Magnite, Inc. $MGNI Shares Purchased by American Century Companies Inc.

Key Points

• American Century Companies Inc. significantly increased its stake in Magnite, Inc., acquiring an additional 2,651,033 shares, bringing its total ownership to approximately 2.09% worth $33.8 million.
• CEO Michael G. Barrett and insider Adam Lee Soroca sold portions of their shares, with Barrett's sale reflecting a 45.68% decrease in his position.
• Several institutional investors, including Nuveen LLC and Pacer Advisors Inc., have recently established new stakes in Magnite, contributing to the total 73.40% institutional ownership of the company.

American Century Companies Inc. raised its stake in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 855.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,961,009 shares of the company's stock after purchasing an additional 2,651,033 shares during the quarter. American Century Companies Inc. owned about 2.09% of Magnite worth $33,785,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of MGNI. Nuveen LLC acquired a new position in Magnite during the 1st quarter valued at approximately $41,036,000. Pacer Advisors Inc. acquired a new position in Magnite during the 1st quarter valued at approximately $12,576,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Magnite during the 4th quarter valued at approximately $11,076,000. Boston Partners increased its stake in Magnite by 10.9% during the 1st quarter. Boston Partners now owns 5,276,356 shares of the company's stock valued at $60,187,000 after purchasing an additional 520,033 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Magnite by 3.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,524,643 shares of the company's stock valued at $87,957,000 after purchasing an additional 170,532 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company's stock.

Insider Buying and Selling at Magnite

In related news, Director Paul Caine sold 7,500 shares of the company's stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $25.00, for a total transaction of $187,500.00. Following the completion of the sale, the director owned 171,103 shares of the company's stock, valued at approximately $4,277,575. This represents a 4.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Sean Patrick Buckley sold 9,315 shares of the company's stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $23.42, for a total transaction of $218,157.30. Following the sale, the insider directly owned 327,193 shares of the company's stock, valued at approximately $7,662,860.06. This represents a 2.77% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,077,666 shares of company stock valued at $22,036,054. 4.30% of the stock is owned by company insiders.

Magnite Price Performance

Shares of MGNI stock traded up $0.58 on Wednesday, reaching $25.72. 871,483 shares of the company were exchanged, compared to its average volume of 2,712,804. The company has a market cap of $3.66 billion, a price-to-earnings ratio of 88.88, a P/E/G ratio of 1.74 and a beta of 3.05. The business has a 50-day moving average price of $22.78 and a 200 day moving average price of $17.28. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $26.09. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.00.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.17 by $0.03. Magnite had a return on equity of 8.07% and a net margin of 6.30%.The firm had revenue of $162.00 million during the quarter, compared to analysts' expectations of $157.05 million. During the same period in the previous year, the business earned $0.14 earnings per share. The firm's revenue for the quarter was up 6.4% on a year-over-year basis. Equities research analysts forecast that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Craig Hallum set a $24.00 price objective on shares of Magnite and gave the stock a "buy" rating in a research note on Tuesday, May 20th. Rosenblatt Securities reiterated a "buy" rating and issued a $39.00 price objective on shares of Magnite in a research note on Thursday, August 7th. Royal Bank Of Canada increased their price objective on shares of Magnite from $19.00 to $27.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. Susquehanna increased their price objective on shares of Magnite from $22.00 to $28.00 and gave the stock a "positive" rating in a research note on Thursday, August 7th. Finally, Wall Street Zen upgraded shares of Magnite from a "hold" rating to a "buy" rating in a research note on Sunday, July 13th. Ten research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Magnite has a consensus rating of "Moderate Buy" and a consensus price target of $25.82.

Magnite Profile

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company's platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.