Brown Advisory Inc. Invests $290,000 in Magnite, Inc. (NASDAQ:MGNI)

Brown Advisory Inc. bought a new position in Magnite, Inc. (NASDAQ:MGNI - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 25,409 shares of the company's stock, valued at approximately $290,000.

Other large investors have also recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. increased its position in Magnite by 74.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 51,815 shares of the company's stock worth $591,000 after acquiring an additional 22,131 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of Magnite by 54.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 44,947 shares of the company's stock valued at $513,000 after purchasing an additional 15,762 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Magnite by 5.9% in the 4th quarter. JPMorgan Chase & Co. now owns 1,511,439 shares of the company's stock valued at $24,062,000 after purchasing an additional 84,497 shares in the last quarter. Calamos Advisors LLC boosted its stake in shares of Magnite by 85.7% in the 1st quarter. Calamos Advisors LLC now owns 65,275 shares of the company's stock valued at $745,000 after purchasing an additional 30,132 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its stake in shares of Magnite by 7,043.0% in the 1st quarter. Farther Finance Advisors LLC now owns 6,643 shares of the company's stock valued at $76,000 after purchasing an additional 6,550 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company's stock.

Analyst Ratings Changes

MGNI has been the subject of a number of research reports. Lake Street Capital lowered their target price on Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Wells Fargo & Company raised their price target on shares of Magnite from $13.00 to $24.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. Needham & Company LLC raised their price target on shares of Magnite from $14.00 to $18.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Craig Hallum set a $24.00 price target on shares of Magnite and gave the stock a "buy" rating in a research note on Tuesday, May 20th. Finally, Royal Bank Of Canada decreased their target price on shares of Magnite from $22.00 to $19.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $20.33.

Magnite Stock Up 0.9%

Shares of NASDAQ MGNI traded up $0.21 during midday trading on Friday, hitting $24.48. 1,848,312 shares of the stock traded hands, compared to its average volume of 2,274,420. The business has a 50 day moving average price of $19.30 and a two-hundred day moving average price of $16.12. Magnite, Inc. has a one year low of $8.22 and a one year high of $25.27. The company has a market cap of $3.45 billion, a PE ratio of 122.41, a P/E/G ratio of 1.98 and a beta of 2.96. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.98 and a current ratio of 0.98.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 EPS for the quarter, beating analysts' consensus estimates of $0.06 by $0.06. The firm had revenue of $145.85 million for the quarter, compared to analysts' expectations of $142.18 million. Magnite had a return on equity of 6.71% and a net margin of 4.58%. The business's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.05 EPS. On average, equities analysts predict that Magnite, Inc. will post 0.33 EPS for the current year.

Insider Buying and Selling at Magnite

In other news, CFO David Day sold 38,146 shares of the business's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $18.95, for a total value of $722,866.70. Following the completion of the transaction, the chief financial officer owned 443,528 shares in the company, valued at $8,404,855.60. The trade was a 7.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Adam Lee Soroca sold 44,519 shares of the company's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $20.00, for a total value of $890,380.00. Following the sale, the insider owned 400,927 shares of the company's stock, valued at approximately $8,018,540. This trade represents a 9.99% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 959,227 shares of company stock valued at $18,854,021 in the last ninety days. Corporate insiders own 3.80% of the company's stock.

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.