53,054 Shares in Magnite, Inc. $MGNI Bought by Man Group plc

Man Group plc acquired a new stake in Magnite, Inc. (NASDAQ:MGNI) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 53,054 shares of the company’s stock, valued at approximately $1,007,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Jupiter Topco LLC bought a new position in Magnite during the 2nd quarter worth about $1,109,000. Meros Investment Management LP bought a new stake in Magnite in the 2nd quarter valued at approximately $18,815,538. EFG International AG acquired a new position in Magnite during the second quarter worth $28,000. Canada Pension Plan Investment Board acquired a new position in shares of Magnite during the 2nd quarter worth about $56,847,000. Finally, Manatuck Hill Partners LLC acquired a new position in Magnite during the second quarter valued at approximately $8,541,000. 73.40% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Magnite

In other news, Director Sarah Harden sold 30,550 shares of the business’s 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 transaction, the director directly owned 133,187 shares of the company’s stock, valued at $3,104,588.97. The trade was a 18.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas Knopper sold 37,337 shares of the stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $18.10, for a total value of $675,799.70. Following the transaction, the director owned 125,810 shares in the company, valued at $2,277,161. The trade was a 22.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 989,242 shares of company stock worth $20,331,988. Corporate insiders own 3.20% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on MGNI. B. Riley Financial increased their price target on shares of Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Susquehanna boosted their price target on Magnite from $22.00 to $30.00 and gave the company a “positive” rating in a research note on Thursday, August 6th. Evercore restated an “outperform” rating and set a $25.00 target price on shares of Magnite in a research report on Thursday, August 6th. Benchmark increased their target price on Magnite from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Finally, Wells Fargo & Company increased their price target on shares of Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research report 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 company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $28.80.

Magnite Stock Performance

NASDAQ:MGNI opened at $24.63 on Friday. The company has a current ratio of 1.02, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. Magnite, Inc. has a 1-year low of $10.82 and a 1-year high of $26.19. The stock’s 50-day moving average is $21.53 and its 200-day moving average is $16.37. The stock has a market cap of $3.53 billion, a P/E ratio of 22.60, a price-to-earnings-growth ratio of 1.09 and a beta of 2.30.

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

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).