Commonwealth Equity Services LLC Purchases 42,000 Shares of Magnite, Inc. $MGNI

Commonwealth Equity Services LLC lifted its position in Magnite, Inc. (NASDAQ:MGNI) by 19.8% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 254,318 shares of the company’s stock after purchasing an additional 42,000 shares during the quarter. Commonwealth Equity Services LLC owned 0.18% of Magnite worth $4,128,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Neo Ivy Capital Management bought a new stake in shares of Magnite in the 3rd quarter worth about $27,000. US Bancorp DE increased its holdings in shares of Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after buying an additional 688 shares in the last quarter. State of Wyoming acquired a new stake in shares of Magnite during the third quarter worth approximately $39,000. Central Pacific Bank Trust Division acquired a new stake in shares of Magnite during the fourth quarter worth approximately $41,000. Finally, Strategic Advocates LLC acquired a new stake in shares of Magnite during the third quarter worth approximately $42,000. Institutional investors own 73.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Rosenblatt Securities reaffirmed a “buy” rating and set a $39.00 price objective on shares of Magnite in a report on Thursday, February 26th. Scotiabank lifted their price objective on Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a research report on Thursday, May 7th. Evercore reiterated an “outperform” rating and issued a $21.00 price objective on shares of Magnite in a research report on Thursday, May 7th. Benchmark cut their price objective on Magnite from $31.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Finally, Royal Bank Of Canada reiterated an “outperform” rating on shares of Magnite in a research report on Thursday, May 28th. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Magnite has a consensus rating of “Moderate Buy” and an average price target of $24.38.

Insider Activity at Magnite

In other news, Director Robert F. Spillane sold 10,000 shares of Magnite stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $13.33, for a total value of $133,300.00. Following the completion of the sale, the director directly owned 43,917 shares of the company’s stock, valued at approximately $585,413.61. This trade represents a 18.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 4.30% of the company’s stock.

Magnite Price Performance

MGNI opened at $14.68 on Monday. Magnite, Inc. has a one year low of $10.82 and a one year high of $26.65. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02. The company’s 50 day simple moving average is $13.10 and its 200-day simple moving average is $13.80. The stock has a market capitalization of $2.10 billion, a P/E ratio of 14.12, a price-to-earnings-growth ratio of 0.69 and a beta of 2.32.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.11 by $0.02. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The business had revenue of $164.37 million for the quarter, compared to analysts’ expectations of $159.24 million. During the same period in the prior year, the firm earned $0.12 earnings per share. Magnite’s revenue was up 5.5% compared to the same quarter last year. Sell-side analysts anticipate that Magnite, Inc. will post 0.6 earnings per share for the current fiscal year.

Magnite Profile

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).