Magnite, Inc. $MGNI Shares Bought by Maestria Partners LLC

Key Points

• Maestria Partners LLC increased its stake in Magnite, Inc. by 36.3% in the second quarter, making it the firm's largest holding at about 12.0% of its portfolio.
• Several hedge funds, including American Century Companies Inc., boosted their positions in Magnite, leading to 73.40% of the stock being owned by institutional investors.
• Equities research analysts have set a consensus price target of $25.64 for Magnite, with ten analysts issuing a Buy rating and two a Hold rating.

Maestria Partners LLC grew its stake in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 36.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,434,317 shares of the company's stock after acquiring an additional 382,000 shares during the period. Magnite comprises about 12.0% of Maestria Partners LLC's holdings, making the stock its biggest position. Maestria Partners LLC owned about 1.02% of Magnite worth $34,596,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in shares of Magnite by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company's stock valued at $156,814,000 after acquiring an additional 138,417 shares during the period. Boston Partners lifted its position in shares of Magnite by 10.9% during the 1st quarter. Boston Partners now owns 5,276,356 shares of the company's stock valued at $60,187,000 after acquiring an additional 520,033 shares during the period. Nuveen LLC acquired a new stake in shares of Magnite during the 1st quarter valued at approximately $41,036,000. American Century Companies Inc. lifted its position in shares of Magnite by 855.2% during the 1st quarter. American Century Companies Inc. now owns 2,961,009 shares of the company's stock valued at $33,785,000 after acquiring an additional 2,651,033 shares during the period. Finally, Pacer Advisors Inc. acquired a new stake in shares of Magnite during the 1st quarter valued at approximately $12,576,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Royal Bank Of Canada lifted their price target on shares of Magnite from $19.00 to $27.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. Weiss Ratings reissued a "hold (c)" rating on shares of Magnite in a research note on Wednesday. Wells Fargo & Company dropped their price objective on shares of Magnite from $24.00 to $22.00 and set an "equal weight" rating for the company in a research note on Monday, October 6th. Scotiabank reissued an "outperform" rating and set a $30.00 price objective (up from $22.00) on shares of Magnite in a research note on Thursday, August 7th. Finally, Benchmark raised their price objective on shares of Magnite from $30.00 to $31.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Ten equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $25.64.

Magnite Trading Down 5.7%

Shares of MGNI opened at $17.50 on Friday. The stock has a market cap of $2.49 billion, a price-to-earnings ratio of 60.35, a price-to-earnings-growth ratio of 1.20 and a beta of 3.02. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.00 and a quick ratio of 1.00. Magnite, Inc. has a 1-year low of $8.22 and a 1-year high of $26.65. The firm has a 50 day simple moving average of $23.01 and a 200-day simple moving average of $18.96.

Magnite (NASDAQ:MGNI - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.17 by $0.03. The firm had revenue of $162.00 million during the quarter, compared to analysts' expectations of $157.05 million. Magnite had a net margin of 6.30% and a return on equity of 8.07%. Magnite's revenue for the quarter was up 6.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.14 EPS. Equities analysts forecast that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Insider Transactions at Magnite

In other Magnite news, CTO David Buonasera sold 2,950 shares of Magnite stock in a transaction that occurred on Wednesday, September 3rd. The shares were sold at an average price of $25.37, for a total value of $74,841.50. Following the completion of the sale, the chief technology officer directly owned 238,629 shares of the company's stock, valued at approximately $6,054,017.73. The trade was a 1.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Brian Gephart sold 27,671 shares of Magnite stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $24.71, for a total transaction of $683,750.41. Following the completion of the sale, the chief accounting officer directly owned 92,898 shares of the company's stock, valued at $2,295,509.58. The trade was a 22.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 394,175 shares of company stock worth $9,527,619 in the last three months. 3.80% of the stock is currently owned by company insiders.

About Magnite

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.

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