Magnite, Inc. $MGNI Shares Sold by S Squared Technology LLC

Key Points

• S Squared Technology LLC has reduced its stake in Magnite, Inc. by 37.4%, now holding 351,621 shares after selling 210,000 shares in the first quarter.
• Several other institutional investors have significantly increased their stakes in Magnite, with MCF Advisors LLC growing its position by 2,100% to own 2,200 shares worth $25,000.
• Magnite reported a 6.4% increase in quarterly revenue compared to the same period last year, posting earnings of $0.20 per share, exceeding analysts' expectations.

S Squared Technology LLC trimmed its holdings in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 37.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 351,621 shares of the company's stock after selling 210,000 shares during the period. Magnite comprises about 2.1% of S Squared Technology LLC's investment portfolio, making the stock its 19th biggest position. S Squared Technology LLC owned about 0.25% of Magnite worth $4,012,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Nuveen LLC bought a new position in shares of Magnite during the 1st quarter valued at approximately $41,036,000. American Century Companies Inc. raised its stake in Magnite by 855.2% during the first quarter. American Century Companies Inc. now owns 2,961,009 shares of the company's stock valued at $33,785,000 after purchasing an additional 2,651,033 shares in the last quarter. Pacer Advisors Inc. bought a new position in Magnite during the first quarter valued at $12,576,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Magnite in the 4th quarter worth $11,076,000. Finally, Boston Partners increased its holdings in shares of Magnite by 10.9% in the 1st quarter. Boston Partners now owns 5,276,356 shares of the company's stock worth $60,187,000 after buying an additional 520,033 shares during the last quarter. Institutional investors own 73.40% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on MGNI. Rosenblatt Securities restated a "buy" rating and issued a $39.00 price target on shares of Magnite in a research report on Thursday, August 7th. Royal Bank Of Canada raised their target price on shares of Magnite from $19.00 to $27.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Needham & Company LLC lifted their price target on shares of Magnite from $18.00 to $25.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Wells Fargo & Company increased their price objective on shares of Magnite from $13.00 to $24.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Finally, Susquehanna boosted their target price on Magnite from $22.00 to $28.00 and gave the company a "positive" rating in a research report on Thursday, August 7th. Ten analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $25.82.

Magnite Stock Down 1.1%

Shares of MGNI traded down $0.27 during midday trading on Friday, reaching $23.87. 1,807,556 shares of the stock were exchanged, compared to its average volume of 2,981,985. The company has a market capitalization of $3.40 billion, a P/E ratio of 82.31, a PEG ratio of 1.66 and a beta of 3.05. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. Magnite, Inc. has a 52 week low of $8.22 and a 52 week high of $26.65. The company's 50 day moving average is $23.69 and its two-hundred day moving average is $17.82.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.20 earnings per share for the quarter, topping analysts' consensus estimates of $0.17 by $0.03. The company had revenue of $162.00 million during the quarter, compared to analyst estimates of $157.05 million. Magnite had a net margin of 6.30% and a return on equity of 8.07%. The firm's revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.14 earnings per share. On average, sell-side analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current year.

Insider Buying and Selling at Magnite

In other news, insider Adam Lee Soroca sold 44,519 shares of Magnite stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $20.00, for a total value of $890,380.00. Following the transaction, the insider owned 400,927 shares of the company's stock, valued at $8,018,540. The trade was a 9.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO David Day sold 38,146 shares of the stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $18.95, for a total transaction of $722,866.70. Following the sale, the chief financial officer directly owned 443,528 shares of the company's stock, valued at $8,404,855.60. The trade was a 7.92% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,127,017 shares of company stock valued at $23,940,309. 3.80% of the stock is owned by corporate 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.