UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Purchases 41,620 Shares of Magnite, Inc. $MGNI

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 12.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 364,638 shares of the company’s stock after acquiring an additional 41,620 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.25% of Magnite worth $6,921,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Capital Research Global Investors grew its position in shares of 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 purchasing an additional 5,937,428 shares in the last quarter. BlackRock Inc. purchased a new stake in shares of Magnite in the second quarter worth $241,296,000. Wellington Management Group LLP raised its position in shares of 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 buying an additional 3,484,689 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Magnite by 10.2% during the first quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company’s stock valued at $47,322,000 after buying an additional 367,854 shares during the period. Finally, Nuveen LLC boosted its stake in Magnite by 14.2% during the fourth quarter. Nuveen LLC now owns 3,531,108 shares of the company’s stock valued at $57,310,000 after buying an additional 439,072 shares during the period. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Magnite Trading Down 1.8%

NASDAQ MGNI opened at $23.70 on Wednesday. The stock’s 50-day simple moving average is $21.84 and its two-hundred day simple moving average is $16.63. Magnite, Inc. has a twelve month low of $10.82 and a twelve month high of $26.19. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $3.40 billion, a price-to-earnings ratio of 21.74, a PEG ratio of 1.05 and a beta of 2.30.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. The firm had revenue of $192.82 million during the quarter, compared to analysts’ expectations of $179.15 million. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The company’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 earned $0.20 EPS. Research analysts forecast that Magnite, Inc. will post 0.61 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on MGNI shares. Rosenblatt Securities upped their target price on Magnite from $39.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. BTIG Research lifted their price target on Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. B. Riley Financial upped their price objective 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. Susquehanna raised their target price on shares of Magnite from $22.00 to $30.00 and gave the company a “positive” rating in a research note on Thursday, August 6th. Finally, Wells Fargo & Company lifted their target price on shares of Magnite from $21.00 to $22.00 and gave the company an “equal weight” rating in a research report on Friday, August 7th. Nine analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $28.80.

Insiders Place Their Bets

In other news, Director Paul Caine sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $24.35, for a total value of $121,750.00. Following the completion of the sale, the director directly owned 157,401 shares in the company, valued at approximately $3,832,714.35. The trade was a 3.08% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rachel Lam sold 10,000 shares of the company’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $24.16, for a total transaction of $241,600.00. Following the completion of the sale, the director directly owned 230,620 shares of the company’s stock, valued at $5,571,779.20. This trade represents a 4.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 967,710 shares of company stock valued at $19,994,151 over the last 90 days. Company insiders own 3.20% 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).