Wellington Management Group LLP Has $67.36 Million Position in Magnite, Inc. $MGNI

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

Other institutional investors and hedge funds have also recently made changes to their positions in the company. MCF Advisors LLC lifted its holdings in shares of Magnite by 2,100.0% in the first quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock worth $25,000 after acquiring an additional 2,100 shares during the last quarter. AllSquare Wealth Management LLC raised its holdings in Magnite by 76.8% in the 1st quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company's stock valued at $41,000 after buying an additional 1,555 shares during the last quarter. GAMMA Investing LLC raised its holdings in Magnite by 10,170.3% in the 1st quarter. GAMMA Investing LLC now owns 3,800 shares of the company's stock valued at $43,000 after buying an additional 3,763 shares during the last quarter. Smithfield Trust Co raised its holdings in Magnite by 38.9% in the 1st quarter. Smithfield Trust Co now owns 5,930 shares of the company's stock valued at $67,000 after buying an additional 1,660 shares during the last quarter. Finally, Larson Financial Group LLC raised its holdings in Magnite by 67.5% in the 1st quarter. Larson Financial Group LLC now owns 6,108 shares of the company's stock valued at $70,000 after buying an additional 2,461 shares during the last quarter. Institutional investors own 73.40% of the company's stock.

Insider Activity at Magnite

In other news, Director Diane Yu sold 20,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $25.23, for a total transaction of $504,600.00. Following the completion of the sale, the director owned 67,481 shares of the company's stock, valued at $1,702,545.63. This trade represents a 22.86% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Adam Lee Soroca sold 10,579 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $23.47, for a total transaction of $248,289.13. Following the sale, the insider directly owned 346,393 shares of the company's stock, valued at approximately $8,129,843.71. This trade represents a 2.96% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,097,666 shares of company stock worth $22,540,654. Corporate insiders own 3.80% of the company's stock.

Magnite Trading Up 3.8%

NASDAQ:MGNI traded up $0.96 on Thursday, reaching $26.53. 1,102,639 shares of the stock traded hands, compared to its average volume of 2,718,237. The firm has a market capitalization of $3.78 billion, a price-to-earnings ratio of 91.57, a price-to-earnings-growth ratio of 1.73 and a beta of 3.05. The company's 50 day moving average is $22.91 and its 200-day moving average is $17.34. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. Magnite, Inc. has a 1-year low of $8.22 and a 1-year high of $26.58.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.17 by $0.03. The company had revenue of $162.00 million during 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 company's quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.14 EPS. Equities research analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Susquehanna raised their price objective on shares of Magnite from $22.00 to $28.00 and gave the company a "positive" rating in a report on Thursday, August 7th. Benchmark raised their price objective on shares of Magnite from $30.00 to $31.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Wells Fargo & Company raised their price objective on shares of Magnite from $13.00 to $24.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Royal Bank Of Canada raised their price objective on shares of Magnite from $19.00 to $27.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Finally, Scotiabank reiterated an "outperform" rating and issued a $30.00 price objective (up previously from $22.00) on shares of Magnite in a report on Thursday, August 7th. Ten equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $25.82.

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.