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

Versor Investments LP decreased its holdings in Magnite, Inc. (NASDAQ:MGNI) by 44.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,900 shares of the company’s stock after selling 8,800 shares during the period. Versor Investments LP’s holdings in Magnite were worth $174,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of MGNI. Wellington Management Group LLP raised its position in shares of Magnite by 125.3% in the 3rd quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock worth $91,128,000 after acquiring an additional 3,659,759 shares in the last quarter. Geode Capital Management LLC grew its stake in Magnite by 2.2% in the third quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company’s stock valued at $41,118,000 after purchasing an additional 63,545 shares during the last quarter. Nomura Asset Management Co. Ltd. bought a new position in Magnite in the third quarter worth about $23,917,000. Royce & Associates LP lifted its position in shares of Magnite by 5.2% during the third quarter. Royce & Associates LP now owns 1,488,301 shares of the company’s stock valued at $20,613,000 after buying an additional 73,555 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its position in shares of Magnite by 2.9% during the third quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company’s stock valued at $18,569,000 after buying an additional 37,601 shares during the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Magnite Price Performance

Shares of MGNI opened at $14.65 on Wednesday. The business’s 50-day moving average is $17.24 and its two-hundred day moving average is $15.27. The company has a market capitalization of $2.06 billion, a P/E ratio of 244.17, a P/E/G ratio of 1.00 and a beta of 2.52. Magnite, Inc. has a fifty-two week low of $8.38 and a fifty-two week high of $21.29. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, February 26th. The company reported $0.25 EPS for the quarter, missing the consensus estimate 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 predict that Magnite, Inc. will post 0.33 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on MGNI shares. Royal Bank of Canada increased their target price on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Benchmark increased their price objective on Magnite from $21.00 to $25.00 and gave the company a “buy” rating in a report on Thursday, February 27th. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price objective on shares of Magnite in a research report on Thursday, February 27th. Wells Fargo & Company upped their target price on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Finally, Scotiabank initiated coverage on Magnite in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price target for the company. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $19.27.

Insider Activity at Magnite

In other news, CTO David Buonasera sold 1,969 shares of the firm’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $16.31, for a total transaction of $32,114.39. Following the sale, the chief technology officer now directly owns 223,795 shares in the company, valued at $3,650,096.45. This trade represents a 0.87 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul Caine sold 5,000 shares of the company’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $20.35, for a total value of $101,750.00. Following the completion of the transaction, the director now directly owns 182,837 shares of the company’s stock, valued at $3,720,732.95. The trade was a 2.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 250,114 shares of company stock worth $4,825,153 in the last three months. 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.