Vanguard Group Inc. Grows Stock Position in Magnite, Inc. $MGNI

Key Points

• Vanguard Group Inc. has increased its stake in Magnite, Inc. by 1.0%, owning approximately 9.72% of the company, valued at $156.8 million as of the end of the first quarter.
• Several other institutional investors also adjusted their positions in Magnite, with total ownership by such entities now at 73.40%.
• Magnite recently reported a quarterly earnings per share of $0.20, surpassing analyst expectations of $0.17, while revenue grew by 6.4% year-over-year to $162 million.

Vanguard Group Inc. raised its position in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 1.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,743,521 shares of the company's stock after acquiring an additional 138,417 shares during the quarter. Vanguard Group Inc. owned 9.72% of Magnite worth $156,814,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. Smithfield Trust Co grew its position in shares of Magnite by 38.9% during the first quarter. Smithfield Trust Co now owns 5,930 shares of the company's stock worth $67,000 after buying an additional 1,660 shares in the last quarter. Bayforest Capital Ltd lifted its stake in Magnite by 608.6% during the first quarter. Bayforest Capital Ltd now owns 17,835 shares of the company's stock valued at $203,000 after buying an additional 15,318 shares in the last quarter. XTX Topco Ltd acquired a new position in Magnite during the first quarter valued at approximately $1,542,000. Perkins Capital Management Inc. grew its holdings in Magnite by 0.9% during the 1st quarter. Perkins Capital Management Inc. now owns 145,125 shares of the company's stock worth $1,656,000 after acquiring an additional 1,300 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Magnite by 36.8% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 43,989 shares of the company's stock worth $502,000 after acquiring an additional 11,827 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company's stock.

Insider Buying and Selling at Magnite

In other Magnite news, insider Katie Seitz Evans sold 35,000 shares of the firm's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $17.36, for a total transaction of $607,600.00. Following the completion of the transaction, the insider owned 442,788 shares of the company's stock, valued at approximately $7,686,799.68. This trade represents a 7.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director James Rossman sold 137,007 shares of the firm's stock in a transaction on 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 transaction, the director directly owned 93,679 shares of the company's stock, valued at $1,759,291.62. This represents a 59.39% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,070,563 shares of company stock valued at $21,771,456. Company insiders own 4.30% of the company's stock.

Magnite Stock Up 5.5%

MGNI traded up $1.32 during mid-day trading on Monday, reaching $25.48. 3,154,039 shares of the stock were exchanged, compared to its average volume of 2,709,480. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.00. The stock has a market capitalization of $3.63 billion, a PE ratio of 88.07, a price-to-earnings-growth ratio of 1.66 and a beta of 3.05. The company has a 50 day moving average price of $22.50 and a two-hundred day moving average price of $17.20. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $26.09.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.17 by $0.03. The firm had revenue of $162.00 million for 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%. The business's revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.14 EPS. As a group, research analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on MGNI shares. Lake Street Capital lowered their price objective on shares of Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Wall Street Zen raised shares of Magnite from a "hold" rating to a "buy" rating in a report on Sunday, July 13th. Needham & Company LLC lifted their price target on shares of Magnite from $18.00 to $25.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Craig Hallum set a $24.00 price target on shares of Magnite and gave the company a "buy" rating in a report on Tuesday, May 20th. Finally, Wells Fargo & Company upped their price objective on Magnite from $13.00 to $24.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Ten equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $25.82.

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.