Rice Hall James & Associates LLC Makes New $5.39 Million Investment in Magnite, Inc. $MGNI

Rice Hall James & Associates LLC purchased a new stake in Magnite, Inc. (NASDAQ:MGNI) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 283,919 shares of the company’s stock, valued at approximately $5,389,000.

Other institutional investors also recently modified their holdings of the company. Smartleaf Asset Management LLC boosted its position in shares of Magnite by 20.5% during the second quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company’s stock worth $82,000 after buying an additional 577 shares during the period. US Bancorp DE raised its position in Magnite by 75.8% in the 3rd 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 last quarter. PNC Financial Services Group Inc. raised its position in Magnite by 45.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock valued at $53,000 after buying an additional 755 shares during the last quarter. AYAL Capital Advisors Ltd raised its position in Magnite by 0.5% in the 4th quarter. AYAL Capital Advisors Ltd now owns 200,000 shares of the company’s stock valued at $3,246,000 after buying an additional 1,000 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co lifted its stake in Magnite by 2.4% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 44,552 shares of the company’s stock valued at $992,000 after acquiring an additional 1,047 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors.

Magnite Stock Down 2.2%

MGNI stock opened at $24.19 on Tuesday. The company has a market cap of $3.47 billion, a price-to-earnings ratio of 22.19, a P/E/G ratio of 1.08 and a beta of 2.26. Magnite, Inc. has a twelve month low of $10.82 and a twelve month high of $26.65. The business has a 50 day moving average price of $19.84 and a two-hundred day moving average price of $15.34. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37.

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

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Scotiabank reaffirmed an “outperform” rating and set a $27.00 price target on shares of Magnite in a research report on Thursday, August 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a report on Friday, August 7th. Benchmark boosted their price objective on shares of Magnite from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. B. Riley Financial increased their target price on shares of Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Finally, Wells Fargo & Company raised their target price on shares of Magnite from $21.00 to $22.00 and gave the company an “equal weight” rating in a research report on Friday, August 7th. Nine analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $28.30.

Insider Activity

In related news, CEO Michael G. Barrett sold 293,968 shares of the business’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $22.72, for a total transaction of $6,678,952.96. Following the transaction, the chief executive officer directly owned 403,074 shares in the company, valued at approximately $9,157,841.28. The trade was a 42.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas S. Knopper sold 37,337 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $18.10, for a total transaction of $675,799.70. Following the sale, the director directly owned 125,810 shares in the company, valued at $2,277,161. This trade represents a 22.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 935,251 shares of company stock valued at $19,046,675 in the last ninety days. Corporate insiders own 3.20% of the company’s stock.

Magnite 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).