Maestria Partners LLC Sells 205,075 Shares of Magnite, Inc. $MGNI

Maestria Partners LLC lessened its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 15.0% during the 2nd quarter, Holdings Channel.com reports. The fund owned 1,158,430 shares of the company’s stock after selling 205,075 shares during the period. Magnite accounts for 7.6% of Maestria Partners LLC’s investment portfolio, making the stock its 5th biggest holding. Maestria Partners LLC’s holdings in Magnite were worth $21,987,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in MGNI. Nykredit A S acquired a new position in Magnite in the second quarter valued at approximately $25,000. EFG International AG acquired a new stake in Magnite during the second quarter worth approximately $28,000. Allworth Financial LP acquired a new stake in Magnite during the second quarter worth approximately $30,000. US Bancorp DE lifted its position in shares of Magnite by 75.8% during the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after buying an additional 688 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its position in shares of Magnite by 106.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock worth $45,000 after buying an additional 1,949 shares during the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on MGNI. Benchmark increased their target price on shares of Magnite from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Susquehanna boosted their price target on shares of Magnite from $22.00 to $30.00 and gave the company a “positive” rating in a research report on Thursday, August 6th. Weiss Ratings reissued a “hold (c)” rating on shares of Magnite in a research report on Friday, August 7th. Evercore restated an “outperform” rating and issued a $25.00 price objective on shares of Magnite in a research note on Thursday, August 6th. Finally, Needham & Company LLC raised their price objective on Magnite from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $28.80.

Insider Activity

In related news, CAO Brian Gephart sold 12,479 shares of the stock in a transaction on Monday, August 10th. The shares were sold at an average price of $24.68, for a total transaction of $307,981.72. Following the completion of the sale, the chief accounting officer owned 106,117 shares in the company, valued at $2,618,967.56. This represents a 10.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul Caine sold 5,000 shares of the firm’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $24.35, for a total transaction of $121,750.00. Following the transaction, the director directly owned 157,401 shares in the company, valued at $3,832,714.35. The trade was a 3.08% 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. Insiders have sold 989,242 shares of company stock worth $20,331,988 over the last 90 days. 3.20% of the stock is owned by corporate insiders.

Magnite Price Performance

Shares of NASDAQ MGNI opened at $24.63 on Friday. The stock has a market cap of $3.53 billion, a P/E ratio of 22.60, a P/E/G ratio of 1.09 and a beta of 2.30. Magnite, Inc. has a twelve month low of $10.82 and a twelve month high of $26.19. The stock has a 50 day moving average of $21.53 and a two-hundred day moving average of $16.37. 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 (NASDAQ:MGNI) last announced its earnings results 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 business had revenue of $192.82 million for the quarter, compared to analyst estimates of $179.15 million. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period last year, the firm posted $0.20 earnings per share. On average, research analysts forecast that Magnite, Inc. will post 0.61 earnings per share for the current year.

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).