Manatuck Hill Partners LLC Takes $8.54 Million Position in Magnite, Inc. $MGNI

Manatuck Hill Partners LLC bought a new position in shares of Magnite, Inc. (NASDAQ:MGNI) in the second quarter, HoldingsChannel reports. The fund bought 450,000 shares of the company’s stock, valued at approximately $8,541,000. Magnite accounts for approximately 2.8% of Manatuck Hill Partners LLC’s portfolio, making the stock its 7th biggest position.

Other large investors have also recently bought and sold shares of the company. Legal & General Group Plc purchased a new position in Magnite in the second quarter valued at $2,221,000. The Manufacturers Life Insurance Company purchased a new stake in Magnite during the 2nd quarter worth about $1,348,000. S Squared Technology LLC acquired a new position in shares of Magnite during the 2nd quarter worth about $10,778,021,000. Cetera Trust Company N.A acquired a new position in shares of Magnite during the 2nd quarter worth about $81,000. Finally, Elevation Point Wealth Partners LLC purchased a new position in shares of Magnite in the 2nd quarter valued at about $458,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Insider Transactions at Magnite

In other news, insider Katie Seitz Evans sold 20,000 shares of Magnite stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $24.00, for a total value of $480,000.00. Following the transaction, the insider directly owned 496,840 shares of the company’s stock, valued at $11,924,160. The trade was a 3.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael G. Barrett sold 293,968 shares of the company’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $22.72, for a total transaction of $6,678,952.96. Following the completion of the sale, the chief executive officer owned 403,074 shares of the company’s stock, valued at approximately $9,157,841.28. This trade represents a 42.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 935,251 shares of company stock worth $19,046,675. 3.20% of the stock is currently owned by corporate insiders.

Magnite Stock Performance

Shares of MGNI stock opened at $23.89 on Wednesday. The stock’s 50-day moving average is $20.71 and its two-hundred day moving average is $15.77. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.02. Magnite, Inc. has a 1 year low of $10.82 and a 1 year high of $26.65. The firm has a market cap of $3.43 billion, a price-to-earnings ratio of 21.92, a PEG ratio of 1.03 and a beta of 2.26.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 9.33% and a net margin of 22.49%.The business’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.20 EPS. Analysts predict that Magnite, Inc. will post 0.61 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MGNI. Wells Fargo & Company raised their target price on Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Friday, August 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a report on Friday, August 7th. Rosenblatt Securities increased their price target on shares of Magnite from $39.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Benchmark raised their price objective on shares of Magnite from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Finally, BTIG Research boosted their price objective on shares of Magnite from $20.00 to $27.00 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, the company currently has a consensus rating of “Moderate Buy” and an average price target of $28.30.

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).