3,596,503 Shares in Magnite, Inc. $MGNI Bought by Nuveen LLC

Key Points

• Nuveen LLC has acquired a new stake in Magnite, Inc. by purchasing 3,596,503 shares valued at approximately $41 million, representing 2.54% ownership.
• Multiple hedge funds significantly increased their holdings in Magnite during the first quarter, with MCF Advisors boosting their stake by 2,100.0%.
• Magnite reported earnings of $0.20 per share for the previous quarter, exceeding analysts' expectations, with revenues of $162 million, marking a year-over-year increase of 6.4%.

Nuveen LLC purchased a new position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 3,596,503 shares of the company's stock, valued at approximately $41,036,000. Nuveen LLC owned approximately 2.54% of Magnite at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of MGNI. Capital Research Global Investors acquired a new stake in shares of Magnite in the fourth quarter worth approximately $122,986,000. Pacer Advisors Inc. acquired a new stake in shares of Magnite in the first quarter worth approximately $12,576,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Magnite in the fourth quarter worth approximately $11,076,000. Nine Ten Capital Management LLC boosted its position in shares of Magnite by 18.8% in the fourth quarter. Nine Ten Capital Management LLC now owns 3,115,849 shares of the company's stock worth $49,604,000 after acquiring an additional 493,983 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Magnite by 3.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,524,643 shares of the company's stock worth $87,957,000 after acquiring an additional 170,532 shares during the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Magnite Stock Down 10.2%

Shares of NASDAQ MGNI traded down $2.48 during trading on Tuesday, reaching $21.84. 3,217,783 shares of the stock were exchanged, compared to its average volume of 2,712,824. The business's 50-day moving average price is $22.09 and its 200 day moving average price is $17.07. Magnite, Inc. has a twelve month low of $8.22 and a twelve month high of $25.27. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $3.11 billion, a price-to-earnings ratio of 75.31, a price-to-earnings-growth ratio of 1.63 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 EPS for the quarter, topping analysts' consensus estimates of $0.17 by $0.03. Magnite had a net margin of 6.30% and a return on equity of 8.07%. The business had revenue of $162.00 million for the quarter, compared to analysts' expectations of $157.05 million. During the same period in the previous year, the company posted $0.14 earnings per share. The business's revenue for the quarter was up 6.4% compared to the same quarter last year. As a group, equities analysts forecast that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on MGNI shares. Lake Street Capital decreased their target price on shares of Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Craig Hallum set a $24.00 target price on shares of Magnite and gave the stock a "buy" rating in a research report on Tuesday, May 20th. Susquehanna lifted their price target on shares of Magnite from $22.00 to $28.00 and gave the company a "positive" rating in a research report on Thursday, August 7th. Wall Street Zen raised shares of Magnite from a "hold" rating to a "buy" rating in a research report on Sunday, July 13th. Finally, Needham & Company LLC lifted their price target on shares of Magnite from $18.00 to $25.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Ten equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Magnite has an average rating of "Moderate Buy" and a consensus target price of $25.82.

Insider Buying and Selling at Magnite

In related news, CEO Michael G. Barrett sold 300,000 shares of Magnite 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 completion of the sale, the chief executive officer owned 356,708 shares in the company, valued at approximately $7,137,727.08. The trade was a 45.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Adam Lee Soroca sold 44,519 shares of Magnite stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $20.00, for a total transaction of $890,380.00. Following the completion of the sale, the insider owned 400,927 shares of the company's stock, valued at approximately $8,018,540. This trade represents a 9.99% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 957,367 shares of company stock valued at $19,047,538. 4.30% of the stock is owned by company insiders.

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.