Stephens Inc. AR Boosts Position in Magnite, Inc. $MGNI

Stephens Inc. AR increased its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 20.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 82,951 shares of the company’s stock after purchasing an additional 14,079 shares during the quarter. Stephens Inc. AR owned approximately 0.06% of Magnite worth $2,001,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in MGNI. GAMMA Investing LLC lifted its stake in Magnite by 10,170.3% during the first quarter. GAMMA Investing LLC now owns 3,800 shares of the company’s stock worth $43,000 after purchasing an additional 3,763 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in Magnite by 74.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 51,815 shares of the company’s stock worth $591,000 after purchasing an additional 22,131 shares during the last quarter. Oppenheimer & Co. Inc. purchased a new stake in Magnite during the first quarter worth approximately $319,000. Allspring Global Investments Holdings LLC lifted its stake in Magnite by 54.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 44,947 shares of the company’s stock worth $513,000 after purchasing an additional 15,762 shares during the last quarter. Finally, Teacher Retirement System of Texas purchased a new stake in Magnite during the first quarter worth approximately $233,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Insider Buying and Selling at Magnite

In other news, insider Aaron Saltz sold 8,522 shares of the company’s stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $24.50, for a total transaction of $208,789.00. Following the completion of the sale, the insider owned 215,079 shares in the company, valued at $5,269,435.50. This represents a 3.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO David Buonasera sold 2,950 shares of the company’s stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $25.37, for a total value of $74,841.50. Following the sale, the chief technology officer owned 238,629 shares of the company’s stock, valued at $6,054,017.73. This trade represents a 1.22% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 323,275 shares of company stock valued at $7,877,776. Corporate insiders own 3.80% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on MGNI. Wall Street Zen upgraded Magnite from a “hold” rating to a “buy” rating in a research note on Saturday, October 18th. Benchmark boosted their price objective on Magnite from $30.00 to $31.00 and gave the company a “buy” rating in a research note on Thursday, August 7th. Needham & Company LLC boosted their price objective on Magnite from $18.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday, August 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a research note on Wednesday, October 8th. Finally, Susquehanna boosted their price objective on Magnite from $22.00 to $28.00 and gave the company a “positive” rating in a research note on Thursday, August 7th. Ten equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $25.64.

Magnite Price Performance

Magnite stock opened at $19.14 on Friday. Magnite, Inc. has a 12 month low of $8.22 and a 12 month high of $26.65. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.00 and a quick ratio of 1.00. The business has a 50 day simple moving average of $22.28 and a 200-day simple moving average of $19.38. The stock has a market capitalization of $2.73 billion, a PE ratio of 66.00, a price-to-earnings-growth ratio of 1.30 and a beta of 3.02.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.17 by $0.03. Magnite had a return on equity of 8.07% and a net margin of 6.30%.The business had revenue of $162.00 million during the quarter, compared to analysts’ expectations of $157.05 million. During the same quarter in the prior year, the business earned $0.14 earnings per share. The company’s quarterly revenue was up 6.4% compared to the same quarter last year. Equities analysts predict that Magnite, Inc. will post 0.33 earnings per share for the current year.

Magnite Profile

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.