Brown Advisory Inc. Makes New Investment in Magnite, Inc. (NASDAQ:MGNI)

Brown Advisory Inc. purchased a new stake in shares of Magnite, Inc. (NASDAQ:MGNI) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 25,409 shares of the company’s stock, valued at approximately $290,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Capital Research Global Investors bought a new position in Magnite in the 4th quarter worth approximately $122,986,000. Boston Partners lifted its holdings in shares of Magnite by 39.1% in the fourth quarter. Boston Partners now owns 4,756,323 shares of the company’s stock worth $76,061,000 after buying an additional 1,336,458 shares in the last quarter. Maestria Partners LLC bought a new position in shares of Magnite during the fourth quarter worth $15,161,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Magnite during the fourth quarter valued at $11,076,000. Finally, CenterBook Partners LP bought a new stake in Magnite in the 4th quarter valued at $9,962,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Magnite Stock Up 1.9%

MGNI stock opened at $23.55 on Wednesday. Magnite, Inc. has a 12 month low of $8.22 and a 12 month high of $25.27. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.98. The company has a market cap of $3.32 billion, a price-to-earnings ratio of 117.76, a price-to-earnings-growth ratio of 1.89 and a beta of 2.96. The company has a fifty day moving average price of $18.69 and a 200 day moving average price of $15.95.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.06. Magnite had a return on equity of 6.71% and a net margin of 4.58%. The company had revenue of $145.85 million for the quarter, compared to analysts’ expectations of $142.18 million. During the same quarter in the previous year, the firm posted $0.05 EPS. The firm’s quarterly revenue was up 4.3% on a year-over-year basis. Sell-side analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current year.

Insider Buying and Selling at Magnite

In related news, insider Adam Lee Soroca sold 42,584 shares of the firm’s stock in a transaction that occurred on Thursday, July 3rd. The shares were sold at an average price of $25.00, for a total transaction of $1,064,600.00. Following the transaction, the insider owned 366,672 shares of the company’s stock, valued at approximately $9,166,800. This trade represents a 10.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Paul Caine sold 5,000 shares of the business’s stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $23.53, for a total transaction of $117,650.00. Following the completion of the sale, the director owned 183,603 shares of the company’s stock, valued at $4,320,178.59. The trade was a 2.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 888,327 shares of company stock valued at $17,204,178. Corporate insiders own 4.30% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Wells Fargo & Company lifted their price objective on Magnite from $13.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 8th. Benchmark dropped their price objective on shares of Magnite from $25.00 to $24.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. Craig Hallum set a $24.00 target price on shares of Magnite and gave the company a “buy” rating in a research report on Tuesday, May 20th. Royal Bank Of Canada dropped their price target on Magnite from $22.00 to $19.00 and set an “outperform” rating for the company in a research report on Friday, May 2nd. Finally, Rosenblatt Securities restated a “buy” rating and set a $18.00 price objective on shares of Magnite in a research report on Thursday, May 8th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $20.33.

Magnite Profile

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.