Magnite, Inc. (NASDAQ:MGNI) is Meros Investment Management LP's 4th Largest Position

Key Points

• Meros Investment Management LP reduced its stake in Magnite, Inc. by 19.2%, maintaining a position that now represents about 5.0% of its total holdings.
• Magnite's stock has seen a significant appreciation, with a current price of $23.70 compared to a fifty-two week low of $8.22 and a high of $25.27.
• Analysts have a positive outlook on Magnite, with a consensus rating of "Moderate Buy" and a target price of $25.82, alongside multiple price target increases from various firms.

Meros Investment Management LP reduced its position in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 19.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 749,438 shares of the company's stock after selling 177,973 shares during the quarter. Magnite makes up about 5.0% of Meros Investment Management LP's holdings, making the stock its 4th largest position. Meros Investment Management LP owned about 0.53% of Magnite worth $8,551,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of MGNI. Capital Research Global Investors purchased a new stake in Magnite in the fourth quarter worth $122,986,000. Nuveen LLC bought a new position in shares of Magnite in the first quarter worth $41,036,000. American Century Companies Inc. boosted its holdings in shares of Magnite by 855.2% in the first quarter. American Century Companies Inc. now owns 2,961,009 shares of the company's stock worth $33,785,000 after acquiring an additional 2,651,033 shares during the period. Pacer Advisors Inc. bought a new position in shares of Magnite in the first quarter worth $12,576,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Magnite in the fourth quarter worth $11,076,000. 73.40% of the stock is owned by hedge funds and other institutional investors.

Magnite Stock Up 0.5%

MGNI stock opened at $23.70 on Friday. Magnite, Inc. has a fifty-two week low of $8.22 and a fifty-two week high of $25.27. The business's 50 day moving average price is $21.96 and its two-hundred day moving average price is $17.03. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.00. The company has a market capitalization of $3.37 billion, a price-to-earnings ratio of 81.73, a price-to-earnings-growth ratio of 1.62 and a beta of 3.05.

Magnite (NASDAQ:MGNI - Get Free Report) last posted 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 firm had revenue of $162.00 million for the quarter, compared to the consensus estimate of $157.05 million. During the same quarter in the prior year, the business earned $0.14 EPS. The business's revenue for the quarter was up 6.4% on a year-over-year basis. As a group, analysts forecast that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Adam Lee Soroca sold 44,519 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $20.00, for a total value of $890,380.00. Following the sale, the insider directly 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 document filed with the SEC, which is available through the SEC website. Also, CEO Michael G. Barrett sold 300,000 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $20.01, for a total value of $6,003,000.00. Following the completion of the sale, the chief executive officer directly owned 356,708 shares in the company, valued at approximately $7,137,727.08. This represents a 45.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 965,695 shares of company stock worth $19,189,114. Company insiders own 3.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on MGNI shares. Benchmark raised their price target on Magnite from $30.00 to $31.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Wall Street Zen raised Magnite from a "hold" rating to a "buy" rating in a research note on Sunday, July 13th. Scotiabank lifted their price objective on Magnite from $22.00 to $30.00 and gave the company a "sector outperform" rating in a research note on Thursday, August 7th. Needham & Company LLC lifted their price objective on Magnite from $18.00 to $25.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Finally, Craig Hallum set a $24.00 price objective on Magnite and gave the company a "buy" rating in a research note on Tuesday, May 20th. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $25.82.

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.

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