Canada Pension Plan Investment Board Takes $56.85 Million Position in Magnite, Inc. $MGNI

Canada Pension Plan Investment Board acquired a new stake in Magnite, Inc. (NASDAQ:MGNI) in the 2nd quarter, Holdings Channel.com reports. The institutional investor acquired 2,995,093 shares of the company’s stock, valued at approximately $56,847,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in Magnite during the 2nd quarter worth about $241,296,000. Capital Research Global Investors raised its holdings in shares of Magnite by 85.0% in the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock valued at $209,696,000 after purchasing an additional 5,937,428 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Magnite by 67.7% in the 4th quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock valued at $140,053,000 after purchasing an additional 3,484,689 shares in the last quarter. Ophir Asset Management Pty Ltd purchased a new stake in shares of Magnite in the 4th quarter worth approximately $38,695,000. Finally, 325 Capital LLC lifted its position in shares of Magnite by 208.5% in the 4th quarter. 325 Capital LLC now owns 2,005,387 shares of the company’s stock worth $32,547,000 after purchasing an additional 1,355,326 shares during the period. 73.40% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Magnite news, insider Sean Patrick Buckley sold 67,179 shares of the firm’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $24.49, for a total value of $1,645,213.71. Following the completion of the sale, the insider directly owned 315,805 shares in the company, valued at $7,734,064.45. This trade represents a 17.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas S. Knopper sold 37,337 shares of Magnite stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $22.72, for a total transaction of $848,296.64. Following the completion of the transaction, the director directly owned 88,473 shares in the company, valued at $2,010,106.56. This represents a 29.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 935,251 shares of company stock valued at $19,046,675 over the last quarter. Insiders own 3.20% of the company’s stock.

Magnite Stock Performance

MGNI stock opened at $23.36 on Friday. Magnite, Inc. has a one year low of $10.82 and a one year high of $26.65. The firm has a market cap of $3.35 billion, a price-to-earnings ratio of 21.43, a PEG ratio of 1.02 and a beta of 2.26. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.02. The firm has a 50-day simple moving average of $20.92 and a two-hundred day simple moving average of $15.94.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The firm had revenue of $192.82 million for the quarter, compared to the consensus estimate of $179.15 million. During the same quarter in the previous year, the firm earned $0.20 EPS. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, equities analysts forecast that Magnite, Inc. will post 0.61 EPS for the current fiscal year.

Analysts Set New Price Targets

MGNI has been the topic of a number of recent research reports. Royal Bank Of Canada increased their price objective on shares of Magnite from $20.00 to $27.00 and gave the company an “outperform” rating in a research note on Thursday, August 6th. Scotiabank restated an “outperform” rating and set a $27.00 target price on shares of Magnite in a report on Thursday, August 6th. BTIG Research increased their target price on Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Wells Fargo & Company lifted their price target on Magnite from $21.00 to $22.00 and gave the company an “equal weight” rating in a report on Friday, August 7th. Finally, Rosenblatt Securities boosted their price target on Magnite from $39.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $28.30.

Magnite Company 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).