Royce & Associates LP Buys 190,318 Shares of Magnite, Inc. $MGNI

Key Points

• Royce & Associates LP boosted its Magnite stake by 19.5% in the fourth quarter, buying 190,318 additional shares and bringing its total holdings to 1,166,469 shares worth about $18.9 million.
• Magnite reported better-than-expected quarterly results, with EPS of $0.13 versus estimates of $0.11 and revenue of $164.37 million, up 5.5% year over year.
• Analysts remain broadly positive on the stock, with seven Buy ratings and two Hold ratings, giving Magnite a consensus “Moderate Buy” rating and an average price target of $24.38.

Royce & Associates LP grew its stake in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 19.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,166,469 shares of the company's stock after purchasing an additional 190,318 shares during the quarter. Royce & Associates LP owned approximately 0.81% of Magnite worth $18,932,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Smartleaf Asset Management LLC increased its position in Magnite by 20.5% in the second quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company's stock worth $82,000 after buying an additional 577 shares during the last quarter. US Bancorp DE increased its position in Magnite by 75.8% in the third quarter. US Bancorp DE now owns 1,596 shares of the company's stock worth $35,000 after buying an additional 688 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Magnite by 45.1% in the third quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company's stock worth $53,000 after buying an additional 755 shares during the last quarter. AlphaQuest LLC increased its position in Magnite by 8.4% in the third quarter. AlphaQuest LLC now owns 13,491 shares of the company's stock worth $294,000 after buying an additional 1,044 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co increased its position in Magnite by 2.4% in the third quarter. CANADA LIFE ASSURANCE Co now owns 44,552 shares of the company's stock worth $992,000 after buying an additional 1,047 shares during the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Magnite

In other news, Director Robert F. Spillane sold 10,000 shares of the firm's stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $13.33, for a total value of $133,300.00. Following the completion of the transaction, the director directly owned 43,917 shares of the company's stock, valued at $585,413.61. This trade represents a 18.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 4.30% of the stock is owned by insiders.

Magnite Price Performance

Magnite stock opened at $13.29 on Wednesday. Magnite, Inc. has a one year low of $10.82 and a one year high of $26.65. The business has a fifty day moving average price of $12.75 and a 200-day moving average price of $13.80. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a market capitalization of $1.90 billion, a P/E ratio of 12.78, a PEG ratio of 0.62 and a beta of 2.33.

Magnite (NASDAQ:MGNI - Get Free Report) last posted 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. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The firm had revenue of $164.37 million during the quarter, compared to analyst estimates of $159.24 million. During the same period last year, the company earned $0.12 earnings per share. The business's revenue for the quarter was up 5.5% on a year-over-year basis. As a group, equities research analysts forecast that Magnite, Inc. will post 0.6 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Royal Bank Of Canada decreased their target price on Magnite from $23.00 to $20.00 and set an "outperform" rating for the company in a research report on Thursday, May 7th. Evercore reissued an "outperform" rating and issued a $21.00 target price on shares of Magnite in a research report on Thursday, May 7th. Weiss Ratings raised Magnite from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, May 11th. Scotiabank raised their target price on Magnite from $16.00 to $17.00 and gave the stock a "sector outperform" rating in a research report on Thursday, May 7th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $25.00 target price on shares of Magnite in a research report on Thursday, April 16th. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $24.38.

Magnite 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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