State of Wyoming Makes New $423,000 Investment in Magnite, Inc. $MGNI

State of Wyoming purchased a new stake in shares of Magnite, Inc. (NASDAQ:MGNI) in the second quarter, according to its most recent filing with the SEC. The firm purchased 22,273 shares of the company’s stock, valued at approximately $423,000.

Other institutional investors have also modified their holdings of the company. US Bancorp DE increased its stake in Magnite by 75.8% in the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after purchasing an additional 688 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in Magnite by 106.3% during the first quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock worth $45,000 after purchasing an additional 1,949 shares in the last quarter. Smartleaf Asset Management LLC boosted its position in Magnite by 98.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 3,678 shares of the company’s stock worth $61,000 after purchasing an additional 1,824 shares in the last quarter. Harbor Investment Advisory LLC acquired a new stake in Magnite in the second quarter valued at $62,000. Finally, Optiver Holding B.V. grew its holdings in Magnite by 2,746.4% in the first quarter. Optiver Holding B.V. now owns 5,579 shares of the company’s stock valued at $66,000 after purchasing an additional 5,383 shares during the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Insiders Place Their Bets

In other Magnite news, Director Douglas S. Knopper sold 37,337 shares of the business’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $18.10, for a total value of $675,799.70. Following the completion of the transaction, the director directly owned 125,810 shares in the company, valued at approximately $2,277,161. The trade was a 22.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Sean Patrick Buckley sold 67,179 shares of the stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $24.49, for a total value of $1,645,213.71. Following the transaction, the insider directly owned 315,805 shares in the company, valued at approximately $7,734,064.45. This represents a 17.54% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 935,251 shares of company stock valued at $19,046,675. Insiders own 3.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on MGNI shares. Evercore restated an “outperform” rating and set a $25.00 target price on shares of Magnite in a report on Thursday, August 6th. B. Riley Financial raised their price objective on shares of Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. BTIG Research lifted their price objective on Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Benchmark upped their target price on Magnite from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Finally, Rosenblatt Securities increased their target price on Magnite from $39.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.30.

Magnite Price Performance

Magnite stock opened at $24.19 on Tuesday. Magnite, Inc. has a 12-month low of $10.82 and a 12-month high of $26.65. The stock has a market capitalization of $3.47 billion, a P/E ratio of 22.19, a P/E/G ratio of 1.08 and a beta of 2.26. The firm’s 50-day moving average is $19.84 and its two-hundred day moving average is $15.34. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.02 and a quick ratio of 1.03.

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