Stephens Investment Management Group LLC Buys 164,035 Shares of Magnite, Inc. $MGNI

Key Points

• Stephens Investment Management Group increased its Magnite stake by 17% in Q4, buying 164,035 more shares and bringing its total holding to 1,128,578 shares worth about $18.3 million.
• Several other institutional investors also raised their positions, and institutions now own 73.4% of Magnite’s stock. Meanwhile, insider Adam Lee Soroca sold 21,529 shares in February.
• Magnite recently beat quarterly earnings expectations, reporting $0.13 EPS versus $0.11 expected and revenue of $164.37 million, while analysts maintain a Moderate Buy consensus with an average price target of $24.33.

Stephens Investment Management Group LLC lifted its stake in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 17.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,128,578 shares of the company's stock after purchasing an additional 164,035 shares during the quarter. Stephens Investment Management Group LLC owned 0.79% of Magnite worth $18,317,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of MGNI. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings 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 worth $854,000 after purchasing an additional 3,267 shares in the last quarter. Millennium Management LLC increased its holdings in Magnite by 113.7% in the 1st quarter. Millennium Management LLC now owns 434,479 shares of the company's stock worth $4,957,000 after buying an additional 231,213 shares in the last quarter. Jones Financial Companies Lllp increased its holdings in Magnite by 24.3% in the 1st 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 in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Magnite by 9.8% in the 1st 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 boosted its holdings in shares of Magnite by 103.6% during the 1st quarter. Intech Investment Management LLC now owns 109,992 shares of the company's stock valued at $1,255,000 after acquiring an additional 55,971 shares during the last quarter. Institutional investors own 73.40% of the company's stock.

Insider Buying and Selling

In other Magnite news, insider Adam Lee Soroca sold 21,529 shares of the business's stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $12.00, for a total value of $258,348.00. Following the sale, the insider owned 388,425 shares in the company, valued at $4,661,100. The trade was a 5.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 4.30% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Weiss Ratings upgraded shares of Magnite from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, May 11th. Scotiabank boosted their price objective on Magnite from $16.00 to $17.00 and gave the company a "sector outperform" rating in a research note on Thursday, May 7th. Evercore restated an "outperform" rating and set a $21.00 target price on shares of Magnite in a research note on Thursday, May 7th. Benchmark reduced their price objective on shares of Magnite from $31.00 to $30.00 and set a "buy" rating for the company in a research note on Thursday, February 26th. Finally, Needham & Company LLC restated a "buy" rating and set a $25.00 price objective on shares of Magnite in a research report on Thursday, April 16th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Magnite presently has a consensus rating of "Moderate Buy" and an average price target of $24.33.

Magnite Stock Performance

MGNI stock opened at $12.82 on Monday. Magnite, Inc. has a 1-year low of $10.82 and a 1-year high of $26.65. 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 company has a market capitalization of $1.84 billion, a price-to-earnings ratio of 12.33, a PEG ratio of 0.61 and a beta of 2.33. The business has a 50 day simple moving average of $12.73 and a two-hundred day simple moving average of $14.03.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.02. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The firm had revenue of $164.37 million for the quarter, compared to analysts' expectations of $159.24 million. During the same quarter last year, the business posted $0.12 earnings per share. The company's revenue for the quarter was up 5.5% compared to the same quarter last year. Research analysts anticipate that Magnite, Inc. will post 0.6 EPS for the current fiscal year.

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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