Outlook Wealth Advisors LLC Invests $276,000 in Magnite, Inc. (NASDAQ:MGNI)

Outlook Wealth Advisors LLC bought a new position in shares of Magnite, Inc. (NASDAQ:MGNI) in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 20,747 shares of the company’s stock, valued at approximately $276,000.

Several other large investors have also made changes to their positions in MGNI. NBC Securities Inc. grew its holdings in Magnite by 4.2% in the 4th quarter. NBC Securities Inc. now owns 27,485 shares of the company’s stock valued at $256,000 after buying an additional 1,108 shares in the last quarter. Fulton Bank N.A. grew its holdings in Magnite by 8.1% in the 1st quarter. Fulton Bank N.A. now owns 22,003 shares of the company’s stock valued at $237,000 after buying an additional 1,653 shares in the last quarter. Moody National Bank Trust Division grew its holdings in Magnite by 2.4% in the 2nd quarter. Moody National Bank Trust Division now owns 75,367 shares of the company’s stock valued at $1,002,000 after buying an additional 1,783 shares in the last quarter. ProShare Advisors LLC grew its holdings in Magnite by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 24,325 shares of the company’s stock valued at $261,000 after buying an additional 1,914 shares in the last quarter. Finally, Advisory Services Network LLC grew its holdings in Magnite by 1.9% in the 4th quarter. Advisory Services Network LLC now owns 127,106 shares of the company’s stock valued at $1,187,000 after buying an additional 2,377 shares in the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Aaron Saltz sold 4,778 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $13.65, for a total transaction of $65,219.70. Following the transaction, the insider now owns 317,010 shares in the company, valued at approximately $4,327,186.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CTO David Buonasera sold 10,000 shares of the firm’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 transaction of $126,500.00. Following the transaction, the chief technology officer now owns 258,102 shares in the company, valued at approximately $3,264,990.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Aaron Saltz sold 4,778 shares of Magnite stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $13.65, for a total value of $65,219.70. Following the completion of the transaction, the insider now owns 317,010 shares in the company, valued at $4,327,186.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 328,882 shares of company stock worth $4,579,586. 4.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on MGNI shares. Royal Bank of Canada increased their price target on Magnite from $17.00 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, June 5th. Evercore ISI increased their target price on Magnite from $13.00 to $15.00 and gave the stock an “outperform” rating in a research note on Monday, June 3rd. Susquehanna reissued a “positive” rating and set a $14.00 target price on shares of Magnite in a research note on Thursday, May 16th. Benchmark increased their target price on Magnite from $18.00 to $21.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Finally, B. Riley assumed coverage on Magnite in a research note on Friday, April 19th. They set a “buy” rating and a $14.50 target price on the stock. Ten research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $17.25.

Magnite Stock Up 0.2 %

Shares of MGNI traded up $0.03 during mid-day trading on Friday, reaching $12.54. The company’s stock had a trading volume of 1,163,121 shares, compared to its average volume of 1,574,088. Magnite, Inc. has a 12-month low of $6.28 and a 12-month high of $15.92. The stock has a market cap of $1.76 billion, a PE ratio of -19.59, a price-to-earnings-growth ratio of 0.86 and a beta of 2.35. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.10 and a quick ratio of 1.10. The company’s 50 day moving average is $13.65 and its 200 day moving average is $11.49.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The business had revenue of $162.88 million during the quarter, compared to analysts’ expectations of $144.04 million. During the same quarter in the previous year, the company posted ($0.04) EPS. The company’s revenue was up 6.8% compared to the same quarter last year. Equities analysts anticipate that Magnite, Inc. will post 0.39 EPS for the current fiscal year.

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.