47,700 Shares in Magnite, Inc. $MGNI Bought by Strs Ohio

Key Points

• Strs Ohio has acquired a new stake in Magnite, Inc. for approximately $544,000, purchasing 47,700 shares during the first quarter.
• Several institutional investors, including BNP Paribas and D. E. Shaw & Co., have also recently increased their positions in Magnite, bringing institutional ownership to 73.40%.
• Research analysts have raised price targets for Magnite’s stock, with estimates ranging from $25.00 to $39.00, indicating a generally positive outlook.

Strs Ohio bought a new stake in Magnite, Inc. (NASDAQ:MGNI - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 47,700 shares of the company's stock, valued at approximately $544,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Intech Investment Management LLC increased its holdings in 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 purchasing an additional 55,971 shares during the period. Bayforest Capital Ltd increased its holdings in Magnite by 608.6% during the 1st quarter. Bayforest Capital Ltd now owns 17,835 shares of the company's stock valued at $203,000 after purchasing an additional 15,318 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Magnite by 9.8% during 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 valued at $4,618,000 after purchasing an additional 36,097 shares during the period. Jones Financial Companies Lllp increased its holdings in Magnite by 24.3% during the 1st quarter. Jones Financial Companies Lllp now owns 7,276 shares of the company's stock valued at $83,000 after purchasing an additional 1,423 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new position in Magnite during the 1st quarter valued at about $1,372,000. Institutional investors own 73.40% of the company's stock.

Wall Street Analyst Weigh In

MGNI has been the topic of a number of research analyst reports. Needham & Company LLC upped their target price on Magnite from $18.00 to $25.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Wall Street Zen downgraded Magnite from a "buy" rating to a "hold" rating in a report on Saturday. Wells Fargo & Company upped their target price on Magnite from $13.00 to $24.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Benchmark upped their target price on Magnite from $30.00 to $31.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $39.00 target price on shares of Magnite in a report on Wednesday, September 17th. Ten equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $25.82.

Magnite Stock Down 6.8%

MGNI stock traded down $1.76 during midday trading on Monday, hitting $24.16. The company's stock had a trading volume of 4,916,501 shares, compared to its average volume of 3,184,727. The company has a market cap of $3.44 billion, a PE ratio of 63.22, a P/E/G ratio of 1.78 and a beta of 3.05. Magnite, Inc. has a 12 month low of $8.22 and a 12 month high of $26.65. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. The firm's 50-day moving average is $23.75 and its 200-day moving average is $18.16.

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

Insider Activity

In other news, CAO Brian Gephart sold 27,671 shares of the 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 of the company's stock, valued at $2,295,509.58. This represents a 22.95% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO David Day sold 36,000 shares of the stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $20.95, for a total value of $754,200.00. Following the transaction, the chief financial officer directly owned 443,528 shares in the company, valued at $9,291,911.60. The trade was a 7.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 862,278 shares of company stock worth $19,155,699. Insiders own 4.30% of the company's stock.

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.