Magnite, Inc. $MGNI Position Decreased by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP reduced its stake in Magnite, Inc. by 16.0%, selling 1,126,740 shares and now owning 5,903,271 shares, approximately 4.18% of the company.
• Several institutional investors have increased their positions in Magnite, including Cambridge Investment Research Advisors, which raised its stake by 74.6%.
• Magnite reported $0.20 in earnings per share for the last quarter, exceeding analyst expectations and showing a 6.4% increase in revenue compared to the previous year.

Wellington Management Group LLP cut its stake in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 16.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,903,271 shares of the company's stock after selling 1,126,740 shares during the period. Wellington Management Group LLP owned 4.18% of Magnite worth $67,356,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. MCF Advisors LLC increased its stake in Magnite by 2,100.0% during the first quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock valued at $25,000 after purchasing an additional 2,100 shares during the last quarter. AllSquare Wealth Management LLC raised its holdings in shares of Magnite by 76.8% during the first quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company's stock worth $41,000 after purchasing an additional 1,555 shares during the period. GAMMA Investing LLC raised its holdings in shares of Magnite by 10,170.3% during the first quarter. GAMMA Investing LLC now owns 3,800 shares of the company's stock worth $43,000 after purchasing an additional 3,763 shares during the period. Smithfield Trust Co raised its holdings 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 purchasing an additional 1,660 shares during the period. Finally, Larson Financial Group LLC raised its holdings in shares of Magnite by 67.5% during the first quarter. Larson Financial Group LLC now owns 6,108 shares of the company's stock worth $70,000 after purchasing an additional 2,461 shares during the period. 73.40% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Magnite

In related news, insider Adam Lee Soroca sold 44,519 shares of the stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $20.00, for a total value of $890,380.00. Following the completion of the transaction, the insider owned 400,927 shares in the company, valued at $8,018,540. This represents a 9.99% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director James Rossman sold 137,007 shares of the stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $18.78, for a total transaction of $2,572,991.46. Following the completion of the transaction, the director 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. Insiders have sold a total of 1,077,666 shares of company stock worth $22,036,054 over the last ninety days. Insiders own 4.30% of the company's stock.

Magnite Stock Performance

Shares of Magnite stock traded up $0.50 during trading on Wednesday, hitting $25.64. 2,422,630 shares of the stock were exchanged, compared to its average volume of 2,722,697. The stock's fifty day moving average is $22.78 and its 200 day moving average is $17.28. The stock has a market cap of $3.65 billion, a PE ratio of 88.42, a P/E/G ratio of 1.74 and a beta of 3.05. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.00. Magnite, Inc. has a 12 month low of $8.22 and a 12 month high of $26.09.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.17 by $0.03. The business had revenue of $162.00 million during the quarter, compared to analyst estimates of $157.05 million. Magnite had a net margin of 6.30% and a return on equity of 8.07%. The company's quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.14 earnings per share. As a group, sell-side analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on MGNI. Craig Hallum set a $24.00 target price on shares of Magnite and gave the stock a "buy" rating in a report on Tuesday, May 20th. Benchmark increased their target price on shares of Magnite from $30.00 to $31.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Wall Street Zen raised shares of Magnite from a "hold" rating to a "buy" rating in a report on Sunday, July 13th. Rosenblatt Securities reissued a "buy" rating and set a $39.00 target price on shares of Magnite in a report on Thursday, August 7th. Finally, Wells Fargo & Company upped their price target on shares of Magnite from $13.00 to $24.00 and gave the stock an "equal weight" rating in a research report 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 stock. According to data from MarketBeat.com, Magnite has an average rating of "Moderate Buy" and a consensus price target of $25.82.

Magnite 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.