Magnite, Inc. $MGNI Shares Sold by Apis Capital Advisors LLC

Key Points

• Apis Capital Advisors LLC cut its Magnite stake by 28% in the fourth quarter, selling 235,399 shares and leaving it with 604,000 shares worth about $9.8 million. Magnite now makes up 1.7% of the firm’s portfolio.
• Magnite remains heavily owned by institutions, with hedge funds and other investors holding 73.4% of the stock. Several large firms, including Vanguard and Capital Research Global Investors, increased their positions.
• Analysts are generally constructive on MGNI, with eight Buy ratings and two Hold ratings, and a consensus price target of $23.89. The company also recently beat quarterly EPS and revenue estimates, though insider selling has been notable.

Apis Capital Advisors LLC trimmed its holdings in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 28.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 604,000 shares of the company's stock after selling 235,399 shares during the period. Magnite comprises 1.7% of Apis Capital Advisors LLC's investment portfolio, making the stock its 19th largest position. Apis Capital Advisors LLC owned 0.42% of Magnite worth $9,803,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in Magnite by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 14,802,630 shares of the company's stock valued at $240,247,000 after buying an additional 148,198 shares in the last quarter. Capital Research Global Investors lifted its position in Magnite by 85.0% during the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company's stock valued at $209,696,000 after buying an additional 5,937,428 shares in the last quarter. Granahan Investment Management LLC lifted its position in Magnite by 6.3% during the third quarter. Granahan Investment Management LLC now owns 3,873,179 shares of the company's stock valued at $84,358,000 after buying an additional 230,393 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Magnite by 1.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,615,820 shares of the company's stock valued at $58,687,000 after buying an additional 48,566 shares in the last quarter. Finally, Nuveen LLC lifted its position in shares of 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 institutional investors and hedge funds.

Analysts Set New Price Targets

MGNI has been the topic of a number of recent research reports. Weiss Ratings raised shares of Magnite from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, May 11th. Evercore reissued an "outperform" rating and set a $21.00 target price on shares of Magnite in a research report on Thursday, May 7th. Royal Bank Of Canada reissued an "outperform" rating on shares of Magnite in a research report on Thursday, May 28th. Needham & Company LLC reissued a "buy" rating and set a $25.00 target price on shares of Magnite in a research report on Thursday, April 16th. Finally, Benchmark reduced their target price on shares of Magnite from $31.00 to $30.00 and set a "buy" rating on the stock in a research report on Thursday, February 26th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $23.89.

Trending Headlines about Magnite

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

Magnite Trading Down 1.7%

NASDAQ MGNI opened at $18.24 on Thursday. The company's fifty day simple moving average is $13.85 and its 200-day simple moving average is $13.94. Magnite, Inc. has a 52 week low of $10.82 and a 52 week 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 $2.61 billion, a P/E ratio of 17.54, a PEG ratio of 0.88 and a beta of 2.32.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported $0.13 EPS 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 for the quarter, compared to analysts' expectations of $159.24 million. During the same period in the previous year, the company posted $0.12 earnings per share. The business's revenue for the quarter was up 5.5% compared to the same quarter last year. Equities research analysts predict that Magnite, Inc. will post 0.6 EPS for the current fiscal year.

Insider Transactions at Magnite

In related news, Director Robert F. Spillane sold 10,000 shares of the company's stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $13.33, for a total value of $133,300.00. Following the sale, the director directly owned 43,917 shares of the company's stock, valued at $585,413.61. This represents a 18.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Michael G. Barrett sold 100,000 shares of the company's stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $17.50, for a total transaction of $1,750,000.00. Following the completion of the sale, the chief executive officer directly owned 403,074 shares in the company, valued at $7,053,795. This represents a 19.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 362,573 shares of company stock valued at $6,127,913 over the last ninety days. 3.80% of the stock is currently owned by corporate insiders.

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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