Blue Grotto Capital LLC Acquires 1,263,992 Shares of Magnite, Inc. $MGNI

Blue Grotto Capital LLC grew its holdings in Magnite, Inc. (NASDAQ:MGNI) by 443.8% in the 3rd quarter, Holdings Channel reports. The fund owned 1,548,796 shares of the company’s stock after purchasing an additional 1,263,992 shares during the quarter. Magnite comprises 3.9% of Blue Grotto Capital LLC’s portfolio, making the stock its 11th biggest holding. Blue Grotto Capital LLC’s holdings in Magnite were worth $33,733,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its stake in Magnite by 8.1% during the 3rd quarter. Vanguard Group Inc. now owns 14,654,432 shares of the company’s stock valued at $319,174,000 after purchasing an additional 1,092,147 shares during the last quarter. American Century Companies Inc. grew its position in 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 during the last quarter. Geode Capital Management LLC grew its position in Magnite by 6.0% in the 2nd quarter. Geode Capital Management LLC now owns 3,216,842 shares of the company’s stock worth $77,597,000 after purchasing an additional 183,414 shares during the last quarter. State Street Corp increased its holdings in shares of Magnite by 5.2% during the 2nd quarter. State Street Corp now owns 3,053,607 shares of the company’s stock worth $73,653,000 after purchasing an additional 150,547 shares during the period. Finally, Frontier Capital Management Co. LLC increased its holdings in shares of Magnite by 419.4% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 1,793,830 shares of the company’s stock worth $43,267,000 after purchasing an additional 1,448,456 shares during the period. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Stock Performance

Shares of NASDAQ:MGNI opened at $12.29 on Friday. The business has a fifty day moving average of $13.73 and a 200-day moving average of $17.02. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02. Magnite, Inc. has a twelve month low of $8.22 and a twelve month high of $26.65. The firm has a market cap of $1.77 billion, a PE ratio of 13.07, a price-to-earnings-growth ratio of 0.70 and a beta of 2.34.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Evercore reiterated an “outperform” rating and issued a $20.00 target price on shares of Magnite in a research note on Thursday, February 26th. Benchmark lowered their price target on Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Scotiabank cut their price target on Magnite from $30.00 to $16.00 and set a “sector outperform” rating for the company in a report on Thursday, February 26th. Wells Fargo & Company reduced their price objective on Magnite from $20.00 to $13.00 and set an “equal weight” rating for the company in a research report on Friday, February 27th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Magnite in a research report on Thursday, January 22nd. 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, the company currently has an average rating of “Moderate Buy” and a consensus target price of $24.10.

Insider Buying and Selling

In other Magnite news, insider Adam Lee Soroca sold 21,529 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $12.00, for a total value of $258,348.00. Following the completion of the sale, the insider owned 388,425 shares in the company, valued at approximately $4,661,100. This trade represents a 5.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 3.80% of the stock is currently owned by corporate 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).