Sei Investments Co. Boosts Stock Position in Magnite, Inc. (NASDAQ:MGNI)

Sei Investments Co. increased its holdings in Magnite, Inc. (NASDAQ:MGNI) by 73.2% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 124,535 shares of the company’s stock after purchasing an additional 52,636 shares during the period. Sei Investments Co. owned approximately 0.10% of Magnite worth $4,215,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the stock. Beacon Investment Advisory Services Inc. grew its stake in shares of Magnite by 4.2% in the 2nd quarter. Beacon Investment Advisory Services Inc. now owns 158,079 shares of the company’s stock worth $5,349,000 after buying an additional 6,349 shares in the last quarter. Swiss National Bank raised its position in Magnite by 2.6% during the first quarter. Swiss National Bank now owns 243,000 shares of the company’s stock valued at $10,111,000 after purchasing an additional 6,200 shares during the period. HCR Wealth Advisors purchased a new stake in Magnite during the first quarter valued at approximately $541,000. Oxbow Advisors LLC bought a new stake in shares of Magnite in the 1st quarter valued at approximately $444,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of Magnite in the 1st quarter worth approximately $497,000. 64.77% of the stock is currently owned by institutional investors.

In related news, Director Paul Caine sold 15,000 shares of Magnite stock in a transaction that occurred on Monday, July 12th. The shares were sold at an average price of $31.45, for a total value of $471,750.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Douglas S. Knopper sold 10,200 shares of the firm’s stock in a transaction on Friday, July 9th. The stock was sold at an average price of $32.79, for a total transaction of $334,458.00. Following the completion of the transaction, the director now directly owns 106,246 shares of the company’s stock, valued at approximately $3,483,806.34. The disclosure for this sale can be found here. Over the last three months, insiders have sold 183,142 shares of company stock valued at $5,384,148. Insiders own 4.10% of the company’s stock.

NASDAQ:MGNI opened at $28.72 on Tuesday. The firm has a 50-day simple moving average of $30.09 and a 200-day simple moving average of $34.44. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.15 and a current ratio of 1.15. The firm has a market cap of $3.77 billion, a P/E ratio of 287.23 and a beta of 2.31. Magnite, Inc. has a one year low of $5.61 and a one year high of $64.39.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Thursday, August 5th. The company reported $0.11 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.05 by $0.06. Magnite had a return on equity of 4.17% and a net margin of 6.07%. The firm had revenue of $114.54 million during the quarter, compared to analyst estimates of $95.00 million. On average, research analysts predict that Magnite, Inc. will post 0.31 EPS for the current fiscal year.

MGNI has been the subject of a number of analyst reports. Royal Bank of Canada began coverage on Magnite in a research report on Monday, August 9th. They issued an “outperform” rating and a $40.00 price target for the company. Truist upgraded shares of Magnite from a “hold” rating to a “buy” rating and set a $37.00 price target on the stock in a report on Monday, June 7th. They noted that the move was a valuation call. Zacks Investment Research downgraded shares of Magnite from a “hold” rating to a “sell” rating in a research note on Friday. Truist Securities upgraded Magnite from a “hold” rating to a “buy” rating and set a $37.00 price target on the stock in a report on Monday, June 7th. Finally, Craig Hallum reissued a “buy” rating and set a $50.00 price target on shares of Magnite in a research note on Friday, July 2nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Magnite has an average rating of “Buy” and a consensus price target of $42.09.

Magnite Company Profile

Magnite, Inc provides a technology solution to automate the purchase and sale of digital advertising inventory for buyers and sellers. It features applications and services for digital advertising sellers including websites, mobile applications, and other digital media properties. The company was founded by Frank Addante, Duc Chau, Craig Roah, Julie Mattern and Brian D.

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Institutional Ownership by Quarter for Magnite (NASDAQ:MGNI)

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