Blue Grotto Capital LLC Purchases Shares of 284,804 Magnite, Inc. $MGNI

Blue Grotto Capital LLC bought a new position in Magnite, Inc. (NASDAQ:MGNI) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 284,804 shares of the company’s stock, valued at approximately $6,869,000. Magnite makes up about 0.8% of Blue Grotto Capital LLC’s holdings, making the stock its 26th biggest holding. Blue Grotto Capital LLC owned approximately 0.20% of Magnite at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Cetera Investment Advisers increased its stake in Magnite by 42.5% during the first quarter. Cetera Investment Advisers now owns 33,821 shares of the company’s stock worth $386,000 after acquiring an additional 10,089 shares during the last quarter. Vanguard Group Inc. increased its stake in Magnite by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company’s stock worth $156,814,000 after buying an additional 138,417 shares during the period. Swiss National Bank increased its position in shares of Magnite by 9.1% during the first quarter. Swiss National Bank now owns 272,600 shares of the company’s stock worth $3,110,000 after acquiring an additional 22,700 shares during the period. Aigen Investment Management LP purchased a new position in Magnite during the 1st quarter worth $154,000. Finally, Nuveen LLC bought a new stake in shares of Magnite in the first quarter valued at about $41,036,000. Institutional investors own 73.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on MGNI. Wall Street Zen downgraded shares of Magnite from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a research report on Wednesday, October 8th. Rosenblatt Securities reaffirmed a “buy” rating and set a $39.00 price target on shares of Magnite in a research report on Thursday, November 6th. Finally, Wells Fargo & Company decreased their price objective 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. Nine analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $26.20.

Insider Transactions at Magnite

In other Magnite news, Director Robert F. Spillane sold 12,500 shares of the firm’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $14.22, for a total transaction of $177,750.00. Following the completion of the sale, the director owned 53,917 shares of the company’s stock, valued at $766,699.74. This trade represents a 18.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Paul Caine sold 7,500 shares of the business’s stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $25.00, for a total transaction of $187,500.00. Following the completion of the sale, the director directly owned 158,603 shares in the company, valued at $3,965,075. This trade represents a 4.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 54,985 shares of company stock valued at $1,024,758 in the last ninety days. 3.80% of the stock is currently owned by corporate insiders.

Magnite Trading Up 1.8%

MGNI opened at $16.30 on Friday. The company’s 50 day simple moving average is $16.38 and its two-hundred day simple moving average is $20.12. The firm has a market capitalization of $2.34 billion, a price-to-earnings ratio of 42.90, a price-to-earnings-growth ratio of 1.22 and a beta of 2.49. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.01 and a quick ratio of 1.01. Magnite, Inc. has a 1-year low of $8.22 and a 1-year high of $26.65.

Magnite (NASDAQ:MGNI) last issued its earnings results on Wednesday, November 5th. The company reported $0.20 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.20. Magnite had a return on equity of 8.74% and a net margin of 8.25%.The business had revenue of $179.49 million during the quarter, compared to the consensus estimate of $163.29 million. During the same period last year, the company earned $0.17 EPS. The company’s revenue for the quarter was up 11.6% on a year-over-year basis. Analysts expect that Magnite, Inc. will post 0.33 EPS for the current fiscal 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.