Elevation Point Wealth Partners LLC Makes New Investment in Magnite, Inc. $MGNI

Elevation Point Wealth Partners LLC acquired a new position in Magnite, Inc. (NASDAQ:MGNI) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 24,149 shares of the company’s stock, valued at approximately $458,000.

Other large investors also recently modified their holdings of the company. Allworth Financial LP purchased a new position in shares of Magnite during the second quarter valued at approximately $30,000. US Bancorp DE raised its position in 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 buying an additional 688 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Magnite by 106.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock valued at $45,000 after acquiring an additional 1,949 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in Magnite by 98.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,678 shares of the company’s stock valued at $61,000 after acquiring an additional 1,824 shares in the last quarter. Finally, Harbor Investment Advisory LLC purchased a new position in Magnite during the 2nd quarter worth $62,000. Institutional investors own 73.40% of the company’s stock.

Magnite Stock Up 1.4%

Shares of NASDAQ:MGNI opened at $23.89 on Wednesday. The company has a market capitalization of $3.43 billion, a PE ratio of 21.92, a price-to-earnings-growth ratio of 1.03 and a beta of 2.26. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.02 and a quick ratio of 1.03. The business has a fifty day moving average price of $20.71 and a two-hundred day moving average price of $15.77. Magnite, Inc. has a 1 year low of $10.82 and a 1 year high of $26.65.

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

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Royal Bank Of Canada upped their target price on shares of Magnite from $20.00 to $27.00 and gave the stock an “outperform” rating in a research note on Thursday, August 6th. B. Riley Financial boosted their price target on shares of Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Scotiabank restated an “outperform” rating and set a $27.00 price target on shares of Magnite in a report on Thursday, August 6th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a research report on Friday, August 7th. Finally, Susquehanna increased their price objective 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. Nine investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Magnite has a consensus rating of “Moderate Buy” and an average target price of $28.30.

Insider Activity at Magnite

In related news, Director Douglas S. Knopper sold 37,337 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $18.10, for a total transaction of $675,799.70. Following the completion of the sale, the director owned 125,810 shares in the company, valued at approximately $2,277,161. This trade represents a 22.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Katie Seitz Evans sold 20,000 shares of Magnite stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $24.00, for a total transaction of $480,000.00. Following the completion of the sale, the insider directly owned 496,840 shares in the company, valued at approximately $11,924,160. This represents a 3.87% 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 a total of 935,251 shares of company stock worth $19,046,675 in the last ninety days. Corporate 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).