S Squared Technology LLC Increases Stake in Magnite, Inc. $MGNI

S Squared Technology LLC increased its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 50.4% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 402,862 shares of the company’s stock after purchasing an additional 135,000 shares during the period. Magnite makes up about 2.5% of S Squared Technology LLC’s portfolio, making the stock its 16th biggest position. S Squared Technology LLC’s holdings in Magnite were worth $6,538,000 as of its most recent SEC filing.

Several other institutional investors have 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 valued at $27,000. US Bancorp DE increased its stake in shares of Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after buying an additional 688 shares during the period. State of Wyoming purchased a new position in shares of Magnite during the third quarter valued at $39,000. Central Pacific Bank Trust Division purchased a new position in shares of Magnite during the fourth quarter valued at $41,000. Finally, Strategic Advocates LLC purchased a new position in Magnite in the third quarter valued at about $42,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Magnite Price Performance

MGNI opened at $16.25 on Monday. The business’s 50-day moving average is $13.50 and its two-hundred day moving average is $13.87. Magnite, Inc. has a 1 year low of $10.82 and a 1 year high of $26.65. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a market capitalization of $2.33 billion, a PE ratio of 15.63, a price-to-earnings-growth ratio of 0.77 and a beta of 2.32.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.02. The business had revenue of $164.37 million during the quarter, compared to the consensus estimate of $159.24 million. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The company’s quarterly revenue was up 5.5% on a year-over-year basis. During the same quarter last year, the company earned $0.12 earnings per share. Research analysts anticipate that Magnite, Inc. will post 0.6 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

MGNI has been the topic of several analyst reports. Royal Bank Of Canada reiterated an “outperform” rating on shares of Magnite in a research note on Thursday, May 28th. Benchmark cut their target price on Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Rosenblatt Securities reiterated a “buy” rating and issued a $39.00 target price on shares of Magnite in a research note on Thursday, February 26th. Wells Fargo & Company lifted their target price on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Friday, May 8th. Finally, BTIG Research initiated coverage on Magnite in a research note on Tuesday, June 9th. They issued a “buy” rating and a $20.00 target price on the stock. Eight analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Magnite currently has an average rating of “Moderate Buy” and an average price target of $23.89.

Insiders Place Their Bets

In other Magnite news, Director Douglas S. Knopper sold 10,766 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $15.73, for a total value of $169,349.18. Following the completion of the sale, the director owned 163,147 shares of the company’s stock, valued at approximately $2,566,302.31. This trade represents a 6.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert F. Spillane sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $13.33, for a total value of $133,300.00. Following the completion of the sale, the director directly owned 43,917 shares of the company’s stock, valued at approximately $585,413.61. This represents a 18.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 32,941 shares of company stock valued at $492,272. 4.30% of the stock is currently owned by corporate insiders.

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).