Teacher Retirement System of Texas Makes New $233,000 Investment in Magnite, Inc. (NASDAQ:MGNI)

Teacher Retirement System of Texas purchased a new position in Magnite, Inc. (NASDAQ:MGNI - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 20,439 shares of the company's stock, valued at approximately $233,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new position in shares of Magnite in the fourth quarter worth $8,685,000. HighTower Advisors LLC lifted its stake in Magnite by 18.6% during 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. Avantax Advisory Services Inc. bought a new stake in Magnite during the fourth quarter worth about $178,000. Swiss National Bank lifted its stake in Magnite by 1.5% during the fourth quarter. Swiss National Bank now owns 249,900 shares of the company's stock worth $3,978,000 after purchasing an additional 3,800 shares during the last quarter. Finally, Commonwealth Equity Services LLC lifted its stake in Magnite by 25.7% during the fourth quarter. Commonwealth Equity Services LLC now owns 161,987 shares of the company's stock worth $2,579,000 after purchasing an additional 33,114 shares during the last quarter. Institutional investors own 73.40% of the company's stock.

Magnite Price Performance

Shares of Magnite stock traded down $0.87 during trading hours on Tuesday, reaching $23.56. The stock had a trading volume of 2,156,029 shares, compared to its average volume of 2,272,913. The stock's 50 day moving average is $19.30 and its 200 day moving average is $16.12. The firm has a market capitalization of $3.32 billion, a PE ratio of 117.61, a PEG ratio of 2.00 and a beta of 2.96. Magnite, Inc. has a twelve month low of $8.22 and a twelve month high of $25.27. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.47.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share for the quarter, topping 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 firm had revenue of $145.85 million during the quarter, compared to the consensus estimate of $142.18 million. During the same quarter in the prior year, the firm earned $0.05 EPS. The company's revenue for the quarter was up 4.3% on a year-over-year basis. Equities analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Craig Hallum set a $24.00 target price on Magnite and gave the company a "buy" rating in a report on Tuesday, May 20th. Lake Street Capital cut their price target on Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Benchmark increased their price target on Magnite from $24.00 to $30.00 and gave the company a "buy" rating in a report on Tuesday. Wall Street Zen raised Magnite from a "hold" rating to a "buy" rating in a report on Sunday, July 13th. Finally, Royal Bank Of Canada cut their price objective on Magnite from $22.00 to $19.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy 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 $20.83.

Insider Activity

In related news, CEO Michael G. Barrett sold 300,000 shares of the company's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $20.01, for a total transaction of $6,003,000.00. Following the completion of the sale, the chief executive officer owned 356,708 shares of the company's stock, valued at approximately $7,137,727.08. This represents a 45.68% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO David Day sold 38,146 shares of the stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $18.95, for a total transaction of $722,866.70. Following the completion of the sale, the chief financial officer directly owned 443,528 shares of the company's stock, valued at approximately $8,404,855.60. This trade represents a 7.92% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 959,227 shares of company stock worth $18,854,021. Company 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.