First Eagle Investment Management LLC Buys 122,462 Shares of Magnite, Inc. $MGNI

First Eagle Investment Management LLC boosted its stake in Magnite, Inc. (NASDAQ:MGNI) by 24.7% in the second quarter, HoldingsChannel reports. The institutional investor owned 618,119 shares of the company’s stock after buying an additional 122,462 shares during the quarter. First Eagle Investment Management LLC’s holdings in Magnite were worth $14,909,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Nuveen LLC bought a new stake in shares of Magnite in the 1st quarter worth $41,036,000. American Century Companies Inc. boosted its holdings in Magnite by 855.2% during the first quarter. American Century Companies Inc. now owns 2,961,009 shares of the company’s stock worth $33,785,000 after purchasing an additional 2,651,033 shares during the last quarter. Pacer Advisors Inc. purchased a new position in Magnite during the first quarter worth about $12,576,000. Boston Partners grew its position in Magnite by 10.9% in the 1st quarter. Boston Partners now owns 5,276,356 shares of the company’s stock worth $60,187,000 after purchasing an additional 520,033 shares in the last quarter. Finally, Stephens Investment Management Group LLC increased its stake in Magnite by 42.0% in the 2nd quarter. Stephens Investment Management Group LLC now owns 1,350,096 shares of the company’s stock valued at $32,564,000 after buying an additional 399,440 shares during the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

Magnite Stock Down 13.1%

MGNI opened at $14.86 on Friday. The company has a 50 day moving average of $21.07 and a 200 day moving average of $19.99. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. Magnite, Inc. has a 12 month low of $8.22 and a 12 month high of $26.65. The company has a market cap of $2.12 billion, a PE ratio of 51.24, a price-to-earnings-growth ratio of 1.42 and a beta of 3.13.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, November 5th. The company reported $0.20 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.20. The firm had revenue of $179.49 million for the quarter, compared to the consensus estimate of $163.29 million. Magnite had a return on equity of 8.07% and a net margin of 6.30%.The business’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.17 earnings per share. Magnite has set its Q4 2025 guidance at EPS. FY 2025 guidance at EPS. On average, sell-side analysts expect that Magnite, Inc. will post 0.33 EPS for the current year.

Insiders Place Their Bets

In other Magnite news, insider Katie Seitz Evans sold 21,509 shares of Magnite stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $25.52, for a total transaction of $548,909.68. Following the completion of the transaction, the insider owned 394,089 shares of the company’s stock, valued at $10,057,151.28. The trade was a 5.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael G. Barrett sold 35,951 shares of the company’s stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $23.85, for a total value of $857,431.35. Following the sale, the chief executive officer owned 249,857 shares in the company, valued at approximately $5,959,089.45. This represents a 12.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 328,275 shares of company stock worth $7,977,776 over the last quarter. Insiders own 3.80% of the company’s stock.

Wall Street Analyst Weigh In

MGNI has been the topic of a number of research analyst reports. Rosenblatt Securities restated a “buy” rating and issued a $39.00 target price on shares of Magnite in a research note on Thursday. Royal Bank Of Canada upped their price objective on Magnite from $19.00 to $27.00 and gave the company an “outperform” rating in a research note on Thursday, July 31st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a research report on Wednesday, October 8th. Scotiabank reissued an “outperform” rating and issued a $30.00 price target (up from $22.00) on shares of Magnite in a report on Thursday, August 7th. Finally, Benchmark raised their price objective on shares of Magnite from $30.00 to $31.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. Ten equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $25.64.

About Magnite

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.