Alyeska Investment Group L.P. Takes Position in Magnite, Inc. $MGNI

Key Points

• Alyeska Investment Group initiated a position in Magnite by purchasing 326,839 shares worth approximately $6.2 million, while other institutional investors also increased or established holdings. Institutions collectively own 73.4% of the company.
• Magnite reported stronger-than-expected quarterly results, with earnings of $0.26 per share and revenue of $192.82 million, up 11.3% year over year and above analyst estimates.
• Analysts remain broadly positive, with nine Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $28.30, although insiders sold nearly $20.2 million of stock over the past three months.

Alyeska Investment Group L.P. bought a new position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 326,839 shares of the company's stock, valued at approximately $6,203,000. Alyeska Investment Group L.P. owned 0.23% of Magnite as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Meros Investment Management LP bought a new stake in shares of Magnite during the 2nd quarter worth $18,815,538. Stephens Investment Management Group LLC raised its position in shares of Magnite by 17.0% during the fourth quarter. Stephens Investment Management Group LLC now owns 1,128,578 shares of the company's stock worth $18,317,000 after purchasing an additional 164,035 shares during the period. Royce & Associates LP lifted its holdings in shares of Magnite by 19.5% during the fourth quarter. Royce & Associates LP now owns 1,166,469 shares of the company's stock valued at $18,932,000 after purchasing an additional 190,318 shares during the last quarter. Capital Research Global Investors lifted its holdings 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 purchasing an additional 5,937,428 shares during the last quarter. Finally, Manatuck Hill Partners LLC acquired a new position in shares of Magnite in the 2nd quarter valued at $8,541,000. Institutional investors own 73.40% of the company's stock.

Magnite Trading Down 2.6%

Shares of NASDAQ:MGNI opened at $22.89 on Wednesday. The stock has a market capitalization of $3.28 billion, a PE ratio of 21.00, a P/E/G ratio of 1.02 and a beta of 2.30. Magnite, Inc. has a 1 year low of $10.82 and a 1 year high of $26.19. The firm has a fifty day moving average price of $21.25 and a 200 day moving average price of $16.18. 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 announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share for the quarter, topping 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 company had revenue of $192.82 million during the quarter, compared to analysts' expectations of $179.15 million. During the same quarter in the previous year, the firm earned $0.20 earnings per share. The business's quarterly revenue was up 11.3% compared to the same quarter last year. Analysts expect that Magnite, Inc. will post 0.61 EPS for the current fiscal year.

Insider Activity at Magnite

In other Magnite news, insider Sean Patrick Buckley sold 67,179 shares of Magnite stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $24.49, for a total value of $1,645,213.71. Following the transaction, the insider directly owned 315,805 shares of the company's stock, valued at $7,734,064.45. The trade was a 17.54% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Brian Gephart sold 12,479 shares of the company's stock in a transaction that occurred 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 transaction, the chief accounting officer owned 106,117 shares of the company's stock, valued at approximately $2,618,967.56. This trade represents a 10.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 982,828 shares of company stock valued at $20,180,124. 3.20% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on MGNI shares. Rosenblatt Securities boosted their price target on shares of Magnite from $39.00 to $40.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Wells Fargo & Company lifted their price objective on shares of Magnite from $21.00 to $22.00 and gave the stock an "equal weight" rating in a research report on Friday, August 7th. Weiss Ratings restated a "hold (c)" rating on shares of Magnite in a report on Friday, August 7th. BTIG Research raised their target price on Magnite from $20.00 to $27.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Finally, Royal Bank Of Canada upped their price target on Magnite from $20.00 to $27.00 and gave the company an "outperform" rating in a research report on Thursday, August 6th. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Magnite presently has an average rating of "Moderate Buy" and a consensus price target of $28.30.

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).

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.

Add As Preferred Source