Pacer Advisors Inc. Buys Shares of 1,102,156 Magnite, Inc. (NASDAQ:MGNI)

Key Points

• Pacer Advisors Inc. purchased over 1.1 million shares of Magnite, Inc. valued at approximately $12.58 million, increasing its stake in the company to 0.78%.
• Magnite reported earnings of $0.12 per share, exceeding analysts’ expectations of $0.06, with revenues of $145.85 million for the quarter.
• Several analysts have issued new price targets for Magnite, with changes ranging from a decrease to a target of $30.00, reflecting the stock's mixed ratings from equity research firms.

Pacer Advisors Inc. purchased a new stake in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 1,102,156 shares of the company's stock, valued at approximately $12,576,000. Pacer Advisors Inc. owned approximately 0.78% of Magnite at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of MGNI. MCF Advisors LLC lifted its holdings in Magnite by 2,100.0% in the first quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock valued at $25,000 after acquiring an additional 2,100 shares during the period. AllSquare Wealth Management LLC increased its holdings in Magnite by 76.8% during the 1st quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company's stock worth $41,000 after purchasing an additional 1,555 shares during the period. GAMMA Investing LLC increased its holdings in Magnite by 10,170.3% during the 1st quarter. GAMMA Investing LLC now owns 3,800 shares of the company's stock worth $43,000 after purchasing an additional 3,763 shares during the period. Larson Financial Group LLC increased its holdings in Magnite by 67.5% during the 1st quarter. Larson Financial Group LLC now owns 6,108 shares of the company's stock worth $70,000 after purchasing an additional 2,461 shares during the period. Finally, Farther Finance Advisors LLC increased its holdings in Magnite by 7,043.0% during the 1st quarter. Farther Finance Advisors LLC now owns 6,643 shares of the company's stock worth $76,000 after purchasing an additional 6,550 shares during the period. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Magnite

In other news, CEO Michael G. Barrett sold 70,900 shares of the business's stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $23.27, for a total transaction of $1,649,843.00. Following the transaction, the chief executive officer directly owned 285,808 shares in the company, valued at $6,650,752.16. The trade was a 19.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Adam Lee Soroca sold 42,584 shares of the company's stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $25.00, for a total value of $1,064,600.00. Following the completion of the transaction, the insider owned 366,672 shares in the company, valued at $9,166,800. This represents a 10.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 959,227 shares of company stock worth $18,854,021 in the last quarter. Corporate insiders own 4.30% of the company's stock.

Magnite Price Performance

Shares of Magnite stock traded up $0.39 on Wednesday, hitting $22.83. The company's stock had a trading volume of 388,584 shares, compared to its average volume of 2,666,093. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $25.27. The firm has a fifty day moving average price of $20.31 and a 200-day moving average price of $16.45. 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 capitalization of $3.22 billion, a price-to-earnings ratio of 114.28, a price-to-earnings-growth ratio of 1.93 and a beta of 2.96.

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

Analyst Ratings Changes

Several research analysts have commented on MGNI shares. Royal Bank Of Canada reduced their price objective on Magnite from $22.00 to $19.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Rosenblatt Securities reiterated a "buy" rating and issued a $18.00 price target on shares of Magnite in a report on Thursday, May 8th. Lake Street Capital cut their price target on Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Wall Street Zen upgraded Magnite from a "hold" rating to a "buy" rating in a research note on Sunday, July 13th. Finally, Benchmark boosted their target price on 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 given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $21.18.

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.