Man Group plc Takes $1.01 Million Position in Magnite, Inc. $MGNI

Man Group plc bought a new position in shares of Magnite, Inc. (NASDAQ:MGNI) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 53,054 shares of the company’s stock, valued at approximately $1,007,000.

Several other large investors have also made changes to their positions in the company. EFG International AG acquired a new stake in Magnite in the second quarter worth about $28,000. Allworth Financial LP acquired a new position in Magnite during the 2nd quarter valued at about $30,000. US Bancorp DE boosted its stake in shares of Magnite by 75.8% in the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after purchasing an additional 688 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Magnite by 45.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock valued at $53,000 after purchasing an additional 755 shares during the last quarter. Finally, Harbor Investment Advisory LLC acquired a new stake in shares of Magnite during the 2nd quarter worth approximately $62,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Stock Down 1.0%

Shares of NASDAQ:MGNI opened at $24.63 on Friday. The company has a 50 day moving average price of $21.53 and a two-hundred day moving average price of $16.37. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.02. The company has a market capitalization of $3.53 billion, a PE ratio of 22.60, a PEG ratio of 1.09 and a beta of 2.30. Magnite, Inc. has a 52 week low of $10.82 and a 52 week high of $26.19.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results 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 net margin of 22.49% and a return on equity of 9.33%. The company had revenue of $192.82 million during the quarter, compared to analyst estimates of $179.15 million. During the same quarter in the previous year, the business earned $0.20 EPS. The firm’s revenue was up 11.3% on a year-over-year basis. Analysts forecast that Magnite, Inc. will post 0.61 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on MGNI shares. Evercore restated an “outperform” rating and issued a $25.00 price objective on shares of Magnite in a report on Thursday, August 6th. Rosenblatt Securities upped their target price on shares of Magnite from $39.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Weiss Ratings restated a “hold (c)” rating on shares of Magnite in a research report on Friday, August 7th. Wells Fargo & Company lifted their price objective on Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Friday, August 7th. Finally, BTIG Research increased their target price on Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Nine research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $28.80.

Insider Activity

In other Magnite news, Director Douglas Knopper sold 37,337 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $18.10, for a total value of $675,799.70. Following the completion of the transaction, the director directly owned 125,810 shares of the company’s stock, valued at approximately $2,277,161. The trade was a 22.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Sarah Harden sold 30,550 shares of the stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $23.31, for a total value of $712,120.50. Following the completion of the sale, the director owned 133,187 shares of the company’s stock, valued at $3,104,588.97. This trade represents a 18.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 989,242 shares of company stock valued at $20,331,988. Company insiders own 3.20% of the company’s stock.

Magnite 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).