Magnite, Inc. $MGNI Shares Purchased by Kennedy Capital Management LLC

Kennedy Capital Management LLC increased its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 18.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,435,970 shares of the company’s stock after acquiring an additional 222,357 shares during the quarter. Kennedy Capital Management LLC’s holdings in Magnite were worth $23,306,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. Smartleaf Asset Management LLC boosted its holdings in shares of Magnite by 20.5% in the 2nd quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company’s stock valued at $82,000 after purchasing an additional 577 shares during the last quarter. US Bancorp DE boosted its holdings in shares of Magnite by 75.8% in the 3rd 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 last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Magnite by 45.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock valued at $53,000 after purchasing an additional 755 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Magnite by 2.4% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 44,552 shares of the company’s stock valued at $992,000 after purchasing an additional 1,047 shares during the last quarter. Finally, Neo Ivy Capital Management acquired a new position in shares of Magnite in the 3rd quarter valued at $27,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Insider Buying and Selling

In related news, Director David T. Pearson sold 10,766 shares of Magnite stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $15.65, for a total transaction of $168,487.90. Following the sale, the director owned 79,001 shares of the company’s stock, valued at $1,236,365.65. The trade was a 11.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Douglas S. Knopper sold 10,766 shares of Magnite stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $15.73, for a total transaction of $169,349.18. Following the sale, the director directly owned 163,147 shares in the company, valued at $2,566,302.31. This trade represents a 6.19% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 32,941 shares of company stock valued at $492,272 in the last quarter. Company insiders own 3.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on MGNI. Royal Bank Of Canada reiterated an “outperform” rating on shares of Magnite in a report on Thursday, May 28th. Needham & Company LLC reiterated a “buy” rating and issued a $25.00 price target on shares of Magnite in a report on Thursday, April 16th. Rosenblatt Securities reiterated a “buy” rating and issued a $39.00 price target on shares of Magnite in a report on Thursday, February 26th. Weiss Ratings upgraded shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Finally, Wells Fargo & Company lifted their price target on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Friday, May 8th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $23.89.

Magnite Stock Performance

Shares of MGNI stock opened at $16.25 on Friday. Magnite, Inc. has a 52 week low of $10.82 and a 52 week high of $26.65. The company has a market cap of $2.33 billion, a PE ratio of 15.63, a P/E/G ratio of 0.77 and a beta of 2.32. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. The company’s fifty day simple moving average is $13.50 and its 200-day simple moving average is $13.88.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.02. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The firm had revenue of $164.37 million for the quarter, compared to the consensus estimate of $159.24 million. During the same quarter in the previous year, the firm posted $0.12 EPS. The firm’s quarterly revenue was up 5.5% on a year-over-year basis. As a group, equities research analysts anticipate that Magnite, Inc. will post 0.6 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).