Fox Run Management L.L.C. Makes New Investment in Magnite, Inc. $MGNI

Key Points

• Fox Run Management L.L.C. recently acquired 77,223 shares of Magnite, Inc. for approximately $881,000, representing about 0.05% ownership of the company.
• Several large investors, including MCF Advisors LLC and GAMMA Investing LLC, significantly increased their stakes in Magnite during the first quarter, with some stakes growing by over 2,100%.
• Magnite reported a quarterly earnings per share of $0.20, exceeding analysts' expectations, and noted a revenue increase of 6.4% compared to the previous year.

Fox Run Management L.L.C. purchased a new position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 77,223 shares of the company's stock, valued at approximately $881,000. Fox Run Management L.L.C. owned 0.05% of Magnite as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in the company. MCF Advisors LLC raised its stake in shares of Magnite by 2,100.0% in the first quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock worth $25,000 after purchasing an additional 2,100 shares during the last quarter. AllSquare Wealth Management LLC raised its stake in shares of Magnite by 76.8% in the first quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company's stock worth $41,000 after purchasing an additional 1,555 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Magnite by 10,170.3% in the first quarter. GAMMA Investing LLC now owns 3,800 shares of the company's stock worth $43,000 after purchasing an additional 3,763 shares during the last quarter. Smithfield Trust Co raised its stake in shares of Magnite by 38.9% in the first quarter. Smithfield Trust Co now owns 5,930 shares of the company's stock worth $67,000 after purchasing an additional 1,660 shares during the last quarter. Finally, Larson Financial Group LLC raised its stake in shares of Magnite by 67.5% in the first quarter. Larson Financial Group LLC now owns 6,108 shares of the company's stock worth $70,000 after purchasing an additional 2,461 shares during the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

Magnite Price Performance

NASDAQ:MGNI traded down $2.48 during trading hours on Tuesday, hitting $21.84. 3,217,783 shares of the company's stock traded hands, compared to its average volume of 2,712,824. The firm has a market cap of $3.11 billion, a P/E ratio of 75.31, a P/E/G ratio of 1.63 and a beta of 3.05. Magnite, Inc. has a 52 week low of $8.22 and a 52 week high of $25.27. The business's fifty day simple moving average is $22.09 and its two-hundred day simple moving average is $17.07. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.45.

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

Insider Buying and Selling

In other Magnite news, insider Katie Seitz Evans sold 35,000 shares of the stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $17.36, for a total transaction of $607,600.00. Following the completion of the transaction, the insider owned 442,788 shares of the company's stock, valued at $7,686,799.68. This represents a 7.33% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael G. Barrett sold 300,000 shares of the stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $20.01, for a total transaction of $6,003,000.00. Following the transaction, the chief executive officer directly owned 356,708 shares of the company's stock, valued at $7,137,727.08. This trade represents a 45.68% decrease in their position. The disclosure for this sale can be found here. Insiders sold 957,367 shares of company stock worth $19,047,538 over the last 90 days. 4.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Wall Street Zen raised Magnite from a "hold" rating to a "buy" rating in a research note on Sunday, July 13th. Rosenblatt Securities reaffirmed a "buy" rating and set a $39.00 price target on shares of Magnite in a research report on Thursday, August 7th. Royal Bank Of Canada increased their price target on Magnite from $19.00 to $27.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. Lake Street Capital decreased their price target on Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Finally, Susquehanna increased their price target on Magnite from $22.00 to $28.00 and gave the company a "positive" 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 stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $25.82.

About Magnite

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.