Nine Ten Capital Management LLC Sells 220,000 Shares of Magnite, Inc. $MGNI

Key Points

• Nine Ten Capital Management reduced its Magnite stake by 220,000 shares, or 6.3%, but still held 3.26 million shares worth approximately $61.9 million—making MGNI its second-largest position.
• Institutional ownership remains high at 73.4%, while Magnite insiders sold nearly 968,000 shares worth about $20 million during the quarter, including transactions conducted under 10b5-1 plans.
• Analysts remain broadly positive, with nine Buy ratings and two Holds, an average price target of $28.80, and recent quarterly results exceeding expectations: adjusted EPS of $0.26 and revenue of $192.8 million, up 11.3% year over year.

Nine Ten Capital Management LLC lessened its holdings in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 6.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,261,283 shares of the company's stock after selling 220,000 shares during the period. Magnite makes up 19.3% of Nine Ten Capital Management LLC's holdings, making the stock its 2nd biggest position. Nine Ten Capital Management LLC owned approximately 2.27% of Magnite worth $61,899,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MGNI. Allworth Financial LP boosted its holdings in Magnite by 63.7% in the second quarter. Allworth Financial LP now owns 1,567 shares of the company's stock valued at $30,000 after purchasing an additional 610 shares during the last quarter. Nykredit A S purchased a new position in shares of Magnite during the 2nd quarter valued at about $25,000. Corient Private Wealth LP purchased a new position in shares of Magnite during the 2nd quarter valued at about $481,000. California State Teachers Retirement System lifted its holdings in shares of Magnite by 1,749.8% in the 2nd quarter. California State Teachers Retirement System now owns 3,265,452 shares of the company's stock valued at $61,978,000 after buying an additional 3,088,924 shares during the period. Finally, Two Sigma Securities LLC lifted its holdings in shares of Magnite by 75.4% in the 2nd quarter. Two Sigma Securities LLC now owns 21,097 shares of the company's stock valued at $400,000 after buying an additional 9,066 shares during the period. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Magnite

In related news, Director Sarah Harden sold 30,550 shares of Magnite stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $23.31, for a total value of $712,120.50. Following the sale, the director owned 133,187 shares of the company's stock, valued at approximately $3,104,588.97. This trade represents a 18.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Katie Evans sold 20,000 shares of the business's stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $24.00, for a total transaction of $480,000.00. Following the completion of the sale, the insider directly owned 496,840 shares of the company's stock, valued at approximately $11,924,160. The trade was a 3.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 967,710 shares of company stock worth $19,994,151. 3.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

MGNI has been the topic of several analyst reports. B. Riley Financial raised their target price on Magnite from $20.00 to $27.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Wells Fargo & Company boosted their price target on Magnite from $21.00 to $22.00 and gave the company an "equal weight" rating in a report on Friday, August 7th. Scotiabank restated an "outperform" rating and issued a $27.00 price objective on shares of Magnite in a research report on Thursday, August 6th. BTIG Research raised their price objective on shares of Magnite from $20.00 to $27.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Finally, Benchmark lifted their target price on shares of Magnite from $30.00 to $33.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $28.80.

Magnite Price Performance

Shares of Magnite stock opened at $23.70 on Wednesday. The firm has a market cap of $3.40 billion, a PE ratio of 21.74, a P/E/G ratio of 1.05 and a beta of 2.30. Magnite, Inc. has a twelve month low of $10.82 and a twelve month high of $26.19. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. The business has a 50-day moving average price of $21.84 and a 200 day moving average price of $16.63.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.24 by $0.02. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The company had revenue of $192.82 million for the quarter, compared to the consensus estimate of $179.15 million. During the same quarter in the prior year, the business posted $0.20 earnings per share. Magnite's revenue for the quarter was up 11.3% on a year-over-year basis. Sell-side analysts predict that Magnite, Inc. will post 0.61 earnings per share for the current fiscal year.

Magnite Company Profile

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).

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