Magnite, Inc. $MGNI Shares Sold by Apis Capital Advisors LLC

Apis Capital Advisors LLC cut its stake in Magnite, Inc. (NASDAQ:MGNI) by 28.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 604,000 shares of the company’s stock after selling 235,399 shares during the period. Magnite accounts for 1.7% of Apis Capital Advisors LLC’s portfolio, making the stock its 19th largest position. Apis Capital Advisors LLC’s holdings in Magnite were worth $9,803,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently added to or reduced their stakes in MGNI. Capital Research Global Investors raised its holdings in Magnite by 85.0% in the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock valued at $209,696,000 after acquiring an additional 5,937,428 shares in the last quarter. 325 Capital LLC raised its holdings in Magnite by 208.5% in the fourth quarter. 325 Capital LLC now owns 2,005,387 shares of the company’s stock valued at $32,547,000 after acquiring an additional 1,355,326 shares in the last quarter. Blue Grotto Capital LLC raised its holdings in Magnite by 443.8% in the third quarter. Blue Grotto Capital LLC now owns 1,548,796 shares of the company’s stock valued at $33,733,000 after acquiring an additional 1,263,992 shares in the last quarter. Vanguard Group Inc. increased its stake in Magnite by 8.1% during the third quarter. Vanguard Group Inc. now owns 14,654,432 shares of the company’s stock valued at $319,174,000 after purchasing an additional 1,092,147 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC bought a new stake in Magnite during the fourth quarter valued at $12,654,000. 73.40% of the stock is owned by institutional investors and hedge funds.

Magnite News Roundup

Here are the key news stories impacting Magnite this week:

• Positive Sentiment: Magnite announced a new partnership with Viasat Aviation to bring programmatic advertising to in-flight screens, expanding its reach into a new, high-engagement advertising channel and potentially opening another revenue stream. Magnite and Viasat Aviation Partner to Bring Programmatic Advertising to In-Flight Screens
• Positive Sentiment: Trading activity has been unusually strong, including a surge in call option buying, suggesting traders are positioning for more upside in MGNI after its recent rally. Unusual options trading in Magnite
• Neutral Sentiment: Recent coverage noted MGNI had already posted a sharp one-day gain on heavier volume, but also warned that earnings estimate revisions may limit near-term follow-through. Magnite (MGNI) Moves 10.8% Higher: Will This Strength Last?
• Negative Sentiment: CEO Michael G. Barrett, CTO David Buonasera, and Director Douglas S. Knopper all sold shares this week, which can create concern about insider confidence even if the sales were disclosed and may have been planned. SEC insider filings for Magnite

Analyst Upgrades and Downgrades

MGNI has been the subject of several recent research reports. Scotiabank boosted their target price on shares of Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a research note on Thursday, May 7th. Benchmark lowered their target price on shares of Magnite from $31.00 to $30.00 and set a “buy” rating for the company in a research note on Thursday, February 26th. Evercore reiterated an “outperform” rating and set a $21.00 target price on shares of Magnite in a research note on Thursday, May 7th. Needham & Company LLC reiterated a “buy” rating and set a $25.00 target price on shares of Magnite in a research note on Thursday, April 16th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $39.00 target price on shares of Magnite in a research note on Thursday, February 26th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Magnite presently has an average rating of “Moderate Buy” and a consensus price target of $23.89.

Magnite Stock Down 1.7%

MGNI stock opened at $18.24 on Thursday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02. Magnite, Inc. has a 1-year low of $10.82 and a 1-year high of $26.65. The firm has a fifty day moving average price of $13.85 and a two-hundred day moving average price of $13.94. The firm has a market cap of $2.61 billion, a price-to-earnings ratio of 17.54, a PEG ratio of 0.88 and a beta of 2.32.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, beating 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 during the quarter, compared to analyst estimates of $159.24 million. During the same quarter in the previous year, the firm earned $0.12 earnings per share. The firm’s revenue for the quarter was up 5.5% compared to the same quarter last year. Research analysts predict that Magnite, Inc. will post 0.6 EPS for the current year.

Insider Buying and Selling at Magnite

In other news, Director Douglas S. Knopper sold 37,337 shares of the company’s stock in a transaction dated 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 transaction, the director owned 125,810 shares in the company, valued at approximately $2,277,161. This represents a 22.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO David Buonasera sold 11,233 shares of the company’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $18.00, for a total transaction of $202,194.00. Following the transaction, the chief technology officer owned 280,494 shares of the company’s stock, valued at $5,048,892. This represents a 3.85% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 362,573 shares of company stock valued at $6,127,913. Corporate insiders own 3.80% of the company’s stock.

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).