Stephens Investment Management Group LLC Decreases Stock Position in Magnite, Inc. $MGNI

Stephens Investment Management Group LLC cut its holdings in Magnite, Inc. (NASDAQ:MGNI) by 28.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 964,543 shares of the company’s stock after selling 385,553 shares during the quarter. Stephens Investment Management Group LLC owned 0.68% of Magnite worth $21,008,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. GAMMA Investing LLC lifted its holdings in shares of Magnite by 355.6% during the second quarter. GAMMA Investing LLC now owns 1,517 shares of the company’s stock valued at $37,000 after purchasing an additional 1,184 shares in the last quarter. USA Financial Formulas purchased a new position in Magnite in the 3rd quarter worth about $40,000. CWM LLC lifted its stake in Magnite by 133.6% during the 2nd quarter. CWM LLC now owns 1,775 shares of the company’s stock valued at $43,000 after acquiring an additional 1,015 shares during the period. MTM Investment Management LLC purchased a new stake in shares of Magnite during the 2nd quarter valued at about $58,000. Finally, Nisa Investment Advisors LLC grew its stake in shares of Magnite by 66.0% in the second quarter. Nisa Investment Advisors LLC now owns 2,780 shares of the company’s stock worth $67,000 after acquiring an additional 1,105 shares during the period. Institutional investors own 73.40% of the company’s stock.

Magnite Price Performance

Shares of Magnite stock opened at $14.38 on Friday. Magnite, Inc. has a one year low of $8.22 and a one year high of $26.65. The stock’s fifty day moving average is $15.40 and its 200 day moving average is $19.74. The stock has a market cap of $2.07 billion, a P/E ratio of 37.84, a P/E/G ratio of 0.78 and a beta of 2.35. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.01 and a current ratio of 1.01.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.20 EPS for the quarter, hitting the consensus estimate of $0.20. The firm had revenue of $179.49 million for the quarter, compared to the consensus estimate of $163.29 million. Magnite had a return on equity of 8.74% and a net margin of 8.25%.The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.17 earnings per share. Sell-side analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current year.

Insider Activity

In other news, insider Adam Lee Soroca sold 16,656 shares of the stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $17.00, for a total value of $283,152.00. Following the completion of the sale, the insider directly owned 326,114 shares of the company’s stock, valued at $5,543,938. This represents a 4.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Paul Caine sold 5,000 shares of the company’s stock in a transaction on Friday, October 24th. The stock was sold at an average price of $20.00, for a total transaction of $100,000.00. Following the completion of the transaction, the director directly owned 153,603 shares of the company’s stock, valued at $3,072,060. This represents a 3.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 49,439 shares of company stock valued at $763,671. Company insiders own 3.80% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on MGNI. Weiss Ratings restated a “hold (c)” rating on shares of Magnite in a research report on Wednesday, October 8th. Wall Street Zen downgraded Magnite from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Wells Fargo & Company cut their price objective on Magnite from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Friday, November 7th. Benchmark reiterated a “buy” rating on shares of Magnite in a research report on Monday, January 12th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $39.00 target price on shares of Magnite in a research report on Thursday, November 6th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $27.00.

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).