Polar Asset Management Partners Inc. Makes New Investment in Magnite, Inc. $MGNI

Polar Asset Management Partners Inc. acquired a new position in Magnite, Inc. (NASDAQ:MGNI) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 213,866 shares of the company’s stock, valued at approximately $4,658,000. Polar Asset Management Partners Inc. owned approximately 0.15% of Magnite at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Magnite by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,847 shares of the company’s stock worth $854,000 after buying an additional 3,267 shares during the last quarter. Millennium Management LLC grew its position in Magnite by 113.7% during the first quarter. Millennium Management LLC now owns 434,479 shares of the company’s stock valued at $4,957,000 after acquiring an additional 231,213 shares during the last quarter. Jones Financial Companies Lllp raised its stake in shares of Magnite by 24.3% during the first quarter. Jones Financial Companies Lllp now owns 7,276 shares of the company’s stock worth $83,000 after acquiring an additional 1,423 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Magnite by 9.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 404,717 shares of the company’s stock worth $4,618,000 after acquiring an additional 36,097 shares in the last quarter. Finally, Intech Investment Management LLC lifted its holdings in shares of Magnite by 103.6% in the 1st quarter. Intech Investment Management LLC now owns 109,992 shares of the company’s stock worth $1,255,000 after acquiring an additional 55,971 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on MGNI shares. Wells Fargo & Company cut their price objective on shares of Magnite from $20.00 to $13.00 and set an “equal weight” rating for the company in a research note on Friday, February 27th. Scotiabank lowered their price target on shares of Magnite from $30.00 to $16.00 and set a “sector outperform” rating for the company in a research note on Thursday, February 26th. Rosenblatt Securities restated a “buy” rating and set a $39.00 price target on shares of Magnite in a research report on Thursday, February 26th. Benchmark reduced their price objective on Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a research note on Thursday, January 22nd. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $24.10.

Insider Activity

In related news, insider Adam Lee Soroca sold 21,529 shares of the business’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $12.00, for a total transaction of $258,348.00. Following the transaction, the insider owned 388,425 shares in the company, valued at $4,661,100. The trade was a 5.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.80% of the stock is owned by insiders.

Magnite Price Performance

MGNI stock opened at $12.72 on Thursday. The firm’s 50-day moving average price is $13.38 and its two-hundred day moving average price is $16.58. Magnite, Inc. has a 12-month low of $8.22 and a 12-month high of $26.65. The stock has a market capitalization of $1.84 billion, a price-to-earnings ratio of 13.53, a PEG ratio of 0.67 and a beta of 2.34. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38.

About Magnite

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).