The Manufacturers Life Insurance Company Buys Shares of 71,015 Magnite, Inc. $MGNI

Key Points

• The Manufacturers Life Insurance Company initiated a Magnite position by purchasing 71,015 shares worth approximately $1.35 million in the second quarter. Institutional investors collectively own 73.4% of MGNI.
• Analysts remain broadly bullish: nine rate Magnite a Buy and two a Hold, producing a “Moderate Buy” consensus and an average price target of $28.80.
• Magnite beat quarterly expectations, reporting $0.26 in adjusted EPS and $192.82 million in revenue, up 11.3% year over year. However, insiders sold nearly 989,242 shares worth $20.3 million over the past three months.

The Manufacturers Life Insurance Company bought a new stake in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 71,015 shares of the company's stock, valued at approximately $1,348,000.

A number of other institutional investors also recently added to or reduced their stakes in MGNI. Smartleaf Asset Management LLC raised its stake in shares of Magnite by 20.5% during the second quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company's stock valued at $82,000 after purchasing an additional 577 shares in the last quarter. US Bancorp DE grew its position in Magnite by 75.8% in the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company's stock valued at $35,000 after buying an additional 688 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in Magnite by 45.1% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company's stock valued at $53,000 after buying an additional 755 shares during the period. AYAL Capital Advisors Ltd increased its stake in Magnite by 0.5% during the 4th quarter. AYAL Capital Advisors Ltd now owns 200,000 shares of the company's stock valued at $3,246,000 after buying an additional 1,000 shares during the period. Finally, CANADA LIFE ASSURANCE Co increased its stake in Magnite by 2.4% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 44,552 shares of the company's stock valued at $992,000 after buying an additional 1,047 shares during the period. Institutional investors and hedge funds own 73.40% of the company's stock.

Analyst Upgrades and Downgrades

MGNI has been the subject of a number of research analyst reports. Royal Bank Of Canada upped their price target on shares of Magnite from $20.00 to $27.00 and gave the stock an "outperform" rating in a research note on Thursday, August 6th. Susquehanna raised their price objective on shares of Magnite from $22.00 to $30.00 and gave the company a "positive" rating in a research note on Thursday, August 6th. Evercore reissued an "outperform" rating and set a $25.00 target price on shares of Magnite in a report on Thursday, August 6th. Scotiabank restated an "outperform" rating and issued a $27.00 target price on shares of Magnite in a research report on Thursday, August 6th. Finally, Benchmark upped their target price on Magnite from $30.00 to $33.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Magnite currently has a consensus rating of "Moderate Buy" and a consensus target price of $28.80.

Magnite Price Performance

NASDAQ:MGNI opened at $24.14 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. The business's 50-day moving average price is $21.64 and its 200 day moving average price is $16.42. Magnite, Inc. has a 52-week low of $10.82 and a 52-week high of $26.19. The firm has a market cap of $3.46 billion, a P/E ratio of 22.15, a PEG ratio of 1.07 and a beta of 2.30.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.02. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The company had revenue of $192.82 million during the quarter, compared to the consensus estimate of $179.15 million. During the same period in the prior year, the company earned $0.20 EPS. Magnite's revenue was up 11.3% on a year-over-year basis. As a group, sell-side analysts predict that Magnite, Inc. will post 0.61 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Sarah Harden sold 18,436 shares of the firm's stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $24.00, for a total transaction of $442,464.00. Following the completion of the sale, the director directly owned 114,751 shares in the company, valued at approximately $2,754,024. This trade represents a 13.84% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rachel Lam sold 10,000 shares of Magnite stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $24.16, for a total transaction of $241,600.00. Following the completion of the transaction, the director owned 230,620 shares in the company, valued at approximately $5,571,779.20. This trade represents a 4.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 989,242 shares of company stock worth $20,331,988. Company insiders own 3.20% of the company's stock.

About Magnite

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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