KLP Kapitalforvaltning AS Buys 4,500 Shares of Magnite, Inc. $MGNI

KLP Kapitalforvaltning AS increased its position in Magnite, Inc. (NASDAQ:MGNI) by 18.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 29,100 shares of the company’s stock after acquiring an additional 4,500 shares during the period. KLP Kapitalforvaltning AS’s holdings in Magnite were worth $702,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MGNI. GAMMA Investing LLC raised its holdings in Magnite by 10,170.3% in the 1st quarter. GAMMA Investing LLC now owns 3,800 shares of the company’s stock worth $43,000 after purchasing an additional 3,763 shares during the period. Farther Finance Advisors LLC lifted its holdings in shares of Magnite by 7,043.0% in the first quarter. Farther Finance Advisors LLC now owns 6,643 shares of the company’s stock worth $76,000 after buying an additional 6,550 shares in the last quarter. 1858 Wealth Management LLC bought a new position in Magnite during the first quarter valued at approximately $144,000. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Magnite by 74.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 51,815 shares of the company’s stock valued at $591,000 after acquiring an additional 22,131 shares during the last quarter. Finally, Oppenheimer & Co. Inc. purchased a new stake in shares of Magnite in the first quarter valued at $319,000. 73.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MGNI has been the topic of a number of recent research reports. Rosenblatt Securities reiterated a “buy” rating and set a $39.00 price objective on shares of Magnite in a research note on Friday, September 26th. Benchmark boosted their target price on Magnite from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday, August 7th. Susquehanna raised their target price on Magnite from $22.00 to $28.00 and gave the stock a “positive” rating in a research note on Thursday, August 7th. Wall Street Zen lowered shares of Magnite from a “buy” rating to a “hold” rating in a research report on Saturday, September 20th. Finally, Royal Bank Of Canada lifted their target price on shares of Magnite from $19.00 to $27.00 and gave the company an “outperform” rating in a research report on Thursday, July 31st. Ten research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.64.

Magnite Price Performance

MGNI stock opened at $18.31 on Friday. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $26.65. The firm has a market capitalization of $2.61 billion, a P/E ratio of 63.14, a P/E/G ratio of 1.29 and a beta of 3.02. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.00 and a quick ratio of 1.00. The business’s 50-day moving average is $22.68 and its two-hundred day moving average is $19.08.

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

Insider Buying and Selling

In related news, Director Diane Yu sold 20,000 shares of the company’s stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $25.23, for a total transaction of $504,600.00. Following the transaction, the director owned 67,481 shares of the company’s stock, valued at $1,702,545.63. This represents a 22.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Brian Gephart sold 27,671 shares of the firm’s stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $24.71, for a total transaction of $683,750.41. Following the completion of the sale, the chief accounting officer owned 92,898 shares of the company’s stock, valued at $2,295,509.58. This trade represents a 22.95% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 323,275 shares of company stock valued at $7,877,776 in the last quarter. Corporate insiders own 3.80% of the company’s stock.

Magnite Company 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.