Norwood Investment Partners LP Invests $4.46 Billion in Magnite, Inc. $MGNI

Norwood Investment Partners LP purchased a new stake in shares of Magnite, Inc. (NASDAQ:MGNI) during the second quarter, Holdings Channel reports. The fund purchased 235,000 shares of the company’s stock, valued at approximately $4,460,300,000. Magnite accounts for approximately 6.2% of Norwood Investment Partners LP’s investment portfolio, making the stock its 6th largest position.

Several other institutional investors and hedge funds have also modified their holdings of the business. Smartleaf Asset Management LLC raised its holdings in Magnite by 20.5% during the second quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company’s stock valued at $82,000 after buying an additional 577 shares in the last quarter. US Bancorp DE boosted its stake 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 acquiring an additional 688 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Magnite by 45.1% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock valued at $53,000 after acquiring an additional 755 shares during the last quarter. AYAL Capital Advisors Ltd increased its holdings in shares of Magnite by 0.5% during the 4th quarter. AYAL Capital Advisors Ltd now owns 200,000 shares of the company’s stock valued at $3,246,000 after acquiring an additional 1,000 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co raised its stake in shares of Magnite by 2.4% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 44,552 shares of the company’s stock valued at $992,000 after acquiring an additional 1,047 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Wall Street Analyst Weigh In

MGNI has been the topic of a number of research analyst reports. BTIG Research raised their target price 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 target price on shares of Magnite from $22.00 to $30.00 and gave the stock a “positive” rating in a research report on Thursday, August 6th. Rosenblatt Securities raised their price target on Magnite from $39.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Wells Fargo & Company raised their price target on Magnite from $21.00 to $22.00 and gave the company an “equal weight” rating in a research report on Friday, August 7th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a research note on Friday, August 7th. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $28.30.

Magnite Stock Performance

MGNI opened at $23.50 on Friday. The stock has a market cap of $3.37 billion, a PE ratio of 21.56, a P/E/G ratio of 1.02 and a beta of 2.26. 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 $26.65. The stock’s 50 day simple moving average is $20.46 and its 200-day simple moving average is $15.59.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.24 by $0.02. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The business 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 firm earned $0.20 EPS. Magnite’s quarterly revenue was up 11.3% on a year-over-year basis. Sell-side analysts forecast that Magnite, Inc. will post 0.61 EPS for the current year.

Insider Buying and Selling

In related news, CEO Michael G. Barrett sold 293,968 shares of the stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $22.72, for a total transaction of $6,678,952.96. Following the completion of the sale, the chief executive officer owned 403,074 shares in the company, valued at $9,157,841.28. This trade represents a 42.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas S. Knopper sold 37,337 shares of Magnite 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 transaction, the director directly owned 125,810 shares of the company’s stock, valued at $2,277,161. This represents a 22.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 935,251 shares of company stock valued at $19,046,675 in the last ninety days. 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).