Homestead Advisers Corp Takes Position in Magnite, Inc. $MGNI

Homestead Advisers Corp acquired a new position in Magnite, Inc. (NASDAQ:MGNI) during the 3rd quarter, HoldingsChannel.com reports. The firm acquired 43,900 shares of the company’s stock, valued at approximately $956,000.

A number of other hedge funds have also recently made changes to their positions in MGNI. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Magnite by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,847 shares of the company’s stock valued at $854,000 after purchasing an additional 3,267 shares during the last quarter. Millennium Management LLC boosted its position in shares of Magnite by 113.7% during the first quarter. Millennium Management LLC now owns 434,479 shares of the company’s stock worth $4,957,000 after buying an additional 231,213 shares during the period. Jones Financial Companies Lllp grew its stake in shares of Magnite by 24.3% in the first quarter. Jones Financial Companies Lllp now owns 7,276 shares of the company’s stock valued at $83,000 after buying an additional 1,423 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Magnite by 9.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 404,717 shares of the company’s stock valued at $4,618,000 after buying an additional 36,097 shares in the last quarter. Finally, Intech Investment Management LLC raised its holdings in shares of Magnite by 103.6% in the 1st quarter. Intech Investment Management LLC now owns 109,992 shares of the company’s stock valued at $1,255,000 after buying an additional 55,971 shares during the period. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Analysts Set New Price Targets

MGNI has been the subject of a number of research analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Magnite in a report on Thursday, January 22nd. Wall Street Zen lowered shares of Magnite from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Wells Fargo & Company cut their target price on shares of Magnite from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Friday, November 7th. Rosenblatt Securities reiterated a “buy” rating and set a $39.00 target price on shares of Magnite in a report on Thursday, November 6th. Finally, Benchmark restated a “buy” rating on shares of Magnite in a research note on Monday, January 12th. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $27.00.

Magnite Price Performance

Shares of MGNI opened at $11.90 on Thursday. Magnite, Inc. has a twelve month low of $8.22 and a twelve month high of $26.65. The firm’s fifty day simple moving average is $15.45 and its 200-day simple moving average is $18.87. The firm has a market capitalization of $1.71 billion, a price-to-earnings ratio of 31.32, a PEG ratio of 0.63 and a beta of 2.39. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.43.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, November 5th. The company reported $0.20 EPS for the quarter, meeting the consensus estimate of $0.20. Magnite had a return on equity of 8.74% and a net margin of 8.25%.The firm had revenue of $179.49 million for the quarter, compared to analyst estimates of $163.29 million. During the same quarter in the prior year, the company posted $0.17 earnings per share. Magnite’s revenue for the quarter was up 11.6% compared to the same quarter last year. Equities analysts forecast that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Robert F. Spillane sold 12,500 shares of the company’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $14.22, for a total transaction of $177,750.00. Following the completion of the transaction, the director directly owned 53,917 shares of the company’s stock, valued at approximately $766,699.74. This represents a 18.82% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Sean Patrick Buckley sold 4,426 shares of the stock in a transaction dated Tuesday, November 18th. The shares were sold at an average price of $13.36, for a total value of $59,131.36. Following the completion of the transaction, the insider owned 271,125 shares in the company, valued at approximately $3,622,230. The trade was a 1.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 44,439 shares of company stock valued at $663,671 in the last ninety days. Insiders own 3.80% of the company’s stock.

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).