Legal & General Group Plc Purchases New Shares in Magnite, Inc. $MGNI

Legal & General Group Plc acquired a new position in Magnite, Inc. (NASDAQ:MGNI) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 117,006 shares of the company’s stock, valued at approximately $2,221,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Stephens Investment Management Group LLC grew its holdings in Magnite by 17.0% during the 4th quarter. Stephens Investment Management Group LLC now owns 1,128,578 shares of the company’s stock worth $18,317,000 after acquiring an additional 164,035 shares during the last quarter. Royce & Associates LP lifted its position in shares of Magnite by 19.5% during the fourth quarter. Royce & Associates LP now owns 1,166,469 shares of the company’s stock worth $18,932,000 after purchasing an additional 190,318 shares in the last quarter. Meros Investment Management LP grew its stake in shares of Magnite by 34.5% during the fourth quarter. Meros Investment Management LP now owns 825,595 shares of the company’s stock valued at $13,399,000 after purchasing an additional 211,767 shares during the last quarter. Capital Research Global Investors increased its holdings in shares of 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 purchasing an additional 5,937,428 shares in the last quarter. Finally, Norwood Investment Partners LP bought a new position in Magnite in the 2nd quarter worth approximately $4,460,300. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Magnite Stock Performance

MGNI stock opened at $24.14 on Friday. Magnite, Inc. has a twelve month low of $10.82 and a twelve month high of $26.19. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. The company has a market cap of $3.46 billion, a P/E ratio of 22.15, a price-to-earnings-growth ratio of 1.05 and a beta of 2.30. The business’s fifty day moving average is $21.64 and its 200-day moving average is $16.42.

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

Insider Activity

In other news, insider Sean Buckley sold 67,179 shares of the business’s 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 completion of the transaction, the insider directly owned 315,805 shares in the company, valued at approximately $7,734,064.45. The trade was a 17.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Katie Evans sold 20,000 shares of the stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $24.00, for a total transaction of $480,000.00. Following the completion of the sale, the insider owned 496,840 shares in the company, valued at $11,924,160. This represents a 3.87% 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 90 days, insiders have sold 989,242 shares of company stock valued at $20,331,988. Insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on MGNI shares. B. Riley Financial lifted their target price on Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. BTIG Research raised their price target on Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Wells Fargo & Company lifted their price objective on Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Friday, August 7th. Weiss Ratings reissued a “hold (c)” rating on shares of Magnite in a report on Friday, August 7th. Finally, Rosenblatt Securities upped 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. Nine analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Magnite presently has an average rating of “Moderate Buy” and a consensus target price of $28.80.

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).