Deutsche Bank AG Takes $3.13 Million Position in Magnite, Inc. $MGNI

Deutsche Bank AG bought a new stake in shares of Magnite, Inc. (NASDAQ:MGNI) in the second quarter, HoldingsChannel.com reports. The institutional investor bought 165,040 shares of the company’s stock, valued at approximately $3,132,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital Research Global Investors boosted its holdings in Magnite by 85.0% in the fourth 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 in the last quarter. Wellington Management Group LLP raised its holdings in Magnite by 67.7% in the 4th quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock worth $140,053,000 after purchasing an additional 3,484,689 shares in the last quarter. Ophir Asset Management Pty Ltd purchased a new stake in shares of Magnite in the 4th quarter worth about $38,695,000. 325 Capital LLC increased its position in shares of Magnite by 208.5% during the fourth quarter. 325 Capital LLC now owns 2,005,387 shares of the company’s stock valued at $32,547,000 after buying an additional 1,355,326 shares during the period. Finally, Bank of New York Mellon Corp bought a new position in Magnite in the second quarter worth about $22,059,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Insider Buying and Selling

In other Magnite news, insider Sean Patrick Buckley sold 67,179 shares of Magnite stock in a transaction on 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 completion of the transaction, the insider owned 315,805 shares in the company, valued at approximately $7,734,064.45. The trade was a 17.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rachel Lam sold 10,000 shares of the business’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $24.16, for a total value of $241,600.00. Following the completion of the sale, the director directly owned 230,620 shares in the company, valued at $5,571,779.20. This trade represents a 4.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 935,251 shares of company stock worth $19,046,675 over the last three months. Corporate insiders own 3.20% of the company’s stock.

Analyst Ratings Changes

MGNI has been the subject of several research analyst reports. Susquehanna raised their price objective on shares of Magnite from $22.00 to $30.00 and gave the stock a “positive” rating in a report on Thursday, August 6th. B. Riley Financial increased 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. Wells Fargo & Company raised their target price on Magnite from $21.00 to $22.00 and gave the company an “equal weight” rating in a research note on Friday, August 7th. 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, Royal Bank Of Canada upped their price target on Magnite from $20.00 to $27.00 and gave the stock an “outperform” rating in a research note on Thursday, August 6th. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $28.30.

Magnite Trading Down 2.1%

NASDAQ:MGNI opened at $23.38 on Thursday. Magnite, Inc. has a one year low of $10.82 and a one year high of $26.65. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.02 and a quick ratio of 1.03. The company’s 50-day simple moving average is $20.81 and its 200 day simple moving average is $15.85. The firm has a market capitalization of $3.35 billion, a P/E ratio of 21.45, a PEG ratio of 1.04 and a beta of 2.26.

Magnite (NASDAQ:MGNI) last announced its 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. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The business had revenue of $192.82 million during the quarter, compared to the consensus estimate of $179.15 million. During the same quarter last year, the firm earned $0.20 earnings per share. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. As a group, analysts forecast that Magnite, Inc. will post 0.61 EPS for the current fiscal 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).