Blue Grotto Capital LLC Purchases 79,986 Shares of Magnite, Inc. $MGNI

Blue Grotto Capital LLC grew its position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 5.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,628,782 shares of the company's stock after purchasing an additional 79,986 shares during the quarter. Magnite comprises approximately 2.7% of Blue Grotto Capital LLC's investment portfolio, making the stock its 18th largest position. Blue Grotto Capital LLC owned approximately 1.13% of Magnite worth $26,435,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in MGNI. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Magnite by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,847 shares of the company's stock worth $854,000 after purchasing an additional 3,267 shares during the last quarter. Millennium Management LLC raised its holdings in Magnite by 113.7% during the 1st quarter. Millennium Management LLC now owns 434,479 shares of the company's stock worth $4,957,000 after purchasing an additional 231,213 shares during the last quarter. Jones Financial Companies Lllp raised its holdings in Magnite by 24.3% during the 1st quarter. Jones Financial Companies Lllp now owns 7,276 shares of the company's stock worth $83,000 after purchasing an additional 1,423 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Magnite by 9.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 404,717 shares of the company's stock worth $4,618,000 after purchasing an additional 36,097 shares during the last quarter. Finally, Intech Investment Management LLC raised its holdings in Magnite by 103.6% during the 1st quarter. Intech Investment Management LLC now owns 109,992 shares of the company's stock worth $1,255,000 after purchasing an additional 55,971 shares during the last quarter. Institutional investors own 73.40% of the company's stock.

Insider Transactions at Magnite

In other news, Director David T. Pearson sold 10,766 shares of Magnite stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $15.65, for a total transaction of $168,487.90. Following the sale, the director directly owned 79,001 shares in the company, valued at $1,236,365.65. The trade was a 11.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Douglas S. Knopper sold 10,766 shares of the business's stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $15.73, for a total value of $169,349.18. Following the completion of the sale, the director owned 163,147 shares in the company, valued at $2,566,302.31. This represents a 6.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 32,941 shares of company stock worth $492,272 in the last ninety days. Company insiders own 4.30% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MGNI. Evercore reiterated an "outperform" rating and issued a $21.00 price objective on shares of Magnite in a research note on Thursday, May 7th. BTIG Research began coverage on shares of Magnite in a research note on Tuesday, June 9th. They issued a "buy" rating and a $20.00 price objective for the company. Scotiabank lifted their price objective on shares of Magnite from $16.00 to $17.00 and gave the company a "sector outperform" rating in a research note on Thursday, May 7th. Royal Bank Of Canada reiterated an "outperform" rating on shares of Magnite in a research note on Thursday, May 28th. Finally, Benchmark lowered their price objective on shares of Magnite from $31.00 to $30.00 and set a "buy" rating for the company in a research note on Thursday, February 26th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $23.89.

Magnite Stock Performance

NASDAQ MGNI opened at $16.75 on Tuesday. The company has a fifty day simple moving average of $13.59 and a 200 day simple moving average of $13.89. Magnite, Inc. has a 12-month low of $10.82 and a 12-month high of $26.65. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. The company has a market cap of $2.40 billion, a P/E ratio of 16.11, a PEG ratio of 0.77 and a beta of 2.32.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.11 by $0.02. The firm had revenue of $164.37 million for the quarter, compared to the consensus estimate of $159.24 million. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The business's revenue for the quarter was up 5.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.12 EPS. Sell-side analysts predict that Magnite, Inc. will post 0.6 earnings per share for the current fiscal year.

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).

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