450,000 Shares in Magnite, Inc. $MGNI Acquired by Manatuck Hill Partners LLC

Key Points

• Manatuck Hill Partners acquired 450,000 Magnite shares worth approximately $8.54 million, making MGNI its seventh-largest holding and representing about 0.31% of the company.
• Analysts remain broadly positive, with nine Buy ratings and two Holds producing a consensus “Moderate Buy” rating and an average price target of $28.30.
• Magnite exceeded quarterly expectations, reporting $0.26 in EPS and $192.82 million in revenue, up 11.3% year over year; however, insiders sold 935,251 shares worth about $19.05 million over the past 90 days.

Manatuck Hill Partners LLC bought a new position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 450,000 shares of the company's stock, valued at approximately $8,541,000. Magnite comprises about 2.8% of Manatuck Hill Partners LLC's portfolio, making the stock its 7th biggest holding. Manatuck Hill Partners LLC owned about 0.31% of Magnite at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Stephens Investment Management Group LLC raised its holdings in Magnite by 17.0% in the 4th quarter. Stephens Investment Management Group LLC now owns 1,128,578 shares of the company's stock valued at $18,317,000 after buying an additional 164,035 shares during the period. Royce & Associates LP lifted its position in Magnite by 19.5% in the fourth quarter. Royce & Associates LP now owns 1,166,469 shares of the company's stock valued at $18,932,000 after buying an additional 190,318 shares during the last quarter. Meros Investment Management LP boosted its stake in Magnite by 34.5% during the fourth quarter. Meros Investment Management LP now owns 825,595 shares of the company's stock worth $13,399,000 after buying an additional 211,767 shares during the period. Capital Research Global Investors increased its position in shares of Magnite by 85.0% during the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company's stock valued at $209,696,000 after acquiring an additional 5,937,428 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Magnite by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 14,802,630 shares of the company's stock valued at $240,247,000 after acquiring an additional 148,198 shares during the last quarter. Hedge funds and other institutional investors own 73.40% of the company's stock.

Analyst Upgrades and Downgrades

MGNI has been the topic of several recent analyst reports. Benchmark upped their price objective on shares of Magnite from $30.00 to $33.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. B. Riley Financial lifted their target price on shares of Magnite from $20.00 to $27.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Weiss Ratings reissued a "hold (c)" rating on shares of Magnite in a research report on Friday, August 7th. Wells Fargo & Company upped their price target on Magnite from $21.00 to $22.00 and gave the stock an "equal weight" rating in a research note on Friday, August 7th. Finally, Evercore restated an "outperform" rating and set a $25.00 price target on shares of Magnite in a research report on Thursday, August 6th. Nine research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Magnite has a consensus rating of "Moderate Buy" and a consensus target price of $28.30.

Insider Buying and Selling at Magnite

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

Magnite Trading Up 1.4%

NASDAQ MGNI opened at $23.89 on Wednesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.02. The firm has a market cap of $3.43 billion, a price-to-earnings ratio of 21.92, a PEG ratio of 1.03 and a beta of 2.26. The firm has a 50 day simple moving average of $20.71 and a 200-day simple moving average of $15.77. Magnite, Inc. has a one year low of $10.82 and a one year high of $26.65.

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

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).

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