnite by 125.3% during the 3rd quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock worth $91,128,000 after purchasing an additional 3,659,759 shares in the last quarter. Nomura Asset Management Co. Ltd. bought a new position in shares of Magnite during the third quarter worth about $23,917,000. Stephens Investment Management Group LLC raised its position in Magnite by 146.8% in the 4th quarter. Stephens Investment Management Group LLC now owns 996,644 shares of the company’s stock valued at $15,867,000 after buying an additional 592,853 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Magnite in the 4th quarter valued at approximately $8,685,000. Finally, First Eagle Investment Management LLC bought a new stake in Magnite in the 4th quarter valued at approximately $5,845,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have recently weighed in on MGNI shares. Wolfe Research raised their price target on shares of Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. 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 target price for the company. 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. Needham & Company LLC restated a “buy” rating and issued a $20.00 price objective on shares of Magnite in a report on Thursday, February 27th. Finally, Susquehanna upped their target price on Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a report on Thursday, February 27th. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $19.27.

Insider Activity

In other Magnite news, CFO David Day sold 13,345 shares of the business’s 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 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 position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Paul Caine sold 5,000 shares of the stock in a transaction that occurred on Monday, February 10th. The stock was sold at an average price of $20.35, for a total transaction of $101,750.00. Following the transaction, 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 position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 258,250 shares of company stock valued at $4,945,720. 4.30% of the stock is owned by insiders.

Magnite Trading Down 5.8 %

Shares of Magnite stock opened at $12.74 on Thursday. 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 business has a fifty day simple moving average of $16.21 and a two-hundred day simple moving average of $15.20. Magnite, Inc. has a 1 year low of $8.38 and a 1 year high of $21.29. The company has a market capitalization of $1.82 billion, a price-to-earnings ratio of 212.33, a P/E/G ratio of 1.00 and a beta of 2.79.

Magnite (NASDAQ:MGNI) last posted its earnings results 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 return on equity of 4.64% and a net margin of 2.62%. The company had revenue of $180.20 million for the quarter, compared to analyst estimates of $183.90 million. Research analysts forecast that Magnite, Inc. will post 0.33 EPS for the current year.

Magnite 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.