Rice Hall James & Associates LLC Takes Position in Magnite, Inc. $MGNI

Rice Hall James & Associates LLC bought a new position in Magnite, Inc. (NASDAQ:MGNI) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 283,919 shares of the company’s stock, valued at approximately $5,389,000. Rice Hall James & Associates LLC owned approximately 0.20% of Magnite at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Stephens Investment Management Group LLC increased its stake in shares of Magnite by 17.0% in the fourth quarter. Stephens Investment Management Group LLC now owns 1,128,578 shares of the company’s stock valued at $18,317,000 after buying an additional 164,035 shares in the last quarter. Royce & Associates LP lifted its position in Magnite by 19.5% during the 4th quarter. Royce & Associates LP now owns 1,166,469 shares of the company’s stock worth $18,932,000 after buying an additional 190,318 shares in the last quarter. Meros Investment Management LP grew its holdings in Magnite by 34.5% during the 4th quarter. Meros Investment Management LP now owns 825,595 shares of the company’s stock worth $13,399,000 after acquiring an additional 211,767 shares during the last quarter. Capital Research Global Investors grew 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 acquiring an additional 5,937,428 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in Magnite by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 14,802,630 shares of the company’s stock valued at $240,247,000 after acquiring an additional 148,198 shares in the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have weighed in on MGNI. BTIG Research boosted their target price on shares of Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Wells Fargo & Company boosted their price objective on shares of Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Friday, August 7th. Royal Bank Of Canada increased their price objective on Magnite from $20.00 to $27.00 and gave the company an “outperform” rating in a research report on Thursday, August 6th. B. Riley Financial boosted their target price on Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Finally, Evercore reissued an “outperform” rating and set a $25.00 price objective on shares of Magnite in a report on Thursday, August 6th. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, Magnite presently has an average rating of “Moderate Buy” and a consensus price target of $28.30.

Insider Buying and Selling at Magnite

In other news, insider Sean Patrick Buckley sold 67,179 shares of Magnite stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $24.49, for a total transaction of $1,645,213.71. Following the transaction, the insider owned 315,805 shares in the company, valued at $7,734,064.45. The trade was a 17.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Brian Gephart sold 12,479 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $24.68, for a total value of $307,981.72. Following the completion of the transaction, the chief accounting officer owned 106,117 shares of the company’s stock, valued at $2,618,967.56. This represents a 10.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 935,251 shares of company stock worth $19,046,675 in the last three months. 3.20% of the stock is owned by insiders.

Magnite Stock Performance

Shares of MGNI stock opened at $24.19 on Tuesday. The stock has a market cap of $3.47 billion, a PE ratio of 22.19, a price-to-earnings-growth ratio of 1.08 and a beta of 2.26. The stock has a 50-day moving average of $19.84 and a 200-day moving average of $15.34. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.02 and a quick ratio of 1.03. Magnite, Inc. has a one year low of $10.82 and a one year high of $26.65.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02. The firm had revenue of $192.82 million during the quarter, compared to analysts’ expectations of $179.15 million. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.20 earnings per share. As a group, sell-side analysts expect that Magnite, Inc. will post 0.61 earnings per share for the current year.

Magnite 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).