Bayesian Capital Management LP Acquires New Position in Magnite, Inc. (NASDAQ:MGNI)

Bayesian Capital Management LP acquired a new stake in Magnite, Inc. (NASDAQ:MGNI) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 12,300 shares of the company’s stock, valued at approximately $132,000.

Other hedge funds have also added to or reduced their stakes in the company. Silvercrest Asset Management Group LLC grew its stake in shares of Magnite by 4.4% during the first quarter. Silvercrest Asset Management Group LLC now owns 853,595 shares of the company’s stock worth $9,176,000 after buying an additional 36,298 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Magnite by 6.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 83,460 shares of the company’s stock worth $898,000 after buying an additional 4,879 shares during the last quarter. Burgundy Asset Management Ltd. grew its stake in shares of Magnite by 1.1% during the first quarter. Burgundy Asset Management Ltd. now owns 2,457,031 shares of the company’s stock worth $26,413,000 after buying an additional 25,921 shares during the last quarter. O Shaughnessy Asset Management LLC bought a new stake in shares of Magnite during the first quarter worth $108,000. Finally, Vanguard Group Inc. grew its stake in shares of Magnite by 1.3% during the first quarter. Vanguard Group Inc. now owns 12,818,197 shares of the company’s stock worth $137,796,000 after buying an additional 166,522 shares during the last quarter. 73.40% of the stock is owned by institutional investors.

Magnite Trading Down 4.0 %

MGNI stock opened at $13.96 on Friday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.10 and a current ratio of 1.10. Magnite, Inc. has a 12-month low of $6.28 and a 12-month high of $15.92. The company’s fifty day simple moving average is $13.67 and its 200 day simple moving average is $11.22.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, May 8th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.05. Magnite had a negative net margin of 12.24% and a positive return on equity of 3.23%. The firm had revenue of $130.55 million during the quarter, compared to the consensus estimate of $123.77 million. As a group, research analysts predict that Magnite, Inc. will post 0.38 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Royal Bank of Canada boosted their target price on shares of Magnite from $17.00 to $19.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 5th. B. Riley started coverage on shares of Magnite in a research note on Friday, April 19th. They set a “buy” rating and a $14.50 target price on the stock. Evercore ISI lifted their price target on shares of Magnite from $13.00 to $15.00 and gave the stock an “outperform” rating in a report on Monday, June 3rd. Susquehanna reiterated a “positive” rating and set a $14.00 price target on shares of Magnite in a report on Thursday, May 16th. Finally, Benchmark reiterated a “buy” rating and set a $18.00 price target on shares of Magnite in a report on Monday, June 17th. Twelve equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $16.29.

Insider Buying and Selling at Magnite

In other Magnite news, CRO Sean Patrick Buckley sold 2,682 shares of Magnite stock in a transaction 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 completion of the sale, the executive now directly owns 404,875 shares of the company’s stock, valued at $5,060,937.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CRO Sean Patrick Buckley sold 2,682 shares of the business’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $12.50, for a total transaction of $33,525.00. Following the completion of the sale, the executive now directly owns 404,875 shares of the company’s stock, valued at $5,060,937.50. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Brian Gephart sold 16,166 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $15.00, for a total transaction of $242,490.00. Following the sale, the chief accounting officer now directly owns 121,169 shares of the company’s stock, valued at $1,817,535. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 254,479 shares of company stock valued at $3,636,179. Corporate insiders own 4.30% of the company’s stock.

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.