Magnite, Inc. $MGNI Stake Raised by Quantinno Capital Management LP

Quantinno Capital Management LP lifted its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 144.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 128,133 shares of the company’s stock after buying an additional 75,686 shares during the period. Quantinno Capital Management LP’s holdings in Magnite were worth $1,522,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Capital Research Global Investors increased its position in Magnite by 85.0% in the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock valued at $209,696,000 after acquiring an additional 5,937,428 shares during the period. Wellington Management Group LLP raised its stake in Magnite by 67.7% during the 4th quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock valued at $140,053,000 after acquiring an additional 3,484,689 shares in the last quarter. Ophir Asset Management Pty Ltd acquired a new position in Magnite during the 4th quarter worth $38,695,000. 325 Capital LLC boosted its position in Magnite by 208.5% during the 4th quarter. 325 Capital LLC now owns 2,005,387 shares of the company’s stock worth $32,547,000 after acquiring an additional 1,355,326 shares during the period. Finally, Balyasny Asset Management L.P. grew its stake in shares of Magnite by 6,775.7% in the fourth quarter. Balyasny Asset Management L.P. now owns 873,208 shares of the company’s stock worth $14,172,000 after purchasing an additional 860,508 shares in the last quarter. 73.40% of the stock is owned by institutional investors.

Magnite Price Performance

NASDAQ:MGNI opened at $24.34 on Thursday. The business’s 50-day moving average price is $19.25 and its 200 day moving average price is $15.14. The firm has a market cap of $3.49 billion, a P/E ratio of 22.33, a PEG ratio of 1.49 and a beta of 2.26. Magnite, Inc. has a 52-week low of $10.82 and a 52-week high of $26.65. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02. The company had revenue of $192.82 million during the quarter, compared to the consensus estimate of $179.15 million. Magnite had a net margin of 22.49% and a return on equity of 9.33%. Magnite’s revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.20 EPS. As a group, sell-side analysts predict that Magnite, Inc. will post 0.44 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

MGNI has been the topic of a number of recent analyst reports. Scotiabank restated an “outperform” rating and set a $27.00 price objective on shares of Magnite in a research note on Thursday, August 6th. Rosenblatt Securities increased their target price on shares of Magnite from $39.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Royal Bank Of Canada raised their target price on shares of Magnite from $20.00 to $27.00 and gave the company an “outperform” rating in a research note on Thursday, August 6th. Evercore restated an “outperform” rating and set a $25.00 price target on shares of Magnite in a research report on Thursday, August 6th. Finally, Benchmark upped their price target on shares of Magnite from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Nine equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $28.30.

Insider Buying and Selling at Magnite

In other news, insider Katie Seitz Evans sold 20,000 shares of the firm’s stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $24.00, for a total transaction of $480,000.00. Following the completion of the sale, the insider directly owned 496,840 shares of the company’s stock, valued at $11,924,160. This trade represents a 3.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Sean Patrick Buckley sold 67,179 shares of the business’s stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $24.49, for a total value of $1,645,213.71. Following the sale, the insider directly owned 315,805 shares in the company, valued at $7,734,064.45. This trade represents a 17.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 945,251 shares of company stock worth $19,179,975. 3.20% of the stock is owned by corporate insiders.

Magnite Company Profile

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).