Magnite, Inc. (NASDAQ:MGNI) Position Raised by Maestria Partners LLC

Maestria Partners LLC lifted its position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 10.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,052,317 shares of the company's stock after buying an additional 100,000 shares during the period. Magnite comprises 5.1% of Maestria Partners LLC's investment portfolio, making the stock its 10th largest position. Maestria Partners LLC owned 0.74% of Magnite worth $12,007,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Summit Investment Advisors Inc. grew its position in Magnite by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 13,162 shares of the company's stock valued at $210,000 after acquiring an additional 836 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in Magnite by 1.2% during the 1st quarter. Principal Financial Group Inc. now owns 124,547 shares of the company's stock valued at $1,421,000 after acquiring an additional 1,474 shares during the period. AllSquare Wealth Management LLC boosted its holdings in Magnite by 76.8% during the 1st quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company's stock valued at $41,000 after acquiring an additional 1,555 shares during the period. Greenwood Capital Associates LLC boosted its holdings in Magnite by 2.9% during the 1st quarter. Greenwood Capital Associates LLC now owns 66,221 shares of the company's stock valued at $756,000 after acquiring an additional 1,852 shares during the period. Finally, MCF Advisors LLC boosted its holdings in Magnite by 2,100.0% during the 1st quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock valued at $25,000 after acquiring an additional 2,100 shares during the period. 73.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Needham & Company LLC increased their target price on Magnite from $14.00 to $18.00 and gave the company a "buy" rating in a report on Monday, May 12th. Benchmark increased their target price on Magnite from $24.00 to $30.00 and gave the company a "buy" rating in a report on Tuesday. Craig Hallum set a $24.00 target price on Magnite and gave the company a "buy" rating in a report on Tuesday, May 20th. Rosenblatt Securities restated a "buy" rating and set a $18.00 target price on shares of Magnite in a report on Thursday, May 8th. Finally, Royal Bank Of Canada dropped their target price on Magnite from $22.00 to $19.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $20.83.

Magnite Trading Up 2.5%

NASDAQ:MGNI traded up $0.57 during trading hours on Friday, hitting $23.52. The company had a trading volume of 1,900,716 shares, compared to its average volume of 3,522,431. The company has a market capitalization of $3.32 billion, a PE ratio of 117.61, a price-to-earnings-growth ratio of 1.92 and a beta of 2.96. The stock has a 50-day moving average price of $20.02 and a 200 day moving average price of $16.35. Magnite, Inc. has a 52 week low of $8.22 and a 52 week high of $25.27. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.98.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.12 EPS for the quarter, topping the consensus estimate of $0.06 by $0.06. Magnite had a net margin of 4.58% and a return on equity of 6.71%. The business had revenue of $145.85 million during the quarter, compared to analyst estimates of $142.18 million. During the same period last year, the business posted $0.05 earnings per share. Magnite's quarterly revenue was up 4.3% compared to the same quarter last year. On average, equities research analysts predict that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other Magnite news, Director James Rossman sold 137,007 shares of the firm's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $18.78, for a total value of $2,572,991.46. Following the completion of the sale, the director directly owned 93,679 shares in the company, valued at $1,759,291.62. This trade represents a 59.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO David Day sold 36,000 shares of the firm's stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $20.95, for a total transaction of $754,200.00. Following the completion of the sale, the chief financial officer owned 443,528 shares of the company's stock, valued at $9,291,911.60. This trade represents a 7.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 959,227 shares of company stock valued at $18,854,021 over the last ninety days. 3.80% of the stock is owned by corporate insiders.

Magnite 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.