Vanguard Group Inc. Increases Position in Magnite, Inc. $MGNI

Key Points

• Vanguard Group increased its stake in Magnite by 1.0% in the fourth quarter, owning 14.8 million shares worth about $240.2 million and representing 10.3% of the company.
• Magnite continues to attract bullish analyst coverage: eight analysts rate it a Buy, two rate it Hold, and the consensus price target is $24.33, despite some recent target cuts.
• The company recently reported better-than-expected quarterly results, with EPS of $0.13 versus $0.11 expected and revenue of $164.37 million, up 5.5% year over year.

Vanguard Group Inc. lifted its stake in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 1.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,802,630 shares of the company's stock after acquiring an additional 148,198 shares during the quarter. Vanguard Group Inc. owned 10.30% of Magnite worth $240,247,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the stock. Concurrent Investment Advisors LLC purchased a new stake in shares of Magnite during the fourth quarter worth $183,000. Calamos Advisors LLC increased its position in shares of Magnite by 119.1% during the fourth quarter. Calamos Advisors LLC now owns 113,457 shares of the company's stock worth $1,841,000 after acquiring an additional 61,672 shares during the period. M&T Bank Corp increased its position in shares of Magnite by 113.2% during the fourth quarter. M&T Bank Corp now owns 27,179 shares of the company's stock worth $441,000 after acquiring an additional 14,429 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Magnite by 9.2% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 53,368 shares of the company's stock worth $866,000 after acquiring an additional 4,497 shares during the period. Finally, Greenwood Capital Associates LLC increased its position in shares of Magnite by 46.6% during the fourth quarter. Greenwood Capital Associates LLC now owns 38,620 shares of the company's stock worth $627,000 after acquiring an additional 12,277 shares during the period. Hedge funds and other institutional investors own 73.40% of the company's stock.

Wall Street Analysts Forecast Growth

MGNI has been the topic of a number of recent research reports. Wells Fargo & Company upped their price objective on Magnite from $13.00 to $15.00 and gave the stock an "equal weight" rating in a research report on Friday. Benchmark cut their price objective on Magnite from $31.00 to $30.00 and set a "buy" rating on the stock in a research report on Thursday, February 26th. Needham & Company LLC reaffirmed a "buy" rating and set a $25.00 price objective on shares of Magnite in a research report on Thursday, April 16th. Royal Bank Of Canada cut their price objective on Magnite from $23.00 to $20.00 and set an "outperform" rating on the stock in a research report on Thursday. Finally, Evercore reaffirmed an "outperform" rating and set a $21.00 price objective on shares of Magnite in a research report on Thursday. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $24.33.

Insider Buying and Selling

In related news, insider Adam Lee Soroca sold 21,529 shares of the stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $12.00, for a total value of $258,348.00. Following the transaction, the insider owned 388,425 shares of the company's stock, valued at $4,661,100. This represents a 5.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 3.80% of the stock is owned by company insiders.

Magnite Stock Performance

NASDAQ:MGNI opened at $14.13 on Friday. The firm has a market capitalization of $2.02 billion, a PE ratio of 13.59, a price-to-earnings-growth ratio of 0.86 and a beta of 2.33. The business's fifty day moving average price is $12.75 and its 200 day moving average price is $14.28. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $26.65.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.11 by $0.02. The firm had revenue of $164.37 million for the quarter, compared to analyst estimates of $159.24 million. Magnite had a return on equity of 8.40% and a net margin of 21.96%.Magnite's revenue for the quarter was up 5.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.12 earnings per share. On average, sell-side analysts anticipate that Magnite, Inc. will post 0.59 earnings per share for the current fiscal year.

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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