Vanguard Group Inc. Raises Holdings in Magnite, Inc. $MGNI

Vanguard Group Inc. grew its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 1.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 14,802,630 shares of the company’s stock after purchasing an additional 148,198 shares during the quarter. Vanguard Group Inc. owned approximately 0.10% of Magnite worth $240,247,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in MGNI. Neo Ivy Capital Management purchased a new position in shares of Magnite during the third quarter worth about $27,000. US Bancorp DE grew its holdings in shares of Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after purchasing an additional 688 shares during the last quarter. State of Wyoming purchased a new position in shares of Magnite during the third quarter worth about $39,000. Central Pacific Bank Trust Division purchased a new position in shares of Magnite during the fourth quarter worth about $41,000. Finally, Strategic Advocates LLC purchased a new position in shares of Magnite during the third quarter worth about $42,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Magnite Price Performance

MGNI stock opened at $14.13 on Friday. The firm has a 50 day moving average of $12.75 and a 200-day moving average of $14.28. Magnite, Inc. has a 12-month low of $10.82 and a 12-month high of $26.65. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. The company has a market cap of $2.02 billion, a price-to-earnings ratio of 13.59, a PEG ratio of 0.86 and a beta of 2.33.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The company had revenue of $164.37 million during the quarter, compared to the consensus estimate of $159.24 million. During the same period last year, the firm earned $0.12 EPS. The company’s revenue for the quarter was up 5.5% on a year-over-year basis. As a group, equities analysts expect that Magnite, Inc. will post 0.59 EPS for the current fiscal year.

Insider Activity

In related news, insider Adam Lee Soroca sold 21,529 shares of Magnite stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $12.00, for a total transaction of $258,348.00. Following the completion of the transaction, the insider directly owned 388,425 shares in the company, valued at $4,661,100. The trade was a 5.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.80% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms recently issued reports on MGNI. Rosenblatt Securities reissued a “buy” rating and set a $39.00 price target on shares of Magnite in a report on Thursday, February 26th. Scotiabank raised their price target on Magnite from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a report on Thursday. Wells Fargo & Company raised their price objective on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Friday. Needham & Company LLC restated a “buy” rating and issued a $25.00 price objective on shares of Magnite in a research report on Thursday, April 16th. Finally, Evercore restated an “outperform” rating and issued a $21.00 price objective on shares of Magnite in a research report on Thursday. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $24.33.

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).