Jupiter Topco LLC Invests $1.11 Million in Magnite, Inc. $MGNI

Jupiter Topco LLC purchased a new stake in shares of Magnite, Inc. (NASDAQ:MGNI) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 58,423 shares of the company’s stock, valued at approximately $1,109,000.

Several other hedge funds have also made changes to their positions in the company. EFG International AG acquired a new position in Magnite in the 2nd quarter worth approximately $28,000. Allworth Financial LP purchased a new position in Magnite during the 2nd quarter worth approximately $30,000. US Bancorp DE raised its stake in Magnite by 75.8% during the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after purchasing an additional 688 shares during the period. PNC Financial Services Group Inc. lifted its holdings in shares of Magnite by 45.1% in the third quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock valued at $53,000 after purchasing an additional 755 shares in the last quarter. Finally, Harbor Investment Advisory LLC purchased a new stake in shares of Magnite in the second quarter valued at $62,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Magnite Stock Performance

Shares of MGNI stock opened at $24.14 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.02 and a quick ratio of 1.03. Magnite, Inc. has a fifty-two week low of $10.82 and a fifty-two week high of $26.19. The stock’s 50-day moving average is $21.64 and its two-hundred day moving average is $16.42. The firm has a market cap of $3.46 billion, a P/E ratio of 22.15, a PEG ratio of 1.05 and a beta of 2.30.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. The company 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 last year, the business earned $0.20 EPS. Analysts predict that Magnite, Inc. will post 0.61 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on MGNI. Royal Bank Of Canada lifted their price target on Magnite from $20.00 to $27.00 and gave the company an “outperform” rating in a report on Thursday, August 6th. Scotiabank restated an “outperform” rating and set a $27.00 price objective on shares of Magnite in a research report on Thursday, August 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a research note on Friday, August 7th. Susquehanna upped their target price on Magnite from $22.00 to $30.00 and gave the company a “positive” rating in a report on Thursday, August 6th. Finally, B. Riley Financial increased their price target 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 research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $28.80.

Insider Transactions at Magnite

In related news, insider Katie Evans sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $24.00, for a total transaction of $480,000.00. Following the transaction, the insider owned 496,840 shares of the company’s stock, valued at approximately $11,924,160. This trade represents a 3.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas Knopper sold 37,337 shares of Magnite stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $18.10, for a total transaction of $675,799.70. Following the completion of the sale, the director owned 125,810 shares of the company’s stock, valued at $2,277,161. This trade represents a 22.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 989,242 shares of company stock valued at $20,331,988 in the last ninety days. 3.20% of the stock is currently owned by insiders.

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).