Frontier Capital Management Co. LLC Acquires 1,448,456 Shares of Magnite, Inc. $MGNI

Frontier Capital Management Co. LLC lifted its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 419.4% in the 2nd quarter, HoldingsChannel reports. The fund owned 1,793,830 shares of the company’s stock after purchasing an additional 1,448,456 shares during the period. Frontier Capital Management Co. LLC’s holdings in Magnite were worth $43,267,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MGNI. GAMMA Investing LLC lifted its holdings in shares of Magnite by 355.6% in the second quarter. GAMMA Investing LLC now owns 1,517 shares of the company’s stock valued at $37,000 after purchasing an additional 1,184 shares in the last quarter. CWM LLC lifted its stake in Magnite by 133.6% during the 2nd quarter. CWM LLC now owns 1,775 shares of the company’s stock valued at $43,000 after acquiring an additional 1,015 shares in the last quarter. MTM Investment Management LLC bought a new position in Magnite during the 2nd quarter valued at $58,000. Nisa Investment Advisors LLC boosted its holdings in Magnite by 66.0% during the 2nd quarter. Nisa Investment Advisors LLC now owns 2,780 shares of the company’s stock worth $67,000 after acquiring an additional 1,105 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its holdings in shares of Magnite by 74.9% in the first quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company’s stock valued at $33,000 after purchasing an additional 1,203 shares during the last quarter. 73.40% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Wells Fargo & Company cut their price target on shares of Magnite from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Friday, November 7th. Wall Street Zen downgraded Magnite from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $39.00 target price on shares of Magnite in a report on Thursday, November 6th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a report on Wednesday, October 8th. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $26.20.

Insider Activity

In related news, Director Robert F. Spillane sold 12,500 shares of the company’s stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $14.22, for a total transaction of $177,750.00. Following the sale, the director directly owned 53,917 shares in the company, valued at approximately $766,699.74. This represents a 18.82% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Adam Lee Soroca sold 10,857 shares of Magnite stock in a transaction that occurred on Tuesday, November 18th. The shares were sold at an average price of $13.23, for a total transaction of $143,638.11. Following the completion of the transaction, the insider owned 326,114 shares of the company’s stock, valued at $4,314,488.22. This represents a 3.22% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 54,985 shares of company stock valued at $1,024,758. 3.80% of the stock is currently owned by corporate insiders.

Magnite Trading Up 1.7%

NASDAQ:MGNI opened at $15.78 on Thursday. Magnite, Inc. has a 12 month low of $8.22 and a 12 month high of $26.65. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.43. The firm’s 50 day moving average is $16.54 and its 200 day moving average is $20.15. The stock has a market capitalization of $2.27 billion, a PE ratio of 41.53, a price-to-earnings-growth ratio of 1.18 and a beta of 2.49.

Magnite (NASDAQ:MGNI) last released 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 business posted $0.17 earnings per share. The business’s revenue for the quarter was up 11.6% on a year-over-year basis. Sell-side 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.