Meros Investment Management LP Takes Position in Magnite, Inc. $MGNI

Meros Investment Management LP purchased a new stake in 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 purchased 991,335 shares of the company’s stock, valued at approximately $18,815,538. Magnite accounts for 0.0% of Meros Investment Management LP’s investment portfolio, making the stock its 2nd biggest position. Meros Investment Management LP owned about 0.69% of Magnite at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. EFG International AG acquired a new stake in shares of Magnite in the 2nd quarter worth about $28,000. Allworth Financial LP purchased a new position in shares of Magnite in the second quarter valued at about $30,000. US Bancorp DE boosted its position in shares of Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after buying an additional 688 shares during the period. PNC Financial Services Group Inc. lifted its position in Magnite by 106.3% during the first quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock valued at $45,000 after acquiring an additional 1,949 shares during the last quarter. Finally, Smartleaf Asset Management LLC boosted its holdings in Magnite by 98.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 3,678 shares of the company’s stock worth $61,000 after buying an additional 1,824 shares in the last quarter. Institutional investors own 73.40% of the company’s stock.

Insider Transactions at Magnite

In other news, insider Sean Patrick Buckley sold 67,179 shares of Magnite stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $24.49, for a total value of $1,645,213.71. Following the completion of the sale, the insider owned 315,805 shares in the company, valued at $7,734,064.45. The trade was a 17.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael G. Barrett sold 293,968 shares of the stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $22.72, for a total transaction of $6,678,952.96. Following the completion of the sale, the chief executive officer directly owned 403,074 shares in the company, valued at approximately $9,157,841.28. The trade was a 42.17% 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. Over the last three months, insiders have sold 935,251 shares of company stock valued at $19,046,675. 3.20% of the stock is currently owned by insiders.

Magnite Stock Performance

Magnite stock traded up $0.53 during mid-day trading on Friday, hitting $23.89. The company had a trading volume of 1,111,062 shares, compared to its average volume of 2,566,153. The company has a current ratio of 1.02, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. The company’s fifty day moving average is $20.92 and its 200-day moving average is $15.94. Magnite, Inc. has a 12-month low of $10.82 and a 12-month high of $26.63. The company has a market capitalization of $3.43 billion, a price-to-earnings ratio of 21.92, a P/E/G ratio of 1.02 and a beta of 2.26.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) 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 the consensus estimate of $179.15 million. Magnite had a net margin of 22.49% and a return on equity of 9.33%. Magnite’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.20 earnings per share. Equities research analysts predict that Magnite, Inc. will post 0.61 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Weiss Ratings reissued a “hold (c)” rating on shares of Magnite in a report on Friday, August 7th. Scotiabank reiterated an “outperform” rating and set a $27.00 price target on shares of Magnite in a report on Thursday, August 6th. Susquehanna raised their price objective on shares of Magnite from $22.00 to $30.00 and gave the company a “positive” rating in a research report on Thursday, August 6th. Evercore reissued an “outperform” rating and set a $25.00 price target on shares of Magnite in a research report on Thursday, August 6th. Finally, Royal Bank Of Canada lifted their target price on Magnite from $20.00 to $27.00 and gave the stock an “outperform” rating in a report on Thursday, August 6th. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Magnite currently has an average rating of “Moderate Buy” and a consensus target price of $28.30.

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).