Magnite, Inc. $MGNI is Maestria Partners LLC’s 5th Largest Position

Maestria Partners LLC trimmed its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 15.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,158,430 shares of the company’s stock after selling 205,075 shares during the quarter. Magnite accounts for approximately 7.6% of Maestria Partners LLC’s portfolio, making the stock its 5th biggest position. Maestria Partners LLC owned about 0.81% of Magnite worth $21,987,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of MGNI. Meros Investment Management LP acquired a new position in shares of Magnite in the 2nd quarter worth approximately $18,815,538. Stephens Investment Management Group LLC boosted its position in shares of Magnite by 17.0% during the 4th quarter. Stephens Investment Management Group LLC now owns 1,128,578 shares of the company’s stock worth $18,317,000 after purchasing an additional 164,035 shares during the period. Royce & Associates LP increased its holdings in Magnite by 19.5% in the 4th quarter. Royce & Associates LP now owns 1,166,469 shares of the company’s stock valued at $18,932,000 after purchasing an additional 190,318 shares during the last quarter. Capital Research Global Investors increased its holdings in Magnite by 85.0% in the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock valued at $209,696,000 after purchasing an additional 5,937,428 shares during the last quarter. Finally, Manatuck Hill Partners LLC purchased a new stake in Magnite in the second quarter valued at approximately $8,541,000. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Magnite news, Director Douglas S. Knopper sold 37,337 shares of the stock in a transaction that occurred on 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 directly owned 125,810 shares of the company’s stock, valued at approximately $2,277,161. This represents a 22.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Michael Barrett sold 293,968 shares of the firm’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 completion of the sale, the chief executive officer owned 403,074 shares in the company, valued at $9,157,841.28. The trade was a 42.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 989,242 shares of company stock valued at $20,331,988 over the last ninety days. 3.20% of the stock is currently owned by corporate insiders.

Magnite Price Performance

Shares of NASDAQ MGNI opened at $24.63 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.02 and a quick ratio of 1.03. The company has a market cap of $3.53 billion, a price-to-earnings ratio of 22.60, a price-to-earnings-growth ratio of 1.09 and a beta of 2.30. The stock’s 50-day moving average is $21.53 and its two-hundred day moving average is $16.37. Magnite, Inc. has a 1-year low of $10.82 and a 1-year high of $26.19.

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, beating the consensus estimate of $0.24 by $0.02. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The business had revenue of $192.82 million during the quarter, compared to analysts’ expectations of $179.15 million. During the same quarter last year, the business posted $0.20 EPS. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. Analysts forecast that Magnite, Inc. will post 0.61 EPS for the current fiscal year.

Analysts Set New Price Targets

MGNI has been the topic of a number of research reports. Evercore restated an “outperform” rating and set a $25.00 price target on shares of Magnite in a research note on Thursday, August 6th. Scotiabank reaffirmed an “outperform” rating and issued a $27.00 price objective on shares of Magnite in a research note on Thursday, August 6th. B. Riley Financial boosted their price objective on Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, August 6th. BTIG Research increased their target price on Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Finally, Wells Fargo & Company raised their target price on Magnite from $21.00 to $22.00 and gave the company an “equal weight” rating in a 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. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $28.80.

Magnite Company 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).