Jupiter Topco LLC Invests $1.11 Million in Magnite, Inc. $MGNI

Jupiter Topco LLC acquired a new stake in shares of Magnite, Inc. (NASDAQ:MGNI) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 58,423 shares of the company’s stock, valued at approximately $1,109,000.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Magnite by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 14,802,630 shares of the company’s stock worth $240,247,000 after purchasing an additional 148,198 shares during the last quarter. Capital Research Global Investors boosted its position in Magnite by 85.0% during the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock worth $209,696,000 after purchasing an additional 5,937,428 shares during the period. BlackRock Inc. acquired a new position in Magnite during the second quarter valued at approximately $241,296,000. Wellington Management Group LLP grew its holdings in Magnite by 67.7% during the fourth quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock valued at $140,053,000 after purchasing an additional 3,484,689 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Magnite by 10.2% during the first quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company’s stock valued at $47,322,000 after purchasing an additional 367,854 shares during the last quarter. 73.40% of the stock is owned by institutional investors.

Insider Activity

In other Magnite news, CEO Michael G. Barrett sold 293,968 shares of the stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $22.72, for a total value of $6,678,952.96. Following the completion of the sale, the chief executive officer directly owned 403,074 shares of the company’s stock, valued at $9,157,841.28. This represents a 42.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas Knopper sold 37,337 shares of the stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $18.10, for a total transaction of $675,799.70. Following the completion of the sale, the director directly owned 125,810 shares of the company’s stock, valued at approximately $2,277,161. This trade represents a 22.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 989,242 shares of company stock worth $20,331,988. Corporate insiders own 3.20% of the company’s stock.

Magnite Stock Performance

Shares of NASDAQ MGNI opened at $24.14 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. The business’s 50 day moving average is $21.64 and its two-hundred day moving average is $16.42. The company has a market cap of $3.46 billion, a P/E ratio of 22.15, a P/E/G ratio of 1.05 and a beta of 2.30. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $26.19.

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. The company had revenue of $192.82 million during the quarter, compared to analysts’ expectations 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 in the prior year, the business earned $0.20 earnings per share. On average, equities analysts expect that Magnite, Inc. will post 0.61 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on MGNI. Evercore restated an “outperform” rating and issued a $25.00 price objective on shares of Magnite in a research note on Thursday, August 6th. 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. Benchmark lifted their target price on shares of Magnite from $30.00 to $33.00 and gave the stock a “buy” rating in a report 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. Finally, B. Riley Financial boosted their target price on shares of Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $28.80.

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).