Lebenthal Global Advisors LLC Takes $141,000 Position in Magnite, Inc. (NASDAQ:MGNI)

Lebenthal Global Advisors LLC acquired a new stake in Magnite, Inc. (NASDAQ:MGNI) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 10,195 shares of the company’s stock, valued at approximately $141,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MGNI. Vanguard Group Inc. lifted its stake in shares of Magnite by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 12,651,675 shares of the company’s stock valued at $118,167,000 after purchasing an additional 209,771 shares during the period. Allspring Global Investments Holdings LLC acquired a new position in Magnite during the 1st quarter worth approximately $340,000. Capstone Investment Advisors LLC raised its stake in Magnite by 20.9% during the 1st quarter. Capstone Investment Advisors LLC now owns 51,221 shares of the company’s stock worth $551,000 after buying an additional 8,872 shares during the period. Empowered Funds LLC raised its stake in Magnite by 9.1% during the 1st quarter. Empowered Funds LLC now owns 42,761 shares of the company’s stock worth $460,000 after buying an additional 3,560 shares during the period. Finally, SG Americas Securities LLC raised its stake in Magnite by 26.9% during the 1st quarter. SG Americas Securities LLC now owns 61,337 shares of the company’s stock worth $659,000 after buying an additional 12,987 shares during the period. 73.40% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CTO David Buonasera sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $12.65, for a total value of $126,500.00. Following the completion of the transaction, the chief technology officer now directly owns 258,102 shares of the company’s stock, valued at $3,264,990.30. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CTO David Buonasera sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $12.65, for a total value of $126,500.00. Following the completion of the transaction, the chief technology officer now directly owns 258,102 shares of the company’s stock, valued at $3,264,990.30. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Adam Lee Soroca sold 7,910 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $12.59, for a total value of $99,586.90. Following the completion of the transaction, the insider now directly owns 436,001 shares of the company’s stock, valued at approximately $5,489,252.59. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 95,533 shares of company stock valued at $1,206,203 over the last three months. Corporate insiders own 4.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Craig Hallum reaffirmed a “buy” rating and set a $20.00 price target on shares of Magnite in a research note on Wednesday, August 21st. Benchmark reaffirmed a “buy” rating and set a $21.00 price target on shares of Magnite in a research note on Wednesday, October 2nd. Lake Street Capital assumed coverage on Magnite in a research note on Thursday, July 25th. They set a “buy” rating and a $21.00 price target on the stock. Wolfe Research began coverage on Magnite in a research note on Tuesday, July 16th. They set an “outperform” rating and a $16.00 price target on the stock. Finally, Needham & Company LLC reissued a “buy” rating and issued a $15.00 price objective on shares of Magnite in a research note on Wednesday, October 2nd. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $16.86.

Magnite Stock Performance

Shares of Magnite stock opened at $12.41 on Friday. The company has a market cap of $1.75 billion, a PE ratio of -112.82, a price-to-earnings-growth ratio of 1.11 and a beta of 2.41. Magnite, Inc. has a 52 week low of $6.55 and a 52 week high of $15.92. The business has a 50 day moving average price of $12.88 and a 200-day moving average price of $12.51. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.77.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.01). The business had revenue of $162.88 million during the quarter, compared to the consensus estimate of $144.04 million. Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The business’s revenue was up 6.8% on a year-over-year basis. During the same period in the prior year, the company earned ($0.04) earnings per share. Equities analysts anticipate that Magnite, Inc. will post 0.31 earnings per share for the current fiscal year.

Magnite Company 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.