S Squared Technology LLC Lowers Position in Magnite, Inc. $MGNI

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 reduced its stake in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 37.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 351,621 shares of the company's stock after selling 210,000 shares during the quarter. Magnite comprises 2.1% of S Squared Technology LLC's holdings, making the stock its 19th largest holding. S Squared Technology LLC owned about 0.25% of Magnite worth $4,012,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in MGNI. MCF Advisors LLC lifted its stake in shares of Magnite by 2,100.0% in the first quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock worth $25,000 after acquiring an additional 2,100 shares during the period. Smartleaf Asset Management LLC lifted its stake in Magnite by 74.9% in the first quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company's stock valued at $33,000 after buying an additional 1,203 shares during the period. AllSquare Wealth Management LLC lifted its stake in Magnite by 76.8% in the first quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company's stock valued at $41,000 after buying an additional 1,555 shares during the period. GAMMA Investing LLC lifted its stake in Magnite by 10,170.3% in the first quarter. GAMMA Investing LLC now owns 3,800 shares of the company's stock valued at $43,000 after buying an additional 3,763 shares during the period. Finally, Smithfield Trust Co lifted its stake in Magnite by 38.9% in the first quarter. Smithfield Trust Co now owns 5,930 shares of the company's stock valued at $67,000 after buying an additional 1,660 shares during the period. 73.40% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Wall Street Zen raised Magnite from a "hold" rating to a "buy" rating in a research note on Sunday, July 13th. Susquehanna boosted their price target on Magnite from $22.00 to $28.00 and gave the company a "positive" rating in a research note on Thursday, August 7th. Benchmark boosted their price target on Magnite from $30.00 to $31.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Rosenblatt Securities reissued a "buy" rating and issued a $39.00 price target on shares of Magnite in a research note on Thursday, August 7th. Finally, Royal Bank Of Canada boosted their price target on Magnite from $19.00 to $27.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Ten equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $25.82.

Insiders Place Their Bets

In related news, CAO Brian Gephart sold 27,671 shares of the stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $24.71, for a total value 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 approximately $2,295,509.58. This represents a 22.95% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Adam Lee Soroca sold 24,986 shares of the stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $24.69, for a total value of $616,904.34. Following the completion of the sale, the insider directly owned 346,393 shares of the company's stock, valued at $8,552,443.17. The trade was a 6.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,127,017 shares of company stock worth $23,940,309 in the last three months. 4.30% of the stock is owned by corporate insiders.

Magnite Stock Down 1.1%

Shares of NASDAQ:MGNI traded down $0.27 during trading on Friday, reaching $23.87. 1,807,556 shares of the stock were exchanged, compared to its average volume of 2,927,168. 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 stock has a fifty day moving average of $23.69 and a two-hundred day moving average of $17.83. The firm has a market cap of $3.40 billion, a price-to-earnings ratio of 82.31, a price-to-earnings-growth ratio of 1.64 and a beta of 3.05.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its earnings results 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. Magnite had a return on equity of 8.07% and a net margin of 6.30%.The company had revenue of $162.00 million for the quarter, compared to analyst estimates of $157.05 million. During the same period in the prior year, the firm earned $0.14 earnings per share. Magnite's revenue for the quarter was up 6.4% on a year-over-year basis. Research analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Magnite Company Profile

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.