Magnite, Inc. (NASDAQ:MGNI) Shares Bought by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management Inc. increased its stake in Magnite, Inc. by 16.7%, owning approximately 0.16% of the company, valued at about $2.52 million.
• A significant portion of Magnite's stocks, around 73.40%, is held by institutional investors and hedge funds, reflecting strong interest in the company.
• Magnite's recent quarterly earnings exceeded expectations, with reported earnings per share of $0.12, beating the consensus estimate of $0.06 and showcasing a revenue increase of 4.3% year-over-year.

Envestnet Asset Management Inc. increased its stake in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 16.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 220,544 shares of the company's stock after acquiring an additional 31,604 shares during the period. Envestnet Asset Management Inc. owned approximately 0.16% of Magnite worth $2,516,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. GAMMA Investing LLC lifted its position 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 purchasing an additional 3,763 shares during the period. Farther Finance Advisors LLC lifted its position in Magnite by 7,043.0% in the first quarter. Farther Finance Advisors LLC now owns 6,643 shares of the company's stock valued at $76,000 after purchasing an additional 6,550 shares during the period. Quantbot Technologies LP acquired a new stake in Magnite in the fourth quarter valued at about $87,000. Patriot Financial Group Insurance Agency LLC acquired a new stake in Magnite in the first quarter valued at about $128,000. Finally, 1858 Wealth Management LLC acquired a new stake in Magnite in the first quarter valued at about $144,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on MGNI shares. Needham & Company LLC raised their price objective on shares of Magnite from $14.00 to $18.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Royal Bank Of Canada lifted their price target on shares of Magnite from $19.00 to $27.00 and gave the company an "outperform" rating in a research report on Thursday. Rosenblatt Securities reiterated a "buy" rating and set a $18.00 price target on shares of Magnite in a research report on Thursday, May 8th. Wall Street Zen upgraded shares of Magnite from a "hold" rating to a "buy" rating in a research report on Sunday, July 13th. Finally, Benchmark lifted their target price on shares of Magnite from $24.00 to $30.00 and gave the stock a "buy" rating in a research note on Tuesday, July 22nd. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $21.91.

Insider Transactions at Magnite

In other Magnite news, CEO Michael G. Barrett sold 300,000 shares of the business's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $20.01, for a total value of $6,003,000.00. Following the transaction, the chief executive officer owned 356,708 shares in the company, valued at $7,137,727.08. The trade was a 45.68% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Katie Seitz Evans sold 35,000 shares of the company's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $17.36, for a total transaction of $607,600.00. Following the completion of the sale, the insider owned 442,788 shares in the company, valued at approximately $7,686,799.68. This trade represents a 7.33% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 959,227 shares of company stock worth $18,854,021 over the last three months. Insiders own 3.80% of the company's stock.

Magnite Stock Down 2.8%

Shares of NASDAQ:MGNI traded down $0.64 during midday trading on Friday, hitting $22.37. 773,708 shares of the company's stock traded hands, compared to its average volume of 2,663,553. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.98 and a current ratio of 0.98. The company has a market cap of $3.16 billion, a PE ratio of 111.95, a P/E/G ratio of 1.86 and a beta of 2.96. The firm's fifty day moving average price is $20.61 and its two-hundred day moving average price is $16.54. Magnite, Inc. has a twelve month low of $8.22 and a twelve month high of $25.27.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.06. Magnite had a net margin of 4.58% and a return on equity of 6.71%. The business had revenue of $145.85 million for the quarter, compared to analyst estimates of $142.18 million. During the same quarter in the previous year, the business posted $0.05 EPS. The business's quarterly revenue was up 4.3% on a year-over-year basis. On average, equities research analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

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.