Kennedy Capital Management LLC Boosts Stock Holdings in Magnite, Inc. $MGNI

Key Points

• Kennedy Capital Management boosted its Magnite position by 18.3% in the fourth quarter, and several other institutional investors also increased their holdings, with hedge funds and institutions owning about 73.4% of the stock.
• Magnite insiders were net sellers recently, including directors Robert F. Spillane and Douglas S. Knopper, who sold shares in May and June; total insider sales over the last 90 days came to 32,941 shares.
• The company beat its latest quarterly earnings and revenue estimates, reporting $0.13 EPS on $164.37 million in revenue, while Wall Street maintains a Moderate Buy consensus with a $23.89 average price target.

Kennedy Capital Management LLC increased its position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 18.3% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,435,970 shares of the company's stock after purchasing an additional 222,357 shares during the period. Kennedy Capital Management LLC owned approximately 1.00% of Magnite worth $23,306,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Magnite by 1.0% during the fourth 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 raised its holdings in Magnite by 85.0% during the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company's stock worth $209,696,000 after purchasing an additional 5,937,428 shares in the last quarter. Granahan Investment Management LLC raised its holdings in Magnite by 6.3% during the third quarter. Granahan Investment Management LLC now owns 3,873,179 shares of the company's stock worth $84,358,000 after purchasing an additional 230,393 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Magnite by 1.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,615,820 shares of the company's stock worth $58,687,000 after purchasing an additional 48,566 shares in the last quarter. Finally, Nuveen LLC raised its holdings in Magnite by 14.2% during the fourth quarter. Nuveen LLC now owns 3,531,108 shares of the company's stock worth $57,310,000 after purchasing an additional 439,072 shares in the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Magnite

In other news, Director Robert F. Spillane sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $13.33, for a total transaction of $133,300.00. Following the completion of the transaction, the director directly owned 43,917 shares of the company's stock, valued at $585,413.61. This trade represents a 18.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Douglas S. Knopper sold 10,766 shares of the firm's stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $15.73, for a total transaction of $169,349.18. Following the transaction, the director directly owned 163,147 shares of the company's stock, valued at approximately $2,566,302.31. This trade represents a 6.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 32,941 shares of company stock valued at $492,272 in the last ninety days. Corporate insiders own 3.80% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MGNI. Weiss Ratings raised shares of Magnite from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, May 11th. Evercore reaffirmed an "outperform" rating and issued a $21.00 target price on shares of Magnite in a report on Thursday, May 7th. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Magnite in a report on Thursday, May 28th. Benchmark dropped their target price on shares of Magnite from $31.00 to $30.00 and set a "buy" rating for the company in a report on Thursday, February 26th. Finally, Wells Fargo & Company increased their target price on shares of Magnite from $13.00 to $15.00 and gave the company an "equal weight" rating in a report on Friday, May 8th. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $23.89.

Magnite Trading Up 0.3%

Shares of Magnite stock opened at $16.25 on Friday. Magnite, Inc. has a 12-month low of $10.82 and a 12-month high of $26.65. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. The stock has a market cap of $2.33 billion, a PE ratio of 15.63, a price-to-earnings-growth ratio of 0.77 and a beta of 2.32. The company has a 50-day moving average of $13.50 and a two-hundred day moving average of $13.88.

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, topping analysts' consensus estimates of $0.11 by $0.02. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The business had revenue of $164.37 million during the quarter, compared to analysts' expectations of $159.24 million. During the same period last year, the company posted $0.12 EPS. The company's revenue was up 5.5% on a year-over-year basis. On average, research analysts anticipate that Magnite, Inc. will post 0.6 EPS for the current fiscal 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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