BlackRock Inc. acquired a new stake in Magnite, Inc. (NASDAQ:MGNI - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 12,713,156 shares of the company's stock, valued at approximately $241,296,000. BlackRock Inc. owned 8.88% of Magnite at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in MGNI. US Bancorp DE increased its holdings in Magnite by 75.8% during the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company's stock worth $35,000 after purchasing an additional 688 shares during the period. PNC Financial Services Group Inc. lifted its holdings in shares of Magnite by 106.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company's stock worth $45,000 after buying an additional 1,949 shares during the period. Smartleaf Asset Management LLC grew its position in shares of Magnite by 98.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,678 shares of the company's stock worth $61,000 after buying an additional 1,824 shares in the last quarter. Harbor Investment Advisory LLC purchased a new position in shares of Magnite during the second quarter valued at $62,000. Finally, Optiver Holding B.V. increased its stake in shares of Magnite by 2,746.4% during the first quarter. Optiver Holding B.V. now owns 5,579 shares of the company's stock valued at $66,000 after buying an additional 5,383 shares during the period. 73.40% of the stock is currently owned by institutional investors.
Magnite Stock Performance
Shares of Magnite stock opened at $23.38 on Thursday. The company has a market capitalization of $3.35 billion, a PE ratio of 21.45, a P/E/G ratio of 1.04 and a beta of 2.26. The company has a 50-day simple moving average of $20.81 and a two-hundred day simple moving average of $15.85. Magnite, Inc. has a one year low of $10.82 and a one year high of $26.65. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.02.
Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share for the quarter, beating 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 business had revenue of $192.82 million for the quarter, compared to analysts' expectations of $179.15 million. During the same period last year, the business earned $0.20 EPS. The company's revenue was up 11.3% compared to the same quarter last year. Research analysts expect that Magnite, Inc. will post 0.61 EPS for the current fiscal year.
Insider Activity at Magnite
In other Magnite news, CAO Brian Gephart sold 12,479 shares of the firm's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $24.68, for a total value of $307,981.72. Following the completion of the sale, the chief accounting officer directly owned 106,117 shares in the company, valued at $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 available at the SEC website. Also, Director Douglas S. Knopper sold 37,337 shares of Magnite stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $22.72, for a total transaction of $848,296.64. Following the completion of the transaction, the director directly owned 88,473 shares in the company, valued at $2,010,106.56. This represents a 29.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 935,251 shares of company stock valued at $19,046,675 over the last three months. Company insiders own 3.20% of the company's stock.
Analyst Ratings Changes
A number of analysts recently weighed in on MGNI shares. B. Riley Financial upped their price objective on shares of Magnite from $20.00 to $27.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. 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 upped their price target 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. Scotiabank reiterated an "outperform" rating and set a $27.00 price objective on shares of Magnite in a research note on Thursday, August 6th. Finally, BTIG Research lifted their price objective on shares of Magnite from $20.00 to $27.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Nine investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Magnite currently has an average rating of "Moderate Buy" and an average price target of $28.30.
Check Out Our Latest Analysis on Magnite
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).
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