ANTIPODES PARTNERS Ltd Buys 14,267 Shares of Magnite, Inc. (NASDAQ:MGNI)

ANTIPODES PARTNERS Ltd lifted its holdings in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 176.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,339 shares of the company's stock after buying an additional 14,267 shares during the quarter. ANTIPODES PARTNERS Ltd's holdings in Magnite were worth $255,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Magnite by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 13,605,104 shares of the company's stock valued at $216,593,000 after purchasing an additional 257,032 shares during the period. Capital Research Global Investors bought a new position in Magnite in the fourth quarter valued at approximately $122,986,000. Wellington Management Group LLP lifted its stake in Magnite by 6.8% in the fourth quarter. Wellington Management Group LLP now owns 7,030,011 shares of the company's stock valued at $111,918,000 after buying an additional 450,341 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Magnite by 3.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,524,643 shares of the company's stock valued at $87,957,000 after buying an additional 170,532 shares in the last quarter. Finally, Nine Ten Capital Management LLC lifted its stake in Magnite by 18.8% in the fourth quarter. Nine Ten Capital Management LLC now owns 3,115,849 shares of the company's stock valued at $49,604,000 after buying an additional 493,983 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company's stock.

Insider Transactions at Magnite

In related news, insider Adam Lee Soroca sold 44,519 shares of the company's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $20.00, for a total value of $890,380.00. Following the transaction, the insider directly owned 400,927 shares in the company, valued at approximately $8,018,540. This represents a 9.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Michael G. Barrett sold 300,000 shares of the company's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $20.01, for a total transaction of $6,003,000.00. Following the completion of the transaction, the chief executive officer owned 356,708 shares in the company, valued at $7,137,727.08. This trade represents a 45.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 959,227 shares of company stock valued at $18,854,021. Corporate insiders own 4.30% of the company's stock.

Magnite Stock Performance

NASDAQ MGNI traded up $0.06 on Monday, hitting $23.58. 1,814,397 shares of the stock were exchanged, compared to its average volume of 2,688,396. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.98. The business's fifty day moving average is $20.02 and its 200 day moving average is $16.35. Magnite, Inc. has a 52 week low of $8.22 and a 52 week high of $25.27. The company has a market capitalization of $3.33 billion, a PE ratio of 117.91, a P/E/G ratio of 1.92 and a beta of 2.96.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.06. Magnite had a net margin of 4.58% and a return on equity of 6.71%. The firm had revenue of $145.85 million for the quarter, compared to analyst estimates of $142.18 million. During the same period in the prior year, the firm posted $0.05 earnings per share. The company's quarterly revenue was up 4.3% compared to the same quarter last year. Research analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

MGNI has been the topic of a number of research reports. Lake Street Capital cut their price target on shares of Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Wells Fargo & Company lifted their price target on shares of Magnite from $13.00 to $24.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Royal Bank Of Canada cut their price objective on shares of Magnite from $22.00 to $19.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. Wall Street Zen raised shares of Magnite from a "hold" rating to a "buy" rating in a research report on Sunday, July 13th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $18.00 price objective on shares of Magnite in a research report on Thursday, May 8th. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat, Magnite presently has a consensus rating of "Moderate Buy" and an average price target of $20.83.

About Magnite

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.