Wellington Management Group LLP Sells 3,146,585 Shares of Magnite, Inc. $MGNI

Wellington Management Group LLP decreased its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 34.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,044,492 shares of the company’s stock after selling 3,146,585 shares during the period. Wellington Management Group LLP owned approximately 4.21% of Magnite worth $114,724,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of MGNI. Corient Private Wealth LP bought a new stake in Magnite during the 2nd quarter valued at approximately $329,000. Parallax Volatility Advisers L.P. bought a new position in shares of Magnite in the 2nd quarter worth approximately $318,000. Pillsbury Lake Capital LLC purchased a new position in shares of Magnite in the 2nd quarter valued at approximately $4,132,952. Bank of America Corp DE bought a new stake in shares of Magnite during the second quarter valued at approximately $22,431,000. Finally, Man Group plc bought a new position in Magnite in the second quarter worth $1,007,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Analyst Upgrades and Downgrades

MGNI has been the topic of a number of recent research reports. B. Riley Financial upped 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. Evercore reissued an “outperform” rating and set a $25.00 price objective on shares of Magnite in a research note on Thursday, August 6th. Rosenblatt Securities raised their target price on shares of Magnite from $39.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a report on Friday, August 7th. Finally, Royal Bank Of Canada upped their price target on Magnite from $20.00 to $27.00 and gave the stock an “outperform” rating in a research note on Thursday, August 6th. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $28.30.

Insider Activity at Magnite

In other Magnite news, insider Sean Patrick Buckley sold 67,179 shares of the stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $24.49, for a total value of $1,645,213.71. Following the transaction, the insider owned 315,805 shares of the company’s stock, valued at approximately $7,734,064.45. This represents a 17.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul Caine sold 5,000 shares of the business’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $24.35, for a total value of $121,750.00. Following the sale, the director owned 157,401 shares of the company’s stock, valued at approximately $3,832,714.35. This represents a 3.08% 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. Insiders have sold 982,828 shares of company stock valued at $20,180,124 in the last 90 days. 3.20% of the stock is owned by company insiders.

Magnite Price Performance

MGNI opened at $22.89 on Wednesday. The company’s 50-day simple moving average is $21.25 and its two-hundred day simple moving average is $16.18. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.02. The stock has a market capitalization of $3.28 billion, a P/E ratio of 21.00, a P/E/G ratio of 1.02 and a beta of 2.30. Magnite, Inc. has a 52-week low of $10.82 and a 52-week high of $26.19.

Magnite (NASDAQ:MGNI) last released 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 firm had revenue of $192.82 million during the quarter, compared to analysts’ expectations of $179.15 million. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The firm’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.20 earnings per share. As a group, analysts predict that Magnite, Inc. will post 0.61 EPS for the current year.

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).