Geode Capital Management LLC Boosts Stock Position in Magnite, Inc. $MGNI

Geode Capital Management LLC increased its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 6.0% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,216,842 shares of the company’s stock after buying an additional 183,414 shares during the quarter. Geode Capital Management LLC owned about 2.28% of Magnite worth $77,597,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC increased its stake in shares of Magnite by 74.9% in the 1st quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company’s stock worth $33,000 after acquiring an additional 1,203 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of Magnite by 355.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,517 shares of the company’s stock valued at $37,000 after acquiring an additional 1,184 shares during the last quarter. CWM LLC grew its holdings in shares of Magnite by 133.6% in the second quarter. CWM LLC now owns 1,775 shares of the company’s stock valued at $43,000 after purchasing an additional 1,015 shares during the period. Smithfield Trust Co increased its position in Magnite by 38.9% during the first quarter. Smithfield Trust Co now owns 5,930 shares of the company’s stock worth $67,000 after purchasing an additional 1,660 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its position in Magnite by 66.0% during the second quarter. Nisa Investment Advisors LLC now owns 2,780 shares of the company’s stock worth $67,000 after purchasing an additional 1,105 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Wells Fargo & Company decreased their target price on shares of Magnite from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Friday, November 7th. Benchmark lifted their price target on shares of Magnite from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Susquehanna increased their price objective on Magnite from $22.00 to $28.00 and gave the stock a “positive” rating in a research report on Thursday, August 7th. Needham & Company LLC lifted their target price on Magnite from $18.00 to $25.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Finally, Royal Bank Of Canada upped their price target on Magnite from $19.00 to $27.00 and gave the company an “outperform” rating in a research note on Thursday, July 31st. Nine equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Magnite presently has an average rating of “Moderate Buy” and a consensus price target of $26.20.

Insider Activity at Magnite

In other news, Director Diane Yu sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $25.23, for a total value of $504,600.00. Following the completion of the transaction, the director owned 67,481 shares of the company’s stock, valued at approximately $1,702,545.63. This trade represents a 22.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Katie Seitz Evans sold 21,509 shares of Magnite stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $25.52, for a total transaction of $548,909.68. Following the completion of the transaction, the insider owned 394,089 shares of the company’s stock, valued at $10,057,151.28. This trade represents a 5.18% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 205,349 shares of company stock worth $4,810,780 over the last ninety days. Company insiders own 3.80% of the company’s stock.

Magnite Stock Performance

NASDAQ:MGNI opened at $14.08 on Friday. Magnite, Inc. has a fifty-two week low of $8.22 and a fifty-two week high of $26.65. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.00. The company has a 50 day moving average price of $18.69 and a 200 day moving average price of $20.20. The stock has a market capitalization of $2.02 billion, a P/E ratio of 48.55, a PEG ratio of 1.42 and a beta of 3.13.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.20 EPS for the quarter, hitting analysts’ consensus estimates of $0.20. Magnite had a return on equity of 8.07% and a net margin of 6.30%.The company had revenue of $179.49 million for the quarter, compared to analysts’ expectations of $163.29 million. During the same period in the prior year, the firm earned $0.17 earnings per share. The firm’s revenue was up 11.6% compared to the same quarter last year. Magnite has set its Q4 2025 guidance at EPS. FY 2025 guidance at EPS. Equities research analysts forecast that Magnite, Inc. will post 0.33 EPS for the current year.

About Magnite

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company’s platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.