Magnite, Inc. $MGNI Shares Purchased by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. boosted its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 9.7% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 241,938 shares of the company’s stock after purchasing an additional 21,394 shares during the period. Envestnet Asset Management Inc. owned approximately 0.17% of Magnite worth $5,836,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Teacher Retirement System of Texas purchased a new position in shares of Magnite during the first quarter worth about $233,000. Principal Financial Group Inc. lifted its position in Magnite by 1.2% during the 1st quarter. Principal Financial Group Inc. now owns 124,547 shares of the company’s stock worth $1,421,000 after acquiring an additional 1,474 shares during the period. Brown Advisory Inc. purchased a new position in shares of Magnite in the 1st quarter valued at approximately $290,000. M&T Bank Corp increased its holdings in shares of Magnite by 31.5% in the first quarter. M&T Bank Corp now owns 18,960 shares of the company’s stock valued at $216,000 after purchasing an additional 4,537 shares during the period. Finally, Arizona State Retirement System increased its holdings in shares of Magnite by 9.5% in the first quarter. Arizona State Retirement System now owns 40,330 shares of the company’s stock valued at $460,000 after purchasing an additional 3,484 shares during the period. 73.40% of the stock is owned by hedge funds and other institutional investors.

Magnite Stock Down 3.9%

Shares of NASDAQ MGNI opened at $14.21 on Thursday. The stock has a market capitalization of $2.04 billion, a price-to-earnings ratio of 49.00, a price-to-earnings-growth ratio of 1.42 and a beta of 3.13. Magnite, Inc. has a 52 week low of $8.22 and a 52 week high of $26.65. The firm has a 50-day moving average price of $20.20 and a 200 day moving average price of $20.13. 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 (NASDAQ:MGNI) last issued its earnings results on Wednesday, November 5th. The company reported $0.20 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.20. Magnite had a net margin of 6.30% and a return on equity of 8.07%. The company had revenue of $179.49 million during the quarter, compared to analysts’ expectations of $163.29 million. During the same period last year, the company posted $0.17 earnings per share. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. Magnite has set its Q4 2025 guidance at EPS. FY 2025 guidance at EPS. Equities research analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Needham & Company LLC lifted their price objective on shares of Magnite from $18.00 to $25.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Wells Fargo & Company reduced their target price on shares of Magnite from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Friday, November 7th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $39.00 target price on shares of Magnite in a report on Thursday, November 6th. Royal Bank Of Canada boosted their price target on shares of Magnite from $19.00 to $27.00 and gave the stock an “outperform” rating in a research note on Thursday, July 31st. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Magnite in a research report on Wednesday, October 8th. Nine research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $26.20.

Insider Activity

In other Magnite news, insider Adam Lee Soroca sold 24,986 shares of the business’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $24.69, for a total transaction of $616,904.34. Following the sale, the insider directly owned 346,393 shares in the company, valued at approximately $8,552,443.17. The trade was a 6.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Diane Yu sold 20,000 shares of the company’s stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $25.23, for a total value of $504,600.00. Following the completion of the sale, the director directly owned 67,481 shares in the company, valued at $1,702,545.63. This trade represents a 22.86% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 294,415 shares of company stock valued at $7,209,084 in the last 90 days. 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.