Algert Global LLC cut its position in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 48.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 137,505 shares of the company's stock after selling 131,530 shares during the quarter. Algert Global LLC owned about 0.10% of Magnite worth $2,610,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MGNI. BlackRock Inc. acquired a new position in shares of Magnite during the 2nd quarter worth approximately $241,296,000. Capital Research Global Investors raised its position in shares of Magnite by 85.0% in the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company's stock valued at $209,696,000 after buying an additional 5,937,428 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Magnite by 67.7% in the fourth quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company's stock valued at $140,053,000 after buying an additional 3,484,689 shares during the period. Ophir Asset Management Pty Ltd bought a new stake in shares of Magnite in the fourth quarter valued at approximately $38,695,000. Finally, 325 Capital LLC grew its position in Magnite by 208.5% during the fourth quarter. 325 Capital LLC now owns 2,005,387 shares of the company's stock worth $32,547,000 after buying an additional 1,355,326 shares in the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.
Magnite Stock Performance
Shares of MGNI stock opened at $23.70 on Friday. The business's 50-day moving average price is $21.04 and its 200-day moving average price is $15.99. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $26.63. The firm has a market capitalization of $3.40 billion, a price-to-earnings ratio of 21.74, a PEG ratio of 1.02 and a beta of 2.26. The company has a current ratio of 1.02, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37.
Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.02. The company had revenue of $192.82 million during the quarter, compared to the consensus estimate of $179.15 million. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The firm's revenue was up 11.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.20 earnings per share. Equities research analysts forecast that Magnite, Inc. will post 0.61 EPS for the current year.
Analyst Upgrades and Downgrades
Several brokerages have weighed in on MGNI. Royal Bank Of Canada lifted 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. Wells Fargo & Company increased their target price on Magnite from $21.00 to $22.00 and gave the stock an "equal weight" rating in a report on Friday, August 7th. Benchmark raised their price target on Magnite from $30.00 to $33.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Scotiabank reaffirmed an "outperform" rating and issued a $27.00 price target on shares of Magnite in a research note on Thursday, August 6th. Finally, Rosenblatt Securities boosted their price objective on shares of Magnite from $39.00 to $40.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Magnite currently has a consensus rating of "Moderate Buy" and an average target price of $28.30.
Read Our Latest Stock Analysis on MGNI
Insider Transactions at Magnite
In other Magnite news, CEO Michael G. Barrett sold 293,968 shares of the company's stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $22.72, for a total value of $6,678,952.96. Following the sale, the chief executive officer owned 403,074 shares in the company, valued at approximately $9,157,841.28. The trade was a 42.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Sean Patrick Buckley sold 67,179 shares of the stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $24.49, for a total value of $1,645,213.71. Following the completion of the sale, the insider directly owned 315,805 shares of the company's stock, valued at approximately $7,734,064.45. The trade was a 17.54% decrease in their position. 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 90 days, insiders sold 984,237 shares of company stock worth $20,201,259. 3.20% of the stock is currently owned by insiders.
About Magnite
(
Free Report)
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).
See Also
Want to see what other hedge funds are holding MGNI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Magnite, Inc. (NASDAQ:MGNI - Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Continue following MarketBeat
Add MarketBeat as your preferred source on Google to see our latest stories in your feed.
Before you consider Magnite, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Magnite wasn't on the list.
While Magnite currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
A strong long-term portfolio starts with companies that can survive recessions, inflation, changing consumer habits, and shifting market leadership.
This report names seven blue-chip stocks across technology, retail, consumer staples, healthcare, networking, sporting goods, and utilities that offer investors a mix of stability, income, growth, and staying power.
Get This Free Report
