Blue Grotto Capital LLC Raises Stock Holdings in Magnite, Inc. $MGNI

Blue Grotto Capital LLC lifted its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 5.2% in the 4th quarter, Holdings Channel reports. The firm owned 1,628,782 shares of the company’s stock after acquiring an additional 79,986 shares during the period. Magnite comprises 2.7% of Blue Grotto Capital LLC’s investment portfolio, making the stock its 18th largest holding. Blue Grotto Capital LLC’s holdings in Magnite were worth $26,435,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Meros Investment Management LP grew its holdings in shares of Magnite by 34.5% during the fourth quarter. Meros Investment Management LP now owns 825,595 shares of the company’s stock worth $13,399,000 after purchasing an additional 211,767 shares in the last quarter. QVT Financial LP purchased a new stake in Magnite in the fourth quarter worth approximately $995,000. S Squared Technology LLC boosted its stake in Magnite by 50.4% in the fourth quarter. S Squared Technology LLC now owns 402,862 shares of the company’s stock worth $6,538,000 after buying an additional 135,000 shares in the last quarter. Kennedy Capital Management LLC boosted its stake in Magnite by 18.3% in the fourth quarter. Kennedy Capital Management LLC now owns 1,435,970 shares of the company’s stock worth $23,306,000 after buying an additional 222,357 shares in the last quarter. Finally, Barclays PLC boosted its stake in Magnite by 73.9% in the fourth quarter. Barclays PLC now owns 366,390 shares of the company’s stock worth $5,947,000 after buying an additional 155,735 shares in 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 Robert F. Spillane sold 10,000 shares of the stock in a transaction on 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 transaction, the director owned 43,917 shares in the company, valued at approximately $585,413.61. This represents a 18.55% 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, Director Douglas S. Knopper sold 10,766 shares of the stock in a transaction on 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 transaction, 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 position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 32,941 shares of company stock worth $492,272. 4.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MGNI. Needham & Company LLC reaffirmed a “buy” rating and issued a $25.00 target price on shares of Magnite in a research note on Thursday, April 16th. Scotiabank upped their target price on Magnite from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a research note on Thursday, May 7th. Weiss Ratings raised Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $39.00 target price on shares of Magnite in a research note on Thursday, February 26th. Finally, Wells Fargo & Company upped their target price on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Friday, May 8th. Eight analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.89.

Magnite Price Performance

Shares of Magnite stock opened at $16.75 on Tuesday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. The company has a market cap of $2.40 billion, a PE ratio of 16.11, a P/E/G ratio of 0.77 and a beta of 2.32. The business has a 50 day moving average of $13.59 and a 200 day moving average of $13.89. Magnite, Inc. has a 52 week low of $10.82 and a 52 week high of $26.65.

Magnite (NASDAQ:MGNI) last announced its earnings results on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. The company 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 firm’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.12 earnings per share. As a group, equities research analysts forecast that Magnite, Inc. will post 0.6 earnings per share for the current year.

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).