Meros Investment Management LP Invests $18.82 Billion in Magnite, Inc. $MGNI

Meros Investment Management LP bought a new position in shares of Magnite, Inc. (NASDAQ:MGNI) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 991,335 shares of the company’s stock, valued at approximately $18,815,538,000. Magnite makes up 6.0% of Meros Investment Management LP’s investment portfolio, making the stock its 2nd biggest position. Meros Investment Management LP owned approximately 0.69% of Magnite at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. EFG International AG purchased a new position in Magnite in the 2nd quarter worth approximately $28,000. Canada Pension Plan Investment Board purchased a new stake in Magnite during the 2nd quarter valued at approximately $56,847,000. Manatuck Hill Partners LLC bought a new stake in shares of Magnite during the second quarter valued at approximately $8,541,000. Legal & General Group Plc bought a new position in shares of Magnite during the second quarter worth $2,221,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of Magnite during the second quarter valued at about $1,348,000. Institutional investors own 73.40% of the company’s stock.

Magnite Stock Up 1.4%

NASDAQ:MGNI opened at $23.89 on Wednesday. The company has a current ratio of 1.02, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. Magnite, Inc. has a twelve month low of $10.82 and a twelve month high of $26.65. The company has a market cap of $3.43 billion, a PE ratio of 21.92, a P/E/G ratio of 1.03 and a beta of 2.26. The company’s 50 day moving average is $20.71 and its two-hundred day moving average is $15.77.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on MGNI shares. Benchmark upped their price objective on Magnite from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. BTIG Research lifted their target price on Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Wells Fargo & Company upped their price target on shares of Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a report on Friday, August 7th. Susquehanna raised their price target on shares of Magnite from $22.00 to $30.00 and gave the stock a “positive” rating in a research note on Thursday, August 6th. Finally, Scotiabank reiterated an “outperform” rating and set a $27.00 price objective on shares of Magnite in a report on Thursday, August 6th. Nine analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $28.30.

Insider Activity

In related news, CAO Brian Gephart sold 12,479 shares of Magnite stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $24.68, for a total value of $307,981.72. Following the completion of the transaction, the chief accounting officer owned 106,117 shares in the company, valued at $2,618,967.56. The trade was a 10.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Rachel Lam sold 10,000 shares of the company’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $24.16, for a total value of $241,600.00. Following the completion of the transaction, the director directly owned 230,620 shares of the company’s stock, valued at $5,571,779.20. The trade was a 4.16% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 935,251 shares of company stock worth $19,046,675. 3.20% 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).