CenterBook Partners LP Boosts Stake in Magnite, Inc. $MGNI

Key Points

• CenterBook Partners LP boosted its Magnite stake by 137.1% in the fourth quarter, buying 99,760 additional shares and bringing its total to 172,546 shares worth about $2.8 million.
• Institutional ownership of Magnite remains high, with hedge funds and other institutions holding about 73.4% of the stock. Several large investors, including Vanguard and Capital Research Global Investors, also increased their positions.
• Magnite reported better-than-expected Q1 results, posting EPS of $0.13 on revenue of $164.37 million, and analysts currently rate the stock Moderate Buy with an average price target of $24.38.

CenterBook Partners LP lifted its stake in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 137.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 172,546 shares of the company's stock after purchasing an additional 99,760 shares during the period. CenterBook Partners LP owned 0.12% of Magnite worth $2,800,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Magnite by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 14,802,630 shares of the company's stock worth $240,247,000 after purchasing an additional 148,198 shares in the last quarter. Capital Research Global Investors increased its stake in Magnite by 85.0% in the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company's stock worth $209,696,000 after buying an additional 5,937,428 shares in the last quarter. Granahan Investment Management LLC increased its stake in Magnite by 6.3% in the 3rd quarter. Granahan Investment Management LLC now owns 3,873,179 shares of the company's stock worth $84,358,000 after buying an additional 230,393 shares in the last quarter. Geode Capital Management LLC increased its stake in Magnite by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 3,434,062 shares of the company's stock worth $55,744,000 after buying an additional 34,969 shares in the last quarter. Finally, State Street Corp increased its stake in Magnite by 5.2% in the 2nd quarter. State Street Corp now owns 3,053,607 shares of the company's stock worth $73,653,000 after buying an additional 150,547 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on MGNI shares. Needham & Company LLC reiterated a "buy" rating and issued a $25.00 price target on shares of Magnite in a research note on Thursday, April 16th. Royal Bank Of Canada reiterated an "outperform" rating on shares of Magnite in a research note on Thursday, May 28th. Wells Fargo & Company increased their price target on Magnite from $13.00 to $15.00 and gave the stock an "equal weight" rating in a research note on Friday, May 8th. Evercore reiterated an "outperform" rating and issued a $21.00 price target on shares of Magnite in a research note on Thursday, May 7th. Finally, Rosenblatt Securities reiterated a "buy" rating and issued a $39.00 price target on shares of Magnite in a research note on Thursday, February 26th. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $24.38.

Magnite Trading Down 0.3%

Shares of Magnite stock opened at $14.63 on Tuesday. The firm has a market cap of $2.10 billion, a price-to-earnings ratio of 14.07, a PEG ratio of 0.69 and a beta of 2.32. The business has a 50-day moving average price of $13.16 and a 200-day moving average price of $13.81. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. Magnite, Inc. has a twelve month low of $10.82 and a twelve month high of $26.65.

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

Insider Buying and Selling at Magnite

In other news, Director Robert F. Spillane sold 10,000 shares of the firm's stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $13.33, for a total transaction of $133,300.00. Following the completion of the transaction, the director owned 43,917 shares in the company, valued at $585,413.61. This trade represents a 18.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 4.30% of the stock is currently owned by insiders.

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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