Nippon Life Global Investors Americas Inc. Acquires New Stake in Magnite, Inc. $MGNI

Nippon Life Global Investors Americas Inc. bought a new stake in Magnite, Inc. (NASDAQ:MGNI) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 120,350 shares of the company’s stock, valued at approximately $2,621,000.

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

Insider Activity

In other Magnite news, Director Robert F. Spillane sold 12,500 shares of the company’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $14.22, for a total value of $177,750.00. Following the completion of the transaction, the director directly owned 53,917 shares of the company’s stock, valued at $766,699.74. This represents a 18.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Paul Caine sold 5,000 shares of Magnite stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $20.00, for a total value of $100,000.00. Following the sale, the director directly owned 153,603 shares in the company, valued at approximately $3,072,060. The trade was a 3.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 49,439 shares of company stock valued at $763,671 over the last ninety days. 3.80% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Wall Street Zen lowered Magnite from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Rosenblatt Securities reiterated a “buy” rating and set a $39.00 price objective on shares of Magnite in a report on Thursday, November 6th. Weiss Ratings reissued a “hold (c)” rating on shares of Magnite in a research report on Wednesday, October 8th. Wells Fargo & Company lowered their target price on shares of Magnite from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Friday, November 7th. Finally, Benchmark reaffirmed a “buy” rating on shares of Magnite in a research note on Monday, January 12th. Eight analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Magnite has a consensus rating of “Moderate Buy” and a consensus price target of $27.00.

Magnite Price Performance

Shares of NASDAQ MGNI opened at $14.38 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.01 and a quick ratio of 1.01. Magnite, Inc. has a 1-year low of $8.22 and a 1-year high of $26.65. The company has a market capitalization of $2.07 billion, a price-to-earnings ratio of 37.84, a PEG ratio of 0.78 and a beta of 2.35. The business has a 50-day moving average of $15.40 and a 200-day moving average of $19.74.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.20 EPS for the quarter, hitting the consensus estimate of $0.20. The firm had revenue of $179.49 million for 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 revenue for the quarter was up 11.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.17 EPS. On average, equities analysts anticipate that Magnite, Inc. will post 0.33 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).