Norwood Investment Partners LP Makes New Investment in Magnite, Inc. $MGNI

Norwood Investment Partners LP bought a new stake in Magnite, Inc. (NASDAQ:MGNI) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm bought 235,000 shares of the company’s stock, valued at approximately $4,460,300. Magnite accounts for about 0.0% of Norwood Investment Partners LP’s holdings, making the stock its 6th biggest holding. Norwood Investment Partners LP owned about 0.16% of Magnite at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. BlackRock Inc. purchased a new stake in shares of Magnite in the 2nd quarter valued at about $241,296,000. Capital Research Global Investors boosted its holdings in Magnite by 85.0% during the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock valued at $209,696,000 after acquiring an additional 5,937,428 shares during the period. Wellington Management Group LLP grew its holdings in Magnite by 67.7% in the fourth quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock worth $140,053,000 after purchasing an additional 3,484,689 shares during the last quarter. Ophir Asset Management Pty Ltd acquired a new position in Magnite in the fourth quarter valued at approximately $38,695,000. Finally, 325 Capital LLC increased its holdings in shares of Magnite by 208.5% in the fourth quarter. 325 Capital LLC now owns 2,005,387 shares of the company’s stock valued at $32,547,000 after purchasing an additional 1,355,326 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Price Performance

MGNI stock traded up $0.51 during mid-day trading on Friday, reaching $23.87. The company’s stock had a trading volume of 894,619 shares, compared to its average volume of 2,565,132. 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 stock has a market cap of $3.42 billion, a PE ratio of 21.90, a P/E/G ratio of 1.02 and a beta of 2.26. The company’s 50 day moving average is $20.92 and its two-hundred day moving average is $15.94. Magnite, Inc. has a fifty-two week low of $10.82 and a fifty-two week high of $26.63.

Magnite (NASDAQ:MGNI) last issued its earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.02. The company had revenue of $192.82 million for the quarter, compared to analyst estimates of $179.15 million. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.20 earnings per share. Equities research analysts expect that Magnite, Inc. will post 0.61 EPS for the current year.

Analyst Upgrades and Downgrades

MGNI has been the subject of several research reports. Scotiabank reaffirmed an “outperform” rating and set a $27.00 price objective on shares of Magnite in a report on Thursday, August 6th. Rosenblatt Securities raised their target price on Magnite from $39.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. BTIG Research lifted their target price on Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Susquehanna lifted their price target on shares of Magnite from $22.00 to $30.00 and gave the company a “positive” rating in a report on Thursday, August 6th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a research note on Friday, August 7th. Nine equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $28.30.

Insider Buying and Selling

In other Magnite news, insider Sean Patrick Buckley sold 67,179 shares of the stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $24.49, for a total value of $1,645,213.71. Following the completion of the sale, the insider owned 315,805 shares in the company, valued at approximately $7,734,064.45. This trade represents a 17.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael G. Barrett sold 293,968 shares of the firm’s stock in a transaction on Thursday, August 6th. The stock was 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 directly owned 403,074 shares in the company, valued at approximately $9,157,841.28. This trade represents a 42.17% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 935,251 shares of company stock valued at $19,046,675 over the last 90 days. Company insiders own 3.20% of the company’s stock.

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).