Stephens Investment Management Group LLC Lowers Position in Magnite, Inc. $MGNI

Stephens Investment Management Group LLC decreased its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 28.6% in the third quarter, Holdings Channel.com reports. The fund owned 964,543 shares of the company’s stock after selling 385,553 shares during the period. Stephens Investment Management Group LLC’s holdings in Magnite were worth $21,008,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Boston Partners lifted its stake in Magnite by 5.7% in the 2nd quarter. Boston Partners now owns 5,574,604 shares of the company’s stock worth $133,037,000 after purchasing an additional 298,248 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of Magnite by 63.1% in the second 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 lifted its position in shares of Magnite by 6.0% in the second quarter. Geode Capital Management LLC now owns 3,216,842 shares of the company’s stock worth $77,597,000 after buying an additional 183,414 shares in the last quarter. State Street Corp lifted its position in shares of Magnite by 5.2% in the second quarter. State Street Corp now owns 3,053,607 shares of the company’s stock worth $73,653,000 after buying an additional 150,547 shares in the last quarter. Finally, Frontier Capital Management Co. LLC boosted its stake in Magnite by 419.4% during the second quarter. Frontier Capital Management Co. LLC now owns 1,793,830 shares of the company’s stock valued at $43,267,000 after buying an additional 1,448,456 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors.

Magnite Price Performance

Magnite stock opened at $14.38 on Friday. Magnite, Inc. has a 12-month low of $8.22 and a 12-month high of $26.65. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.43. The firm has a 50-day moving average price of $15.40 and a 200-day moving average price of $19.74. The firm has a market capitalization of $2.07 billion, a PE ratio of 37.84, a price-to-earnings-growth ratio of 0.78 and a beta of 2.35.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.20 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.20. The company had revenue of $179.49 million for the quarter, compared to analyst estimates of $163.29 million. Magnite had a net margin of 8.25% and a return on equity of 8.74%. The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.17 EPS. As a group, equities research analysts forecast that Magnite, Inc. will post 0.33 EPS for the current year.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Benchmark reaffirmed a “buy” rating on shares of Magnite in a research note on Monday, January 12th. Rosenblatt Securities restated a “buy” rating and issued a $39.00 price target on shares of Magnite in a research report on Thursday, November 6th. Wall Street Zen lowered shares of Magnite from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Wells Fargo & Company reduced their target price on shares of Magnite from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Friday, November 7th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a report on Wednesday, October 8th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Magnite has an average rating of “Moderate Buy” and a consensus target price of $27.00.

Insiders Place Their Bets

In other news, Director Robert F. Spillane sold 12,500 shares of Magnite stock in a transaction on Friday, November 21st. The stock was sold at an average price of $14.22, for a total transaction of $177,750.00. Following the completion of the sale, the director directly owned 53,917 shares in the company, valued at approximately $766,699.74. This trade represents a 18.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Adam Lee Soroca sold 16,656 shares of the company’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $17.00, for a total transaction of $283,152.00. Following the completion of the transaction, the insider owned 326,114 shares in the company, valued at approximately $5,543,938. The trade was a 4.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 49,439 shares of company stock valued at $763,671 over the last quarter. 3.80% of the stock is currently owned by 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).