Capital Research Global Investors Purchases 5,937,428 Shares of Magnite, Inc. $MGNI

Key Points

• Capital Research Global Investors increased its Magnite stake by 85% in the fourth quarter, buying 5.94 million additional shares and bringing its total holding to 12.92 million shares worth about $209.7 million.
• Magnite has seen continued institutional interest, with several other funds also boosting positions; overall, 73.4% of the stock is owned by institutional investors.
• The company recently reported solid quarterly results, beating EPS and revenue estimates, while analysts currently rate the stock Moderate Buy with an average price target of $24.38.

Capital Research Global Investors grew its position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 85.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,920,289 shares of the company's stock after acquiring an additional 5,937,428 shares during the period. Capital Research Global Investors owned about 8.99% of Magnite worth $209,696,000 as of its most recent SEC filing.

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

Insider Activity

In related news, Director Robert F. Spillane sold 10,000 shares of the business's stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $13.33, for a total transaction of $133,300.00. Following the transaction, the director owned 43,917 shares in the company, valued at $585,413.61. The trade was a 18.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.30% of the stock is owned by corporate insiders.

Magnite Price Performance

Shares of NASDAQ MGNI opened at $14.63 on Tuesday. Magnite, Inc. has a 1 year low of $10.82 and a 1 year high of $26.65. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02. The company's 50-day moving average is $13.16 and its 200 day moving average is $13.81. The stock has a market capitalization of $2.10 billion, a P/E ratio of 14.07, a P/E/G ratio of 0.69 and a beta of 2.32.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.02. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The company had revenue of $164.37 million for the quarter, compared to analysts' expectations of $159.24 million. During the same quarter in the previous year, the company earned $0.12 earnings per share. Magnite's quarterly revenue was up 5.5% on a year-over-year basis. On average, sell-side analysts expect that Magnite, Inc. will post 0.6 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have recently commented on MGNI. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Magnite in a research note on Thursday, May 28th. Wells Fargo & Company upped their price objective on shares of Magnite from $13.00 to $15.00 and gave the company an "equal weight" rating in a research note on Friday, May 8th. Weiss Ratings raised shares of Magnite from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, May 11th. Rosenblatt Securities reaffirmed a "buy" rating and set a $39.00 price objective on shares of Magnite in a research note on Thursday, February 26th. Finally, Scotiabank upped 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. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $24.38.

Magnite Company Profile

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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