Magnite, Inc. $MGNI Shares Purchased by Quantinno Capital Management LP

Key Points

• Quantinno Capital Management increased its Magnite stake by 144.3% in the first quarter, purchasing 75,686 additional shares and bringing its holdings to 128,133 shares valued at approximately $1.52 million. Institutional investors collectively own 73.4% of MGNI.
• Analysts maintain a favorable view of Magnite, with nine Buy ratings and two Holds, producing a “Moderate Buy” consensus and an average price target of $28.30. Recent targets range from $22 to $40.
• Magnite exceeded quarterly expectations, reporting adjusted EPS of $0.26 versus $0.24 expected and revenue of $192.82 million versus $179.15 million forecast; revenue grew 11.3% year over year. Meanwhile, insiders sold 945,251 shares worth about $19.18 million during the last quarter.

Quantinno Capital Management LP grew its holdings in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 144.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 128,133 shares of the company's stock after buying an additional 75,686 shares during the quarter. Quantinno Capital Management LP owned 0.09% of Magnite worth $1,522,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. US Bancorp DE boosted its stake in Magnite by 75.8% during the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company's stock valued at $35,000 after acquiring an additional 688 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of Magnite by 106.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company's stock worth $45,000 after purchasing an additional 1,949 shares during the last quarter. Smartleaf Asset Management LLC increased its position in shares of Magnite by 98.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 3,678 shares of the company's stock worth $61,000 after purchasing an additional 1,824 shares during the last quarter. Rachor Investment Advisory Services LLC acquired a new stake in shares of Magnite in the 4th quarter valued at about $68,000. Finally, State of Wyoming raised its stake in shares of Magnite by 159.3% in the 4th quarter. State of Wyoming now owns 4,600 shares of the company's stock valued at $75,000 after purchasing an additional 2,826 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company's stock.

Analyst Upgrades and Downgrades

MGNI has been the topic of several research analyst reports. Susquehanna increased their price target on shares of Magnite from $22.00 to $30.00 and gave the stock a "positive" rating in a research report on Thursday, August 6th. Rosenblatt Securities boosted their price objective on Magnite from $39.00 to $40.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Needham & Company LLC restated a "buy" rating and set a $25.00 price objective on shares of Magnite in a research note on Thursday, April 16th. Evercore reaffirmed an "outperform" rating and set a $25.00 target price on shares of Magnite in a report on Thursday, August 6th. Finally, Wells Fargo & Company lifted their target price on Magnite from $21.00 to $22.00 and gave the stock an "equal weight" rating in a research report on Friday, August 7th. Nine research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $28.30.

Insider Buying and Selling

In other Magnite news, insider Katie Seitz Evans sold 20,000 shares of the stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $24.00, for a total value of $480,000.00. Following the sale, the insider directly owned 496,840 shares of the company's stock, valued at $11,924,160. This trade represents a 3.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael G. Barrett sold 293,968 shares of the firm's stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $22.72, for a total value of $6,678,952.96. Following the completion of the sale, the chief executive officer owned 403,074 shares in the company, valued at $9,157,841.28. The trade was a 42.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 945,251 shares of company stock worth $19,179,975. 3.20% of the stock is owned by company insiders.

Magnite Stock Performance

Shares of NASDAQ MGNI opened at $24.34 on Thursday. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. The firm's 50-day moving average price is $19.25 and its two-hundred day moving average price is $15.14. Magnite, Inc. has a 52-week low of $10.82 and a 52-week high of $26.65. The stock has a market capitalization of $3.49 billion, a P/E ratio of 22.33, a P/E/G ratio of 1.49 and a beta of 2.26.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.24 by $0.02. The company had revenue of $192.82 million during the quarter, compared to analyst estimates of $179.15 million. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The business's revenue was up 11.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.20 earnings per share. As a group, sell-side analysts forecast that Magnite, Inc. will post 0.44 earnings per share for the current year.

About Magnite

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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