Steinberganna Wealth Management Makes New Investment in Magnite, Inc. $MGNI

Steinberganna Wealth Management acquired a new stake in shares of Magnite, Inc. (NASDAQ:MGNI) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 69,024 shares of the company’s stock, valued at approximately $1,503,000. Magnite makes up approximately 0.7% of Steinberganna Wealth Management’s portfolio, making the stock its 29th biggest position.

A number of other institutional investors also recently modified their holdings of the company. American Century Companies Inc. lifted its holdings in shares of Magnite by 63.1% in the 2nd quarter. American Century Companies Inc. now owns 4,829,197 shares of the company’s stock worth $116,480,000 after purchasing an additional 1,868,188 shares in the last quarter. Frontier Capital Management Co. LLC raised its holdings in Magnite by 419.4% during the second quarter. Frontier Capital Management Co. LLC now owns 1,793,830 shares of the company’s stock worth $43,267,000 after buying an additional 1,448,456 shares during the last quarter. Stephens Investment Management Group LLC raised its holdings in Magnite by 42.0% during the second quarter. Stephens Investment Management Group LLC now owns 1,350,096 shares of the company’s stock worth $32,564,000 after buying an additional 399,440 shares during the last quarter. Maestria Partners LLC lifted its stake in shares of Magnite by 36.3% in the second quarter. Maestria Partners LLC now owns 1,434,317 shares of the company’s stock valued at $34,596,000 after buying an additional 382,000 shares in the last quarter. Finally, Dilation Capital Management LP acquired a new position in shares of Magnite during the second quarter valued at about $8,074,000. 73.40% of the stock is owned by institutional investors and hedge funds.

Magnite Price Performance

Magnite stock opened at $16.60 on Friday. Magnite, Inc. has a 52 week low of $8.22 and a 52 week high of $26.65. The company’s 50 day moving average price is $15.52 and its two-hundred day moving average price is $20.00. The stock has a market cap of $2.38 billion, a P/E ratio of 43.69, a P/E/G ratio of 0.92 and a beta of 2.35. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.43.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, November 5th. The company reported $0.20 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.20. The company had revenue of $179.49 million during the quarter, compared to analyst estimates of $163.29 million. Magnite had a return on equity of 8.74% and a net margin of 8.25%.Magnite’s quarterly revenue was up 11.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.17 earnings per share. On average, equities analysts predict that Magnite, Inc. will post 0.33 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Wells Fargo & Company lowered their target price on shares of Magnite from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Friday, November 7th. Wall Street Zen downgraded Magnite from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Rosenblatt Securities restated a “buy” rating and issued a $39.00 target price on shares of Magnite in a report on Thursday, November 6th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a report on Wednesday, October 8th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $27.00.

Insiders Place Their Bets

In other news, insider Adam Lee Soroca sold 16,656 shares of Magnite stock in a transaction on Wednesday, December 17th. The stock was sold at an average price of $17.00, for a total transaction of $283,152.00. Following the sale, the insider directly owned 326,114 shares in the company, valued at $5,543,938. The trade was a 4.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Paul Caine sold 5,000 shares of the business’s stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $20.00, for a total transaction of $100,000.00. Following the completion of the transaction, the director directly owned 153,603 shares in the company, valued at $3,072,060. This trade represents a 3.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 49,439 shares of company stock valued at $763,671. 3.80% of the stock is owned by company insiders.

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).