Jennison Associates LLC Takes $687,000 Position in Magnite, Inc. $MGNI

Key Points

• Jennison Associates LLC opened a new position in Magnite during Q1, buying 57,849 shares valued at about $687,000.
• Institutional ownership remains high, with hedge funds and other investors holding 73.4% of Magnite shares. Several firms added to their stakes, including Principal Financial Group, which nearly doubled its position.
• Magnite has drawn generally positive Wall Street sentiment, with 8 Buy ratings and an average Moderate Buy rating. Analysts’ average price target is $24.56, above the stock’s recent trading price around $18.30.

Jennison Associates LLC bought a new position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 57,849 shares of the company's stock, valued at approximately $687,000.

Other institutional investors have also modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its holdings in Magnite by 11.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 41,766 shares of the company's stock valued at $492,000 after purchasing an additional 4,304 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Magnite by 88.0% during the 1st quarter. Principal Financial Group Inc. now owns 445,950 shares of the company's stock worth $5,298,000 after purchasing an additional 208,730 shares during the last quarter. Fifth Third Bancorp acquired a new position in shares of Magnite in the 1st quarter valued at approximately $699,000. Money Concepts Capital Corp acquired a new position in shares of Magnite in the 1st quarter valued at approximately $139,000. Finally, Elevation Point Wealth Partners LLC purchased a new position in shares of Magnite during the 1st quarter valued at approximately $281,000. Institutional investors and hedge funds own 73.40% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on MGNI. Royal Bank Of Canada reissued an "outperform" rating on shares of Magnite in a research report on Thursday, May 28th. Wells Fargo & Company increased their price objective on shares of Magnite from $15.00 to $21.00 and gave the company an "equal weight" rating in a research note on Friday, July 17th. BTIG Research assumed coverage on shares of Magnite in a report on Tuesday, June 9th. They set a "buy" rating and a $20.00 price objective for the company. Weiss Ratings raised shares of Magnite from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, May 11th. Finally, Evercore restated an "outperform" rating and issued a $21.00 target price on shares of Magnite in a research note on Thursday, May 7th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Magnite has an average rating of "Moderate Buy" and an average price target of $24.56.

Insider Activity

In other news, Director Paul Caine sold 5,000 shares of Magnite stock in a transaction dated Friday, July 10th. The shares were sold at an average price of $20.64, for a total value of $103,200.00. Following the completion of the transaction, the director directly owned 162,401 shares of the company's stock, valued at approximately $3,351,956.64. The trade was a 2.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CTO David Buonasera sold 1,224 shares of Magnite stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $21.00, for a total transaction of $25,704.00. Following the completion of the transaction, the chief technology officer directly owned 268,485 shares of the company's stock, valued at $5,638,185. This trade represents a 0.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 491,639 shares of company stock valued at $8,676,734 over the last quarter. 3.20% of the stock is owned by company insiders.

Magnite Price Performance

Shares of MGNI opened at $18.30 on Thursday. The firm has a market cap of $2.62 billion, a price-to-earnings ratio of 17.60, a PEG ratio of 0.97 and a beta of 2.25. The stock has a 50 day moving average of $17.01 and a 200-day moving average of $14.57. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. Magnite, Inc. has a 52 week low of $10.82 and a 52 week high of $26.65.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its quarterly earnings results 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. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The business had revenue of $164.37 million during the quarter, compared to the consensus estimate of $159.24 million. During the same period in the previous year, the business earned $0.12 EPS. The business's quarterly revenue was up 5.5% on a year-over-year basis. As a group, analysts forecast that Magnite, Inc. will post 0.55 EPS for the current year.

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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