Magnite, Inc. $MGNI Stock Position Lessened by Norwood Investment Partners LP

Key Points

• Norwood Investment Partners LP cut its Magnite stake by 23.3% in the fourth quarter, selling 100,000 shares and leaving it with 330,000 shares worth about $5.36 million.
• Wall Street sentiment remains constructive: eight analysts rate MGNI a Buy, with a consensus rating of Moderate Buy and an average price target of $23.89.
• Magnite reported better-than-expected Q1 results, posting $0.13 EPS on $164.37 million in revenue, while insiders also sold shares in recent months.

Norwood Investment Partners LP lessened its stake in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 23.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 330,000 shares of the company's stock after selling 100,000 shares during the quarter. Magnite comprises about 6.0% of Norwood Investment Partners LP's investment portfolio, making the stock its 6th biggest holding. Norwood Investment Partners LP owned 0.23% of Magnite worth $5,356,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Neo Ivy Capital Management purchased a new position in shares of Magnite in the third quarter worth approximately $27,000. US Bancorp DE boosted its holdings in shares of Magnite by 75.8% in the third quarter. US Bancorp DE now owns 1,596 shares of the company's stock worth $35,000 after buying an additional 688 shares during the last quarter. Central Pacific Bank Trust Division purchased a new position in shares of Magnite in the fourth quarter worth approximately $41,000. Strategic Advocates LLC purchased a new position in shares of Magnite in the third quarter worth approximately $42,000. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Magnite by 45.1% in the third quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company's stock worth $53,000 after buying an additional 755 shares during the last quarter. Hedge funds and other institutional investors own 73.40% of the company's stock.

Analysts Set New Price Targets

MGNI has been the topic of a number of research reports. Rosenblatt Securities reissued a "buy" rating and issued a $39.00 price objective on shares of Magnite in a report on Thursday, February 26th. Needham & Company LLC reissued a "buy" rating and issued a $25.00 price objective on shares of Magnite in a report on Thursday, April 16th. Benchmark dropped their price objective on shares of Magnite from $31.00 to $30.00 and set a "buy" rating on the stock in a report on Thursday, February 26th. BTIG Research initiated coverage on shares of Magnite in a report on Tuesday, June 9th. They issued a "buy" rating and a $20.00 price objective on the stock. Finally, Scotiabank raised their price objective on shares of Magnite from $16.00 to $17.00 and gave the stock a "sector outperform" rating in a report on Thursday, May 7th. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $23.89.

Magnite Price Performance

NASDAQ MGNI opened at $18.55 on Wednesday. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $26.65. The stock has a market cap of $2.66 billion, a price-to-earnings ratio of 17.84, a PEG ratio of 0.79 and a beta of 2.32. The company's 50 day moving average is $13.73 and its two-hundred day moving average is $13.91. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38.

Magnite (NASDAQ:MGNI - Get Free Report) last released 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 company had revenue of $164.37 million for the quarter, compared to analysts' expectations of $159.24 million. During the same quarter last year, the business earned $0.12 EPS. The firm's revenue was up 5.5% compared to the same quarter last year. As a group, research analysts anticipate that Magnite, Inc. will post 0.6 earnings per share for the current year.

Insiders Place Their Bets

In other Magnite news, Director Robert F. Spillane sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $13.33, for a total transaction of $133,300.00. Following the sale, the director owned 43,917 shares in the company, valued at approximately $585,413.61. This trade represents a 18.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David T. Pearson sold 10,766 shares of the firm's stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $15.65, for a total transaction of $168,487.90. Following the sale, the director owned 79,001 shares in the company, valued at approximately $1,236,365.65. The trade was a 11.99% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 32,941 shares of company stock worth $492,272. Company insiders own 4.30% of the company's stock.

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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.