Stephens Investment Management Group LLC Increases Stock Position in Magnite, Inc. $MGNI

Key Points

• Stephens Investment Management Group LLC increased its stake in Magnite, Inc. by 42% during Q2, owning 1,350,096 shares worth approximately $32.56 million.
• Magnite's recent quarterly earnings showed a 6.4% year-over-year revenue growth to $162 million, with an EPS of $0.20, beating estimates.
• Over 73.40% of Magnite's stock is owned by hedge funds and institutional investors, indicating strong investor interest in the company.

Stephens Investment Management Group LLC increased its position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 42.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,350,096 shares of the company's stock after buying an additional 399,440 shares during the period. Stephens Investment Management Group LLC owned 0.96% of Magnite worth $32,564,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its holdings in Magnite by 355.6% during the second quarter. GAMMA Investing LLC now owns 1,517 shares of the company's stock worth $37,000 after buying an additional 1,184 shares in the last quarter. CWM LLC boosted its holdings in Magnite by 133.6% during the second quarter. CWM LLC now owns 1,775 shares of the company's stock worth $43,000 after buying an additional 1,015 shares in the last quarter. MCF Advisors LLC boosted its holdings in Magnite by 2,100.0% during the first quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock worth $25,000 after buying an additional 2,100 shares in the last quarter. Smartleaf Asset Management LLC boosted its holdings in Magnite by 74.9% during the first quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company's stock worth $33,000 after buying an additional 1,203 shares in the last quarter. Finally, AllSquare Wealth Management LLC lifted its holdings in Magnite by 76.8% during the first quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company's stock valued at $41,000 after purchasing an additional 1,555 shares in the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

Magnite Stock Up 1.5%

MGNI stock opened at $18.95 on Wednesday. The company has a fifty day moving average price of $22.45 and a 200 day moving average price of $19.31. Magnite, Inc. has a 12 month low of $8.22 and a 12 month high of $26.65. The company has a market cap of $2.70 billion, a price-to-earnings ratio of 65.35, a price-to-earnings-growth ratio of 1.28 and a beta of 3.02. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.00 and a quick ratio of 1.00.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.17 by $0.03. The firm had revenue of $162.00 million during the quarter, compared to the consensus estimate of $157.05 million. Magnite had a net margin of 6.30% and a return on equity of 8.07%. Magnite's revenue for the quarter was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.14 EPS. Sell-side analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Katie Seitz Evans sold 21,509 shares of the company's stock in a transaction on Wednesday, August 27th. The shares were sold at an average price of $25.52, for a total transaction of $548,909.68. Following the transaction, the insider directly owned 394,089 shares of the company's stock, valued at $10,057,151.28. This represents a 5.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Brian Gephart sold 27,671 shares of the company's stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $24.71, for a total transaction of $683,750.41. Following the transaction, the chief accounting officer directly owned 92,898 shares in the company, valued at approximately $2,295,509.58. This trade represents a 22.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 323,275 shares of company stock worth $7,877,776 in the last ninety days. Insiders own 4.30% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on MGNI. Needham & Company LLC increased their target price on shares of Magnite from $18.00 to $25.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Scotiabank reiterated an "outperform" rating and set a $30.00 price target (up from $22.00) on shares of Magnite in a research report on Thursday, August 7th. Wall Street Zen upgraded shares of Magnite from a "hold" rating to a "buy" rating in a research report on Saturday. Benchmark lifted their price objective on shares of Magnite from $30.00 to $31.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Finally, Susquehanna lifted their price target on shares of Magnite from $22.00 to $28.00 and gave the stock a "positive" rating in a research note on Thursday, August 7th. Ten analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Magnite has a consensus rating of "Moderate Buy" and a consensus price target of $25.64.

Magnite Company Profile

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.

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