Magnite, Inc. $MGNI Stake Increased by Maestria Partners LLC

Maestria Partners LLC increased its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 19.5% during the fourth quarter, HoldingsChannel.com reports. The firm owned 1,363,505 shares of the company’s stock after buying an additional 222,334 shares during the period. Magnite accounts for 6.5% of Maestria Partners LLC’s portfolio, making the stock its 7th largest position. Maestria Partners LLC’s holdings in Magnite were worth $22,130,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Outlook Wealth Advisors LLC lifted its holdings in Magnite by 22.2% during the 4th quarter. Outlook Wealth Advisors LLC now owns 24,764 shares of the company’s stock worth $402,000 after purchasing an additional 4,498 shares in the last quarter. LPL Financial LLC lifted its holdings in Magnite by 6.0% during the 4th quarter. LPL Financial LLC now owns 116,450 shares of the company’s stock worth $1,890,000 after purchasing an additional 6,583 shares in the last quarter. CenterBook Partners LP lifted its holdings in Magnite by 137.1% during the 4th quarter. CenterBook Partners LP now owns 172,546 shares of the company’s stock worth $2,800,000 after purchasing an additional 99,760 shares in the last quarter. Capital Research Global Investors lifted its holdings in Magnite by 85.0% during the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock worth $209,696,000 after purchasing an additional 5,937,428 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new stake in Magnite during the 4th quarter worth about $694,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MGNI. Rosenblatt Securities reaffirmed a “buy” rating and issued a $39.00 price target on shares of Magnite in a report on Thursday, February 26th. Scotiabank raised their price target on Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a report on Thursday, May 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 price target on shares of Magnite in a report on Thursday, April 16th. Wells Fargo & Company raised their price target on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Friday, May 8th. Finally, Weiss Ratings raised Magnite from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $23.89.

Insider Transactions at Magnite

In related news, Director Robert F. Spillane sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $13.33, for a total transaction of $133,300.00. Following the transaction, the director directly owned 43,917 shares in the company, valued at $585,413.61. This trade represents a 18.55% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.30% of the stock is currently owned by insiders.

Magnite Price Performance

MGNI opened at $15.81 on Wednesday. The stock’s 50 day simple moving average is $13.24 and its 200 day simple moving average is $13.83. 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 1 year low of $10.82 and a 1 year high of $26.65. The firm has a market cap of $2.26 billion, a price-to-earnings ratio of 15.20, a PEG ratio of 0.69 and a beta of 2.32.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.02. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The business had revenue of $164.37 million for the quarter, compared to analyst estimates of $159.24 million. During the same period last year, the company earned $0.12 EPS. Magnite’s revenue for the quarter was up 5.5% compared to the same quarter last year. As a group, analysts predict that Magnite, Inc. will post 0.6 earnings per share for the current 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).