UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Buys 41,620 Shares of Magnite, Inc. $MGNI

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 12.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 364,638 shares of the company’s stock after acquiring an additional 41,620 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Magnite were worth $6,921,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. EFG International AG purchased a new position in Magnite in the 2nd quarter worth approximately $28,000. Allworth Financial LP purchased a new stake in shares of Magnite during the second quarter valued at approximately $30,000. US Bancorp DE boosted its stake in shares of Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after purchasing an additional 688 shares during the period. PNC Financial Services Group Inc. grew its holdings in shares of Magnite by 106.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock worth $45,000 after purchasing an additional 1,949 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its holdings in shares of Magnite by 98.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 3,678 shares of the company’s stock worth $61,000 after purchasing an additional 1,824 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Magnite news, insider Katie Evans sold 20,000 shares of the firm’s stock in a transaction on 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 transaction, the insider owned 496,840 shares of the company’s stock, valued at approximately $11,924,160. This trade represents a 3.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sarah Harden sold 30,550 shares of the company’s stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $23.31, for a total transaction of $712,120.50. Following the completion of the sale, the director directly owned 133,187 shares in the company, valued at $3,104,588.97. This represents a 18.66% 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 967,710 shares of company stock valued at $19,994,151 in the last 90 days. Corporate insiders own 3.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on MGNI. BTIG Research upped their price target on shares of Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Needham & Company LLC boosted their price objective on shares of Magnite from $25.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday, September 3rd. Rosenblatt Securities increased their target price on shares of Magnite from $39.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Susquehanna raised their target price on Magnite from $22.00 to $30.00 and gave the stock a “positive” rating in a research note on Thursday, August 6th. Finally, Wells Fargo & Company upped 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. Nine investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Magnite currently has an average rating of “Moderate Buy” and a consensus price target of $28.80.

Magnite Trading Down 1.8%

Shares of MGNI opened at $23.70 on Wednesday. Magnite, Inc. has a 1-year low of $10.82 and a 1-year high of $26.19. The company has a current ratio of 1.02, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. The firm’s 50-day moving average price is $21.84 and its 200-day moving average price is $16.63. The firm has a market capitalization of $3.40 billion, a price-to-earnings ratio of 21.74, a PEG ratio of 1.05 and a beta of 2.30.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 earnings per share 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 analysts’ expectations of $179.15 million. During the same period in the previous year, the firm posted $0.20 EPS. The business’s revenue was up 11.3% on a year-over-year basis. Sell-side analysts anticipate that Magnite, Inc. will post 0.61 EPS 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).