State of Wyoming Buys New Shares in Magnite, Inc. $MGNI

State of Wyoming purchased a new position in shares of Magnite, Inc. (NASDAQ:MGNI) in the 2nd quarter, Holdings Channel reports. The firm purchased 22,273 shares of the company’s stock, valued at approximately $423,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Handelsbanken Fonder AB boosted its holdings in shares of Magnite by 37.9% in the 2nd quarter. Handelsbanken Fonder AB now owns 47,300 shares of the company’s stock valued at $898,000 after purchasing an additional 13,000 shares during the last quarter. Fulton Bank N.A. increased its holdings in shares of Magnite by 7.5% during the 2nd quarter. Fulton Bank N.A. now owns 33,041 shares of the company’s stock worth $627,000 after buying an additional 2,301 shares during the last quarter. Harbor Investment Advisory LLC acquired a new stake in shares of Magnite during the 2nd quarter worth $62,000. Central Pacific Bank Trust Division raised its position in shares of Magnite by 100.0% in the 2nd quarter. Central Pacific Bank Trust Division now owns 5,000 shares of the company’s stock worth $95,000 after buying an additional 2,500 shares during the period. Finally, Moody National Bank Trust Division raised its position in shares of Magnite by 82.3% in the 2nd quarter. Moody National Bank Trust Division now owns 97,202 shares of the company’s stock worth $1,845,000 after buying an additional 43,887 shares during the period. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Stock Performance

Shares of MGNI stock opened at $24.19 on Tuesday. The company has a current ratio of 1.02, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. The company has a market cap of $3.47 billion, a PE ratio of 22.19, a P/E/G ratio of 1.08 and a beta of 2.26. The company’s fifty day simple moving average is $19.84 and its 200-day simple moving average is $15.34. Magnite, Inc. has a 52 week low of $10.82 and a 52 week high of $26.65.

Magnite (NASDAQ:MGNI) last announced 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. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The firm had revenue of $192.82 million during the quarter, compared to analysts’ expectations of $179.15 million. During the same period in the prior year, the company earned $0.20 EPS. The firm’s revenue was up 11.3% on a year-over-year basis. As a group, equities research analysts anticipate that Magnite, Inc. will post 0.61 EPS for the current year.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on MGNI shares. Evercore reissued an “outperform” rating and set a $25.00 price target on shares of Magnite in a research report on Thursday, August 6th. Wells Fargo & Company raised their price objective on Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a report on Friday, August 7th. Royal Bank Of Canada lifted their price objective on Magnite from $20.00 to $27.00 and gave the company an “outperform” rating in a research note on Thursday, August 6th. Scotiabank reiterated an “outperform” rating and set a $27.00 target price on shares of Magnite in a report on Thursday, August 6th. Finally, 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 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, Magnite has a consensus rating of “Moderate Buy” and an average target price of $28.30.

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).