43,900 Shares in Magnite, Inc. $MGNI Purchased by Homestead Advisers Corp

Homestead Advisers Corp purchased a new position in shares of Magnite, Inc. (NASDAQ:MGNI) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 43,900 shares of the company’s stock, valued at approximately $956,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. State of Wyoming acquired a new stake in Magnite in the 3rd quarter valued at $39,000. CWM LLC increased its stake in shares of Magnite by 133.6% during the second quarter. CWM LLC now owns 1,775 shares of the company’s stock worth $43,000 after purchasing an additional 1,015 shares in the last quarter. USA Financial Formulas purchased a new stake in shares of Magnite during the third quarter worth about $40,000. MTM Investment Management LLC acquired a new position in shares of Magnite during the 2nd quarter worth about $58,000. Finally, Westfuller Advisors LLC purchased a new position in Magnite in the 3rd quarter valued at about $56,000. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Magnite Price Performance

Magnite stock opened at $11.90 on Thursday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.43. The company has a 50-day moving average price of $15.45 and a 200 day moving average price of $18.87. Magnite, Inc. has a 12-month low of $8.22 and a 12-month high of $26.65. The stock has a market cap of $1.71 billion, a P/E ratio of 31.32, a PEG ratio of 0.63 and a beta of 2.39.

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

Wall Street Analyst Weigh In

Several research firms have commented on MGNI. Benchmark reiterated a “buy” rating on shares of Magnite in a research note on Monday, January 12th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a research note on Thursday, January 22nd. Rosenblatt Securities reaffirmed a “buy” rating and set a $39.00 target price on shares of Magnite in a report on Thursday, November 6th. Wall Street Zen downgraded shares of Magnite from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Finally, Wells Fargo & Company lowered their target price on Magnite from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Friday, November 7th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $27.00.

Insider Buying and Selling

In other Magnite news, insider Adam Lee Soroca sold 16,656 shares of the firm’s 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 completion of the sale, the insider owned 326,114 shares of the company’s stock, valued at $5,543,938. This trade represents a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert F. Spillane sold 12,500 shares of Magnite stock in a transaction on 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 sale, the director owned 53,917 shares in the company, valued at $766,699.74. This represents a 18.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 44,439 shares of company stock worth $663,671. Company insiders own 3.80% of the company’s stock.

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).