Pillsbury Lake Capital LLC Buys New Shares in Magnite, Inc. $MGNI

Key Points

• Pillsbury Lake Capital LLC initiated a Magnite position by purchasing 217,753 shares valued at approximately $4.13 million, representing about 0.15% of the company. Institutional investors collectively own 73.4% of Magnite.
• Magnite exceeded quarterly expectations, reporting $0.26 in EPS versus a $0.24 consensus estimate and $192.82 million in revenue versus $179.15 million expected. Revenue increased 11.3% year over year.
• Analysts remain broadly bullish, with nine Buy ratings and two Holds and a consensus price target of $28.30. However, insiders have sold 935,251 shares worth roughly $19.05 million over the past 90 days.

Pillsbury Lake Capital LLC purchased a new position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 217,753 shares of the company's stock, valued at approximately $4,132,952,000. Pillsbury Lake Capital LLC owned approximately 0.15% of Magnite at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in Magnite by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 14,802,630 shares of the company's stock worth $240,247,000 after acquiring an additional 148,198 shares in the last quarter. Capital Research Global Investors boosted its holdings in shares of Magnite by 85.0% in the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company's stock valued at $209,696,000 after buying an additional 5,937,428 shares during the last quarter. BlackRock Inc. bought a new position in shares of Magnite in the second quarter valued at $241,296,000. Wellington Management Group LLP increased its holdings in Magnite by 67.7% during the fourth quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company's stock worth $140,053,000 after buying an additional 3,484,689 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Magnite by 10.2% during the first quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company's stock worth $47,322,000 after buying an additional 367,854 shares during the last quarter. Institutional investors own 73.40% of the company's stock.

Magnite Price Performance

Magnite stock opened at $23.38 on Thursday. The company has a market capitalization of $3.35 billion, a price-to-earnings ratio of 21.45, a PEG ratio of 1.04 and a beta of 2.26. The company has a current ratio of 1.02, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $26.65. The stock's 50 day moving average is $20.81 and its 200-day moving average is $15.85.

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

Insider Buying and Selling

In related news, Director Paul Caine sold 5,000 shares of the company's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $24.35, for a total value of $121,750.00. Following the transaction, the director directly owned 157,401 shares in the company, valued at approximately $3,832,714.35. This represents a 3.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Brian Gephart sold 12,479 shares of the firm's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $24.68, for a total transaction of $307,981.72. Following the transaction, the chief accounting officer directly owned 106,117 shares in the company, valued at approximately $2,618,967.56. This represents a 10.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 935,251 shares of company stock valued at $19,046,675 in the last 90 days. 3.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have commented on MGNI shares. BTIG Research increased their price target 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. Evercore reiterated an "outperform" rating and issued a $25.00 target price on shares of Magnite in a research note on Thursday, August 6th. Royal Bank Of Canada boosted their price target on Magnite from $20.00 to $27.00 and gave the stock an "outperform" rating in a research report on Thursday, August 6th. Scotiabank reaffirmed an "outperform" rating and issued a $27.00 price objective on shares of Magnite in a research report on Thursday, August 6th. Finally, Benchmark lifted their target price on Magnite from $30.00 to $33.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Nine research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, Magnite currently has an average rating of "Moderate Buy" and a consensus target price of $28.30.

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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