Strs Ohio Takes $544,000 Position in Magnite, Inc. $MGNI

Strs Ohio purchased a new stake in Magnite, Inc. (NASDAQ:MGNI) in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 47,700 shares of the company’s stock, valued at approximately $544,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. BNP Paribas Financial Markets acquired a new position in Magnite during the 4th quarter worth approximately $493,000. D. E. Shaw & Co. Inc. lifted its position in shares of Magnite by 122.9% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 45,187 shares of the company’s stock worth $719,000 after purchasing an additional 24,917 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Magnite by 3.9% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 71,580 shares of the company’s stock worth $1,140,000 after purchasing an additional 2,714 shares during the last quarter. ProShare Advisors LLC boosted its holdings in Magnite by 49.0% during the fourth quarter. ProShare Advisors LLC now owns 35,432 shares of the company’s stock worth $564,000 after purchasing an additional 11,656 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Magnite by 7.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 368,620 shares of the company’s stock valued at $5,868,000 after purchasing an additional 24,659 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on MGNI shares. Needham & Company LLC increased their price target on shares of Magnite from $18.00 to $25.00 and gave the company a “buy” rating in a report on Thursday, August 7th. Royal Bank Of Canada increased their price objective on shares of Magnite from $19.00 to $27.00 and gave the stock an “outperform” rating in a research report on Thursday, July 31st. Scotiabank reiterated an “outperform” rating and issued a $30.00 target price (up from $22.00) on shares of Magnite in a report on Thursday, August 7th. Rosenblatt Securities restated a “buy” rating and issued a $39.00 target price on shares of Magnite in a research note on Wednesday, September 17th. Finally, Wall Street Zen downgraded shares of Magnite from a “buy” rating to a “hold” rating in a report on Saturday. Ten research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $25.82.

Insider Activity at Magnite

In other Magnite news, CTO David Buonasera sold 2,950 shares of the company’s stock in a transaction that occurred on Wednesday, September 3rd. The stock was sold at an average price of $25.37, for a total value of $74,841.50. Following the completion of the sale, the chief technology officer directly owned 238,629 shares in the company, valued at $6,054,017.73. This represents a 1.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Aaron Saltz sold 8,522 shares of the firm’s stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $24.50, for a total transaction of $208,789.00. Following the transaction, the insider owned 215,079 shares of the company’s stock, valued at approximately $5,269,435.50. This trade represents a 3.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold 862,278 shares of company stock valued at $19,155,699 in the last ninety days. 4.30% of the stock is owned by insiders.

Magnite Stock Performance

NASDAQ MGNI opened at $25.92 on Monday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.45. Magnite, Inc. has a 52-week low of $8.22 and a 52-week high of $26.65. The firm has a market cap of $3.69 billion, a P/E ratio of 89.38, a P/E/G ratio of 1.78 and a beta of 3.05. The business’s 50-day moving average price is $23.75 and its 200 day moving average price is $18.16.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.17 by $0.03. Magnite had a return on equity of 8.07% and a net margin of 6.30%.The company had revenue of $162.00 million during the quarter, compared to analysts’ expectations of $157.05 million. During the same quarter in the previous year, the business earned $0.14 EPS. The firm’s revenue was up 6.4% on a year-over-year basis. On average, equities research analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current year.

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.