EFG Asset Management North America Corp. Purchases 38,735 Shares of Magnite, Inc. $MGNI

Key Points

• EFG Asset Management North America Corp. increased its stake in Magnite, Inc. by 19.6%, now holding 236,505 shares valued at approximately $2.7 million.
• Several hedge funds significantly boosted their positions in Magnite during the first quarter, with MCF Advisors LLC increasing its stake by 2,100%.
• Equities analysts have been optimistic, with ten ratings for a "Buy" and one for a "Hold," while price targets for Magnite have been raised to as high as $31.00.

EFG Asset Management North America Corp. raised its position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 19.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 236,505 shares of the company's stock after purchasing an additional 38,735 shares during the quarter. EFG Asset Management North America Corp. owned 0.17% of Magnite worth $2,697,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. lifted its holdings in Magnite by 74.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 51,815 shares of the company's stock valued at $591,000 after purchasing an additional 22,131 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Magnite by 54.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 44,947 shares of the company's stock valued at $513,000 after buying an additional 15,762 shares during the last quarter. Calamos Advisors LLC raised its position in shares of Magnite by 85.7% during the first quarter. Calamos Advisors LLC now owns 65,275 shares of the company's stock valued at $745,000 after buying an additional 30,132 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Magnite by 1.0% during the first quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company's stock valued at $156,814,000 after buying an additional 138,417 shares during the last quarter. Finally, Brown Advisory Inc. bought a new stake in shares of Magnite during the first quarter valued at approximately $290,000. Hedge funds and other institutional investors own 73.40% of the company's stock.

Magnite Price Performance

MGNI traded up $0.50 during trading hours on Monday, hitting $25.35. The company's stock had a trading volume of 3,542,595 shares, compared to its average volume of 2,745,308. The business's 50-day moving average price is $23.69 and its 200-day moving average price is $17.58. Magnite, Inc. has a 12 month low of $8.22 and a 12 month high of $26.65. The stock has a market cap of $3.61 billion, a price-to-earnings ratio of 87.42, a P/E/G ratio of 1.71 and a beta of 3.05. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.03. Magnite had a net margin of 6.30% and a return on equity of 8.07%. The company had revenue of $162.00 million for the quarter, compared to analysts' expectations of $157.05 million. During the same quarter in the previous year, the business posted $0.14 earnings per share. Magnite's quarterly revenue was up 6.4% on a year-over-year basis. Sell-side analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Adam Lee Soroca sold 24,986 shares of the business's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $24.69, for a total value of $616,904.34. Following the sale, the insider owned 346,393 shares in the company, valued at approximately $8,552,443.17. The trade was a 6.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Brian Gephart sold 27,671 shares of the business's stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $24.71, for a total transaction of $683,750.41. Following the transaction, the chief accounting officer owned 92,898 shares in the company, valued at $2,295,509.58. This trade represents a 22.95% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,117,017 shares of company stock valued at $23,574,659 in the last three months. Corporate insiders own 4.30% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Craig Hallum set a $24.00 price objective on shares of Magnite and gave the company a "buy" rating in a research report on Tuesday, May 20th. Wall Street Zen upgraded shares of Magnite from a "hold" rating to a "buy" rating in a research report on Sunday, July 13th. Susquehanna lifted their price objective on shares of Magnite from $22.00 to $28.00 and gave the company a "positive" rating in a research report on Thursday, August 7th. Royal Bank Of Canada lifted their price objective on shares of Magnite from $19.00 to $27.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. Finally, Benchmark lifted their price objective on shares of Magnite from $30.00 to $31.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Ten analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $25.82.

Magnite Company 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.