Commonwealth Equity Services LLC Purchases 42,000 Shares of Magnite, Inc. $MGNI

Commonwealth Equity Services LLC boosted its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 19.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 254,318 shares of the company’s stock after purchasing an additional 42,000 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Magnite were worth $4,128,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. Neo Ivy Capital Management acquired a new position in Magnite in the third quarter valued at approximately $27,000. US Bancorp DE lifted its holdings in Magnite by 75.8% in the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after buying an additional 688 shares during the period. State of Wyoming acquired a new position in Magnite in the third quarter valued at approximately $39,000. Central Pacific Bank Trust Division acquired a new position in Magnite in the fourth quarter valued at approximately $41,000. Finally, Strategic Advocates LLC acquired a new position in Magnite in the third quarter valued at approximately $42,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on MGNI shares. Evercore restated an “outperform” rating and issued a $21.00 price target on shares of Magnite in a research report on Thursday, May 7th. Scotiabank raised their price target on Magnite from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a research report on Thursday, May 7th. Weiss Ratings upgraded Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Needham & Company LLC restated a “buy” rating and set a $25.00 target price on shares of Magnite in a research report on Thursday, April 16th. Finally, Benchmark decreased their target price on Magnite from $31.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $24.38.

Insider Buying and Selling at Magnite

In other news, Director Robert F. Spillane sold 10,000 shares of Magnite stock in a transaction dated 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 owned 43,917 shares in the company, valued at $585,413.61. The trade was a 18.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 4.30% of the stock is owned by company insiders.

Magnite Stock Performance

Shares of Magnite stock opened at $14.68 on Monday. The company has a market capitalization of $2.10 billion, a PE ratio of 14.12, a PEG ratio of 0.69 and a beta of 2.32. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $26.65. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. The stock’s fifty day simple moving average is $13.10 and its 200 day simple moving average is $13.80.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 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 the consensus estimate of $159.24 million. During the same quarter last year, the business posted $0.12 EPS. The firm’s revenue was up 5.5% compared to the same quarter last year. On average, research analysts predict that Magnite, Inc. will post 0.6 EPS for the current year.

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).