Norwood Investment Partners LP Buys New Position in Magnite, Inc. $MGNI

Key Points

• Norwood Investment Partners LP initiated a Magnite position by purchasing 235,000 shares, reported as worth approximately $4.46 billion, representing about 6.2% of the fund’s holdings. Institutional investors collectively own 73.4% of Magnite.
• Analyst sentiment remains positive: nine analysts rate Magnite a Buy and two rate it a Hold, producing a consensus “Moderate Buy” rating and a $28.30 price target. Benchmark raised its target to $33.
• Magnite exceeded quarterly expectations, reporting $0.26 in EPS versus $0.24 expected and $192.82 million in revenue, up 11.3% year over year. However, insiders sold 935,251 shares worth roughly $19.05 million over the past quarter.

Norwood Investment Partners LP purchased a new position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 235,000 shares of the company's stock, valued at approximately $4,460,300,000. Magnite makes up about 6.2% of Norwood Investment Partners LP's holdings, making the stock its 6th biggest position. Norwood Investment Partners LP owned about 0.16% of Magnite as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Magnite by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,847 shares of the company's stock worth $854,000 after purchasing an additional 3,267 shares in the last quarter. Millennium Management LLC boosted its stake in Magnite by 113.7% during the 1st quarter. Millennium Management LLC now owns 434,479 shares of the company's stock valued at $4,957,000 after purchasing an additional 231,213 shares in the last quarter. Jones Financial Companies Lllp increased its position in shares of Magnite by 24.3% during the 1st quarter. Jones Financial Companies Lllp now owns 7,276 shares of the company's stock valued at $83,000 after purchasing an additional 1,423 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Magnite by 9.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 404,717 shares of the company's stock worth $4,618,000 after buying an additional 36,097 shares in the last quarter. Finally, Intech Investment Management LLC raised its stake in shares of Magnite by 103.6% in the 1st quarter. Intech Investment Management LLC now owns 109,992 shares of the company's stock worth $1,255,000 after buying an additional 55,971 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

MGNI has been the subject of several research reports. Benchmark raised their target price on Magnite from $30.00 to $33.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Scotiabank restated an "outperform" rating and set a $27.00 price objective on shares of Magnite in a research report on Thursday, August 6th. Evercore reiterated an "outperform" rating and issued a $25.00 target price on shares of Magnite in a report on Thursday, August 6th. B. Riley Financial increased their target price on shares of Magnite from $20.00 to $27.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Finally, Wells Fargo & Company upped 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. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $28.30.

Insider Buying and Selling

In other Magnite news, CAO Brian Gephart sold 12,479 shares of Magnite stock in a transaction on Monday, August 10th. The shares were sold at an average price of $24.68, for a total transaction of $307,981.72. Following the completion of the sale, the chief accounting officer owned 106,117 shares of the company's stock, valued at $2,618,967.56. This trade represents a 10.52% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Rachel Lam sold 10,000 shares of the business's stock in a transaction on Monday, August 10th. The shares were sold at an average price of $24.16, for a total transaction of $241,600.00. Following the transaction, the director owned 230,620 shares in the company, valued at approximately $5,571,779.20. This represents a 4.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 935,251 shares of company stock worth $19,046,675. Insiders own 3.20% of the company's stock.

Magnite Trading Up 0.6%

NASDAQ MGNI opened at $23.50 on Friday. The firm's 50 day moving average price is $20.46 and its two-hundred day moving average price is $15.59. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.02. Magnite, Inc. has a twelve month low of $10.82 and a twelve month high of $26.65. The stock has a market cap of $3.37 billion, a price-to-earnings ratio of 21.56, a PEG ratio of 1.02 and a beta of 2.26.

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