Teachers Retirement System of The State of Kentucky Has $1.25 Million Stock Holdings in Magnite, Inc. $MGNI

Teachers Retirement System of The State of Kentucky increased its holdings in Magnite, Inc. (NASDAQ:MGNI) by 204.8% in the 4th quarter, HoldingsChannel.com reports. The firm owned 76,813 shares of the company’s stock after buying an additional 51,612 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Magnite were worth $1,247,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in MGNI. Blue Grotto Capital LLC raised its position in Magnite by 443.8% in the third quarter. Blue Grotto Capital LLC now owns 1,548,796 shares of the company’s stock worth $33,733,000 after purchasing an additional 1,263,992 shares in the last quarter. Vanguard Group Inc. raised its position in Magnite by 8.1% in the third quarter. Vanguard Group Inc. now owns 14,654,432 shares of the company’s stock worth $319,174,000 after purchasing an additional 1,092,147 shares in the last quarter. 325 Capital LLC acquired a new position in Magnite in the third quarter worth about $14,158,000. Voloridge Investment Management LLC acquired a new position in Magnite in the third quarter worth about $8,172,000. Finally, Kopion Asset Management LLC raised its position in Magnite by 149.2% in the fourth quarter. Kopion Asset Management LLC now owns 614,459 shares of the company’s stock worth $9,973,000 after purchasing an additional 367,858 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Stock Performance

NASDAQ:MGNI opened at $12.92 on Thursday. Magnite, Inc. has a 1 year low of $10.82 and a 1 year high of $26.65. The firm has a 50 day moving average of $12.62 and a 200-day moving average of $14.44. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $1.85 billion, a P/E ratio of 13.74, a price-to-earnings-growth ratio of 0.80 and a beta of 2.39.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, February 25th. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.01). Magnite had a net margin of 20.25% and a return on equity of 8.44%. The firm had revenue of $205.36 million during the quarter, compared to the consensus estimate of $193.87 million. During the same quarter last year, the firm posted $0.34 EPS. The business’s revenue was up 5.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Magnite, Inc. will post 0.59 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Rosenblatt Securities reissued a “buy” rating and issued a $39.00 price target on shares of Magnite in a research report on Thursday, February 26th. Wells Fargo & Company dropped their price target on shares of Magnite from $20.00 to $13.00 and set an “equal weight” rating for the company in a research report on Friday, February 27th. Scotiabank dropped their price target on shares of Magnite from $30.00 to $16.00 and set a “sector outperform” rating for the company in a research report on Thursday, February 26th. Benchmark dropped their price target on shares of Magnite from $31.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $25.00 price target on shares of Magnite in a research report on Thursday, April 16th. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Magnite has an average rating of “Moderate Buy” and an average price target of $24.10.

Insider Buying and Selling at Magnite

In related news, insider Adam Lee Soroca sold 21,529 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $12.00, for a total value of $258,348.00. Following the completion of the sale, the insider owned 388,425 shares of the company’s stock, valued at $4,661,100. This trade represents a 5.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 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).