Teacher Retirement System of Texas Makes New Investment in Magnite, Inc. (NASDAQ:MGNI)

Teacher Retirement System of Texas purchased a new stake in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The fund purchased 20,439 shares of the company's stock, valued at approximately $233,000.

Other hedge funds have also recently made changes to their positions in the company. Summit Investment Advisors Inc. lifted its stake in Magnite by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 13,162 shares of the company's stock worth $210,000 after purchasing an additional 836 shares during the last quarter. Greenwood Capital Associates LLC lifted its stake in Magnite by 2.9% in the first quarter. Greenwood Capital Associates LLC now owns 66,221 shares of the company's stock worth $756,000 after purchasing an additional 1,852 shares during the last quarter. MetLife Investment Management LLC lifted its stake in Magnite by 2.9% in the fourth quarter. MetLife Investment Management LLC now owns 75,993 shares of the company's stock worth $1,210,000 after purchasing an additional 2,120 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Magnite by 3.9% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,580 shares of the company's stock worth $1,140,000 after purchasing an additional 2,714 shares during the last quarter. Finally, HighTower Advisors LLC lifted its stake in Magnite by 18.6% in the fourth quarter. HighTower Advisors LLC now owns 20,551 shares of the company's stock worth $327,000 after purchasing an additional 3,229 shares during the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have issued reports on MGNI. Wall Street Zen upgraded shares of Magnite from a "hold" rating to a "buy" rating in a research report on Sunday, July 13th. Lake Street Capital decreased their price objective on shares of Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Craig Hallum set a $24.00 price objective on shares of Magnite and gave the company a "buy" rating in a research report on Tuesday, May 20th. Rosenblatt Securities restated a "buy" rating and issued a $18.00 price objective on shares of Magnite in a research report on Thursday, May 8th. Finally, Benchmark boosted their price objective on shares of Magnite from $24.00 to $30.00 and gave the company a "buy" rating in a research report on Tuesday. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat, Magnite currently has a consensus rating of "Moderate Buy" and a consensus price target of $20.83.

Insiders Place Their Bets

In other Magnite news, Director James Rossman sold 137,007 shares of the company's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $18.78, for a total value of $2,572,991.46. Following the sale, the director owned 93,679 shares in the company, valued at approximately $1,759,291.62. This represents a 59.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paul Caine sold 5,000 shares of the company's stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $23.53, for a total transaction of $117,650.00. Following the completion of the sale, the director owned 183,603 shares in the company, valued at approximately $4,320,178.59. This trade represents a 2.65% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 959,227 shares of company stock valued at $18,854,021. Insiders own 3.80% of the company's stock.

Magnite Trading Down 2.4%

Shares of NASDAQ MGNI traded down $0.55 during midday trading on Wednesday, hitting $22.55. 4,565,392 shares of the company traded hands, compared to its average volume of 2,294,773. Magnite, Inc. has a 12-month low of $8.22 and a 12-month high of $25.27. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.98 and a current ratio of 0.98. The stock has a 50-day moving average price of $19.72 and a 200 day moving average price of $16.27. The firm has a market cap of $3.18 billion, a P/E ratio of 112.76, a P/E/G ratio of 1.89 and a beta of 2.96.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.06. Magnite had a net margin of 4.58% and a return on equity of 6.71%. The company had revenue of $145.85 million for the quarter, compared to analysts' expectations of $142.18 million. During the same quarter in the previous year, the company earned $0.05 earnings per share. Magnite's quarterly revenue was up 4.3% on a year-over-year basis. As a group, analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current year.

About Magnite

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.