Rice Hall James & Associates LLC Acquires 65,610 Shares of Magnite, Inc. $MGNI

Key Points

• Rice Hall James & Associates increased its Magnite stake by 49.3% in the fourth quarter, adding 65,610 shares to reach 198,828 shares valued at about $3.23 million.
• Wall Street sentiment remains constructive: Magnite has an average Moderate Buy rating, with 8 Buy ratings and 2 Hold ratings, and an average price target of $23.89.
• Magnite recently beat earnings expectations, reporting $0.13 EPS versus $0.11 expected and revenue of $164.37 million, while insiders have also been selling shares over the past 90 days.

Rice Hall James & Associates LLC raised its stake in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 49.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 198,828 shares of the company's stock after acquiring an additional 65,610 shares during the quarter. Rice Hall James & Associates LLC owned approximately 0.14% of Magnite worth $3,227,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in MGNI. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Magnite by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,847 shares of the company's stock valued at $854,000 after purchasing an additional 3,267 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Magnite by 113.7% in 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 grew its stake in shares of Magnite by 24.3% during the first quarter. Jones Financial Companies Lllp now owns 7,276 shares of the company's stock worth $83,000 after buying an additional 1,423 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Magnite by 9.8% during the first 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 during the last quarter. Finally, Intech Investment Management LLC grew its stake in shares of Magnite by 103.6% during the first 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 during the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $25.00 target price on shares of Magnite in a research note on Thursday, April 16th. Benchmark decreased their target price on shares of Magnite from $31.00 to $30.00 and set a "buy" rating on the stock in a research note on Thursday, February 26th. Weiss Ratings raised shares of Magnite from a "hold (c-)" rating to a "hold (c)" rating in a research note on Monday, May 11th. Rosenblatt Securities reaffirmed a "buy" rating and set a $39.00 target price on shares of Magnite in a research note on Thursday, February 26th. Finally, BTIG Research assumed coverage on shares of Magnite in a research note on Tuesday, June 9th. They set a "buy" rating and a $20.00 target price on the stock. Eight analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Magnite has an average rating of "Moderate Buy" and an average target price of $23.89.

Magnite Stock Performance

NASDAQ MGNI opened at $18.55 on Wednesday. The firm's fifty day moving average price is $13.73 and its two-hundred day moving average price is $13.91. The stock has a market cap of $2.66 billion, a PE ratio of 17.84, a PEG ratio of 0.79 and a beta of 2.32. Magnite, Inc. has a fifty-two week low of $10.82 and a fifty-two week high of $26.65. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, topping analysts' consensus estimates of $0.11 by $0.02. The company had revenue of $164.37 million for the quarter, compared to analyst estimates of $159.24 million. Magnite had a net margin of 21.96% and a return on equity of 8.40%. Magnite's revenue was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.12 earnings per share. On average, equities analysts expect that Magnite, Inc. will post 0.6 EPS for the current fiscal year.

Insider Transactions at Magnite

In other news, Director Robert F. Spillane sold 10,000 shares of Magnite stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $13.33, for a total transaction of $133,300.00. Following the transaction, the director owned 43,917 shares in the company, valued at approximately $585,413.61. The trade was a 18.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Douglas S. Knopper sold 10,766 shares of Magnite stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $15.73, for a total transaction of $169,349.18. Following the transaction, the director owned 163,147 shares in the company, valued at approximately $2,566,302.31. This trade represents a 6.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 32,941 shares of company stock worth $492,272. Company insiders own 4.30% of the company's stock.

About Magnite

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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