Magnite, Inc. $MGNI is 325 Capital LLC’s 3rd Largest Position

325 Capital LLC grew its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 208.5% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 2,005,387 shares of the company’s stock after acquiring an additional 1,355,326 shares during the quarter. Magnite accounts for 11.4% of 325 Capital LLC’s portfolio, making the stock its 3rd largest position. 325 Capital LLC’s holdings in Magnite were worth $32,547,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in shares of Magnite by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 14,802,630 shares of the company’s stock worth $240,247,000 after purchasing an additional 148,198 shares during the last quarter. Capital Research Global Investors boosted its holdings in shares of Magnite by 85.0% during the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock worth $209,696,000 after purchasing an additional 5,937,428 shares during the last quarter. Granahan Investment Management LLC boosted its holdings in shares of Magnite by 6.3% during the third quarter. Granahan Investment Management LLC now owns 3,873,179 shares of the company’s stock worth $84,358,000 after purchasing an additional 230,393 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Magnite by 1.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,615,820 shares of the company’s stock worth $58,687,000 after purchasing an additional 48,566 shares during the last quarter. Finally, Nuveen LLC boosted its holdings in shares of Magnite by 14.2% during the fourth quarter. Nuveen LLC now owns 3,531,108 shares of the company’s stock worth $57,310,000 after purchasing an additional 439,072 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Key Stories Impacting Magnite

Here are the key news stories impacting Magnite this week:

• Positive Sentiment: Magnite announced a new partnership with Viasat Aviation to bring programmatic advertising to in-flight screens, expanding its reach into a new, high-engagement advertising channel and potentially opening another revenue stream. Magnite and Viasat Aviation Partner to Bring Programmatic Advertising to In-Flight Screens
• Positive Sentiment: Trading activity has been unusually strong, including a surge in call option buying, suggesting traders are positioning for more upside in MGNI after its recent rally. Unusual options trading in Magnite
• Neutral Sentiment: Recent coverage noted MGNI had already posted a sharp one-day gain on heavier volume, but also warned that earnings estimate revisions may limit near-term follow-through. Magnite (MGNI) Moves 10.8% Higher: Will This Strength Last?
• Negative Sentiment: CEO Michael G. Barrett, CTO David Buonasera, and Director Douglas S. Knopper all sold shares this week, which can create concern about insider confidence even if the sales were disclosed and may have been planned. SEC insider filings for Magnite

Magnite Price Performance

Shares of Magnite stock opened at $18.24 on Thursday. Magnite, Inc. has a twelve month low of $10.82 and a twelve month high of $26.65. The stock has a market capitalization of $2.61 billion, a P/E ratio of 17.54, a PEG ratio of 0.88 and a beta of 2.32. 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 business’s fifty day moving average price is $13.85 and its 200 day moving average price is $13.94.

Magnite (NASDAQ:MGNI) last issued its earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The firm had revenue of $164.37 million for the quarter, compared to analysts’ expectations of $159.24 million. During the same quarter last year, the firm earned $0.12 earnings per share. The firm’s revenue for the quarter was up 5.5% compared to the same quarter last year. As a group, research analysts anticipate that Magnite, Inc. will post 0.6 earnings per share for the current year.

Insider Transactions at Magnite

In other Magnite news, Director David T. Pearson sold 10,766 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $15.65, for a total value of $168,487.90. Following the transaction, the director directly owned 79,001 shares of the company’s stock, valued at $1,236,365.65. This trade represents a 11.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Michael G. Barrett sold 178,596 shares of the firm’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $16.59, for a total value of $2,962,907.64. Following the completion of the transaction, the chief executive officer directly owned 403,074 shares in the company, valued at $6,686,997.66. This trade represents a 30.70% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 362,573 shares of company stock valued at $6,127,913 in the last ninety days. Company insiders own 3.80% of the company’s stock.

Wall Street Analysts Forecast Growth

MGNI has been the topic of several analyst reports. Weiss Ratings upgraded Magnite from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. BTIG Research initiated coverage on Magnite in a report on Tuesday, June 9th. They set a “buy” rating and a $20.00 price objective on the stock. Benchmark decreased their price objective on Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Wells Fargo & Company raised their price objective on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Friday, May 8th. Finally, Needham & Company LLC restated a “buy” rating and set a $25.00 price objective on shares of Magnite in a report on Thursday, April 16th. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $23.89.

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).