Grizzlyrock Capital LLC Purchases New Shares in Magnite, Inc. (NASDAQ:MGNI)

Grizzlyrock Capital LLC purchased a new position in Magnite, Inc. (NASDAQ:MGNI) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 712,630 shares of the company’s stock, valued at approximately $6,656,000. Magnite accounts for about 5.0% of Grizzlyrock Capital LLC’s investment portfolio, making the stock its 8th largest position.

A number of other institutional investors have also added to or reduced their stakes in MGNI. Principal Financial Group Inc. boosted its holdings in shares of Magnite by 17.0% during the 3rd quarter. Principal Financial Group Inc. now owns 17,424 shares of the company’s stock valued at $131,000 after buying an additional 2,526 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Magnite by 3.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 959,600 shares of the company’s stock worth $7,235,000 after acquiring an additional 34,930 shares in the last quarter. HighTower Advisors LLC boosted its stake in Magnite by 4.0% during the third quarter. HighTower Advisors LLC now owns 106,414 shares of the company’s stock worth $795,000 after acquiring an additional 4,140 shares in the last quarter. Johnson Investment Counsel Inc. purchased a new stake in Magnite in the third quarter worth about $207,000. Finally, Harspring Capital Management LLC bought a new position in shares of Magnite during the third quarter valued at approximately $1,885,000. Institutional investors own 73.40% of the company’s stock.

Magnite Stock Performance

NASDAQ:MGNI traded down $0.09 during trading hours on Thursday, reaching $13.77. The company had a trading volume of 941,631 shares, compared to its average volume of 1,455,863. The firm has a market cap of $1.93 billion, a price-to-earnings ratio of -21.52, a PEG ratio of 0.91 and a beta of 2.35. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.79. The firm’s 50 day moving average price is $10.48 and its 200-day moving average price is $9.98. Magnite, Inc. has a 52 week low of $6.28 and a 52 week high of $15.73.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, May 8th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.05. Magnite had a positive return on equity of 3.23% and a negative net margin of 12.24%. The company had revenue of $130.55 million during the quarter, compared to analyst estimates of $123.77 million. On average, analysts forecast that Magnite, Inc. will post 0.38 EPS for the current year.

Insider Buying and Selling

In other news, insider Adam Lee Soroca sold 10,597 shares of the business’s stock in a transaction on Friday, May 17th. The shares were sold at an average price of $12.30, for a total transaction of $130,343.10. Following the completion of the sale, the insider now owns 450,655 shares of the company’s stock, valued at approximately $5,543,056.50. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider Adam Lee Soroca sold 10,597 shares of Magnite stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $12.30, for a total transaction of $130,343.10. Following the transaction, the insider now directly owns 450,655 shares of the company’s stock, valued at approximately $5,543,056.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CRO Sean Patrick Buckley sold 2,682 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $12.50, for a total value of $33,525.00. Following the transaction, the executive now owns 404,875 shares of the company’s stock, valued at $5,060,937.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 109,011 shares of company stock valued at $1,274,134. 4.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on MGNI shares. B. Riley began coverage on Magnite in a research note on Friday, April 19th. They issued a “buy” rating and a $14.50 price target on the stock. Needham & Company LLC reissued a “buy” rating and issued a $15.00 target price on shares of Magnite in a research note on Thursday, May 16th. Bank of America raised Magnite from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $13.00 to $15.00 in a research report on Friday, May 24th. Benchmark reiterated a “buy” rating and issued a $18.00 price target on shares of Magnite in a research note on Thursday, May 16th. Finally, Royal Bank of Canada raised their price objective on shares of Magnite from $17.00 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, June 5th. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $15.65.

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.