165,040 Shares in Magnite, Inc. $MGNI Purchased by Deutsche Bank AG

Key Points

• Deutsche Bank purchased 165,040 Magnite shares during the second quarter, valued at approximately $3.13 million and representing about 0.12% of the company. Institutional investors collectively own 73.4% of Magnite.
• Analysts remain broadly positive, with nine Buy ratings and two Holds. Magnite has a consensus “Moderate Buy” rating and an average price target of $28.30.
• Magnite exceeded quarterly expectations, reporting $0.26 in adjusted earnings per share and $192.82 million in revenue, up 11.3% year over year. However, company insiders sold a combined 935,251 shares worth about $19.05 million over the past 90 days.

Deutsche Bank AG purchased a new stake in Magnite, Inc. (NASDAQ:MGNI - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 165,040 shares of the company's stock, valued at approximately $3,132,000. Deutsche Bank AG owned approximately 0.12% of Magnite as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of MGNI. US Bancorp DE increased its position in shares of Magnite by 75.8% in the third quarter. US Bancorp DE now owns 1,596 shares of the company's stock worth $35,000 after purchasing an additional 688 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Magnite by 45.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company's stock worth $53,000 after buying an additional 755 shares during the last quarter. Harbor Investment Advisory LLC purchased a new stake in shares of Magnite during the 2nd quarter valued at $62,000. Smartleaf Asset Management LLC lifted its holdings in shares of Magnite by 20.5% during the 2nd quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company's stock worth $82,000 after acquiring an additional 577 shares during the last quarter. Finally, Johnson Financial Group Inc. purchased a new position in Magnite in the third quarter worth $83,000. Hedge funds and other institutional investors own 73.40% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Wells Fargo & Company raised their price target on Magnite from $21.00 to $22.00 and gave the company an "equal weight" rating in a research report on Friday, August 7th. Royal Bank Of Canada raised their price objective on Magnite from $20.00 to $27.00 and gave the company an "outperform" rating in a report on Thursday, August 6th. Evercore restated an "outperform" rating and issued a $25.00 target price on shares of Magnite in a research report on Thursday, August 6th. BTIG Research increased their price target on shares of Magnite from $20.00 to $27.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Finally, B. Riley Financial lifted their price target on shares of Magnite from $20.00 to $27.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Nine research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $28.30.

Magnite Price Performance

Shares of Magnite stock opened at $23.38 on Thursday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.02 and a quick ratio of 1.03. Magnite, Inc. has a one year low of $10.82 and a one year high of $26.65. The business's 50 day simple moving average is $20.81 and its two-hundred day simple moving average is $15.85. The stock has a market capitalization of $3.35 billion, a P/E ratio of 21.45, a price-to-earnings-growth ratio of 1.04 and a beta of 2.26.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.02. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The firm had revenue of $192.82 million during the quarter, compared to analyst estimates of $179.15 million. During the same quarter in the prior year, the firm posted $0.20 earnings per share. The business's quarterly revenue was up 11.3% compared to the same quarter last year. Analysts forecast that Magnite, Inc. will post 0.61 EPS for the current year.

Insider Activity at Magnite

In other Magnite news, CAO Brian Gephart sold 12,479 shares of the business's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $24.68, for a total value of $307,981.72. Following the transaction, the chief accounting officer owned 106,117 shares in the company, valued at approximately $2,618,967.56. The trade was a 10.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paul Caine sold 5,000 shares of the company's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $24.35, for a total transaction of $121,750.00. Following the transaction, the director directly owned 157,401 shares of the company's stock, valued at approximately $3,832,714.35. This trade represents a 3.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 935,251 shares of company stock worth $19,046,675 over the last ninety days. Insiders own 3.20% of the company's stock.

Magnite Profile

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).

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