BlackRock Inc. Acquires New Position in Magnite, Inc. $MGNI

BlackRock Inc. bought a new position in Magnite, Inc. (NASDAQ:MGNI) in the second quarter, Holdings Channel reports. The firm bought 12,713,156 shares of the company’s stock, valued at approximately $241,296,000. BlackRock Inc. owned 0.09% of Magnite as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Deutsche Bank AG purchased a new position in shares of Magnite in the second quarter worth $3,132,000. Rice Hall James & Associates LLC acquired a new position in shares of Magnite in the 2nd quarter valued at $5,389,000. Persistent Asset Partners Ltd acquired a new position in shares of Magnite in the 2nd quarter valued at $110,000. Bank of New York Mellon Corp purchased a new position in Magnite in the 2nd quarter worth $22,059,000. Finally, State of Wyoming purchased a new position in Magnite in the 2nd quarter worth $423,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Analysts Set New Price Targets

MGNI has been the subject of a number of research reports. Susquehanna lifted their price target on Magnite from $22.00 to $30.00 and gave the stock a “positive” rating in a research report on Thursday, August 6th. Evercore restated an “outperform” rating and issued a $25.00 price objective on shares of Magnite in a research note on Thursday, August 6th. Benchmark lifted their target price on Magnite from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Royal Bank Of Canada upped their target price on Magnite from $20.00 to $27.00 and gave the company an “outperform” rating in a research report on Thursday, August 6th. Finally, Wells Fargo & Company increased their price target on shares of Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a report on Friday, August 7th. Nine research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Magnite currently has an average rating of “Moderate Buy” and a consensus price target of $28.30.

Insiders Place Their Bets

In related news, Director Rachel Lam sold 10,000 shares of the business’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $24.16, for a total value of $241,600.00. Following the completion of the transaction, the director directly owned 230,620 shares in the company, valued at $5,571,779.20. The trade was a 4.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Douglas S. Knopper sold 37,337 shares of the stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $22.72, for a total transaction of $848,296.64. Following the sale, the director directly owned 88,473 shares in the company, valued at $2,010,106.56. This trade represents a 29.68% 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. In the last quarter, insiders have sold 935,251 shares of company stock worth $19,046,675. Corporate insiders own 3.20% of the company’s stock.

Magnite Stock Performance

Shares of MGNI stock opened at $23.38 on Thursday. The stock has a market cap of $3.35 billion, a PE ratio of 21.45, a price-to-earnings-growth ratio of 1.04 and a beta of 2.26. The business has a 50-day simple moving average of $20.81 and a 200-day simple moving average of $15.85. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. Magnite, Inc. has a 52-week low of $10.82 and a 52-week high of $26.65.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, August 5th. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.24 by $0.02. The firm had revenue of $192.82 million for the quarter, compared to analyst estimates of $179.15 million. Magnite had a return on equity of 9.33% and a net margin of 22.49%.Magnite’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period last year, the company earned $0.20 earnings per share. On average, equities analysts expect that Magnite, Inc. will post 0.61 EPS 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).