Great Lakes Advisors LLC Takes Position in Magnite, Inc. $MGNI

Great Lakes Advisors LLC acquired a new position in Magnite, Inc. (NASDAQ:MGNI - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 176,615 shares of the company's stock, valued at approximately $3,352,000. Great Lakes Advisors LLC owned 0.12% of Magnite as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Magnite by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,847 shares of the company's stock worth $854,000 after buying an additional 3,267 shares during the period. Millennium Management LLC grew its position in Magnite by 113.7% in the 1st quarter. Millennium Management LLC now owns 434,479 shares of the company's stock worth $4,957,000 after purchasing an additional 231,213 shares during the last quarter. Jones Financial Companies Lllp raised its position 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 buying an additional 1,423 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position 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 buying an additional 36,097 shares during the last quarter. Finally, Intech Investment Management LLC increased its stake in 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 period. Institutional investors own 73.40% of the company's stock.

Insiders Place Their Bets

In related news, CEO Michael G. Barrett sold 293,968 shares of the firm's stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $22.72, for a total transaction of $6,678,952.96. Following the completion of the sale, the chief executive officer directly owned 403,074 shares of the company's stock, valued at $9,157,841.28. This trade represents a 42.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Sean Patrick Buckley sold 67,179 shares of Magnite stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $24.49, for a total value of $1,645,213.71. Following the completion of the transaction, the insider owned 315,805 shares of the company's stock, valued at approximately $7,734,064.45. The trade was a 17.54% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 935,251 shares of company stock valued at $19,046,675 over the last quarter. 3.20% of the stock is owned by insiders.

Magnite Stock Down 2.1%

Shares of NASDAQ:MGNI opened at $23.35 on Friday. The company's fifty day moving average is $20.32 and its 200-day moving average is $15.53. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.02. Magnite, Inc. has a 52 week low of $10.82 and a 52 week high of $26.65. The company has a market capitalization of $3.35 billion, a PE ratio of 21.42, a P/E/G ratio of 1.04 and a beta of 2.26.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.02. The firm had revenue of $192.82 million during the quarter, compared to the consensus estimate of $179.15 million. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The firm's quarterly revenue was up 11.3% on a year-over-year basis. During the same period last year, the firm posted $0.20 EPS. Equities research analysts predict that Magnite, Inc. will post 0.61 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on MGNI shares. Susquehanna boosted their price objective on Magnite from $22.00 to $30.00 and gave the company a "positive" rating in a research report on Thursday, August 6th. Rosenblatt Securities lifted their price target on shares of Magnite from $39.00 to $40.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Benchmark boosted their price target on shares of Magnite from $30.00 to $33.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Royal Bank Of Canada raised their price objective on shares of Magnite from $20.00 to $27.00 and gave the stock an "outperform" rating in a report on Thursday, August 6th. Finally, Evercore reiterated an "outperform" rating and set a $25.00 target price on shares of Magnite in a research report on Thursday, August 6th. Nine equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $28.30.

Magnite 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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