Capital Research Global Investors Increases Position in Magnite, Inc. $MGNI

by · The Markets Daily

Capital Research Global Investors boosted its holdings in Magnite, Inc. (NASDAQ:MGNI – Free Report) by 85.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 12,920,289 shares of the company’s stock after purchasing an additional 5,937,428 shares during the quarter. Capital Research Global Investors owned about 0.09% of Magnite worth $209,696,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. JPMorgan Chase & Co. grew its holdings in Magnite by 28.9% in the third quarter. JPMorgan Chase & Co. now owns 1,209,413 shares of the company’s stock worth $26,341,000 after purchasing an additional 271,325 shares during the period. Kopion Asset Management LLC grew its holdings in Magnite by 149.2% in the fourth quarter. Kopion Asset Management LLC now owns 614,459 shares of the company’s stock worth $9,973,000 after purchasing an additional 367,858 shares during the period. Stephens Investment Management Group LLC grew its holdings in Magnite by 17.0% in the fourth 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. Kennedy Capital Management LLC grew its holdings in Magnite by 39.6% in the third quarter. Kennedy Capital Management LLC now owns 1,213,613 shares of the company’s stock worth $26,432,000 after purchasing an additional 344,466 shares during the period. Finally, Picton Mahoney Asset Management grew its holdings in Magnite by 203.0% in the third quarter. Picton Mahoney Asset Management now owns 387,332 shares of the company’s stock worth $8,436,000 after purchasing an additional 259,482 shares during the period. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Wells Fargo & Company upped their price objective on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Friday, May 8th. Benchmark cut their price target on shares of Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Magnite in a report on Thursday, May 28th. Needham & Company LLC reiterated a “buy” rating and set a $25.00 price target on shares of Magnite in a report on Thursday, April 16th. Finally, Weiss Ratings upgraded shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Magnite currently has an average rating of “Moderate Buy” and a consensus price target of $24.38.

Get Our Latest Research Report on Magnite

Insiders Place Their Bets

In related news, Director Robert F. Spillane sold 10,000 shares of the stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $13.33, for a total transaction of $133,300.00. Following the transaction, the director owned 43,917 shares in the company, valued at $585,413.61. This represents a 18.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 4.30% of the stock is currently owned by company insiders.

Magnite Stock Down 0.3%

Shares of Magnite stock opened at $14.63 on Tuesday. The company has a market cap of $2.10 billion, a price-to-earnings ratio of 14.07, a price-to-earnings-growth ratio of 0.69 and a beta of 2.32. The company’s 50 day moving average is $13.16 and its 200 day moving average is $13.81. Magnite, Inc. has a twelve month low of $10.82 and a twelve month high of $26.65. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38.

Magnite (NASDAQ:MGNI – Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. The company had revenue of $164.37 million for the quarter, compared to the consensus estimate of $159.24 million. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The firm’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.12 earnings per share. Research analysts anticipate that Magnite, Inc. will post 0.6 EPS for the current year.

About Magnite

(Free Report)

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).

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