Magnite, Inc. $MGNI Holdings Raised by 325 Capital LLC

325 Capital LLC boosted its stake in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 208.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,005,387 shares of the company's stock after purchasing an additional 1,355,326 shares during the quarter. Magnite makes up 11.4% of 325 Capital LLC's investment portfolio, making the stock its 3rd biggest holding. 325 Capital LLC owned approximately 1.40% of Magnite worth $32,547,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of MGNI. Neo Ivy Capital Management acquired a new position in shares of Magnite during the 3rd quarter worth about $27,000. US Bancorp DE boosted its position in shares of Magnite by 75.8% during the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company's stock worth $35,000 after acquiring an additional 688 shares in the last quarter. Strategic Advocates LLC acquired a new position in shares of Magnite during the 3rd quarter worth about $42,000. PNC Financial Services Group Inc. boosted its position in shares of Magnite by 45.1% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company's stock worth $53,000 after acquiring an additional 755 shares in the last quarter. Finally, Central Pacific Bank Trust Division acquired a new position in shares of Magnite during the 4th quarter worth about $41,000. Hedge funds and other institutional investors own 73.40% of the company's stock.

Magnite Stock Down 1.7%

Magnite stock opened at $18.24 on Thursday. Magnite, Inc. has a twelve month low of $10.82 and a twelve month high of $26.65. The stock has a 50 day moving average of $13.85 and a two-hundred day moving average of $13.94. 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 capitalization of $2.61 billion, a price-to-earnings ratio of 17.54, a PEG ratio of 0.88 and a beta of 2.32.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.11 by $0.02. The business had revenue of $164.37 million during the quarter, compared to the consensus estimate of $159.24 million. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The company's revenue for the quarter was up 5.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.12 EPS. As a group, research analysts expect that Magnite, Inc. will post 0.6 earnings per share for the current year.

Key Magnite News

Here are the key news stories impacting Magnite this week:

• Positive Sentiment: Magnite announced a new partnership with Viasat Aviation to bring programmatic advertising to in-flight screens, expanding its reach into a new, high-engagement advertising channel and potentially opening another revenue stream. Magnite and Viasat Aviation Partner to Bring Programmatic Advertising to In-Flight Screens
• Positive Sentiment: Trading activity has been unusually strong, including a surge in call option buying, suggesting traders are positioning for more upside in MGNI after its recent rally. Unusual options trading in Magnite
• Neutral Sentiment: Recent coverage noted MGNI had already posted a sharp one-day gain on heavier volume, but also warned that earnings estimate revisions may limit near-term follow-through. Magnite (MGNI) Moves 10.8% Higher: Will This Strength Last?
• Negative Sentiment: CEO Michael G. Barrett, CTO David Buonasera, and Director Douglas S. Knopper all sold shares this week, which can create concern about insider confidence even if the sales were disclosed and may have been planned. SEC insider filings for Magnite

Analysts Set New Price Targets

Several research analysts have recently issued reports on MGNI shares. Scotiabank upped their price objective on Magnite from $16.00 to $17.00 and gave the stock a "sector outperform" rating in a research report on Thursday, May 7th. Weiss Ratings raised Magnite from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, May 11th. Wells Fargo & Company upped their target price on Magnite from $13.00 to $15.00 and gave the company an "equal weight" rating in a research report on Friday, May 8th. Royal Bank Of Canada reissued an "outperform" rating on shares of Magnite in a research report on Thursday, May 28th. Finally, Evercore reissued an "outperform" rating and issued a $21.00 target price on shares of Magnite in a research report on Thursday, May 7th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Magnite presently has an average rating of "Moderate Buy" and a consensus target price of $23.89.

Insider Buying and Selling at Magnite

In other Magnite news, CTO David Buonasera sold 11,233 shares of the firm's stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $18.00, for a total transaction of $202,194.00. Following the completion of the transaction, the chief technology officer owned 280,494 shares of the company's stock, valued at approximately $5,048,892. This trade represents a 3.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director David T. Pearson sold 10,766 shares of the firm's stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $15.65, for a total value of $168,487.90. Following the transaction, the director directly owned 79,001 shares of the company's stock, valued at $1,236,365.65. The trade was a 11.99% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 362,573 shares of company stock worth $6,127,913. 3.80% of the stock is currently owned by company insiders.

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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