S Squared Technology LLC Buys Shares of 567,862 Magnite, Inc. $MGNI

S Squared Technology LLC acquired a new position in shares of Magnite, Inc. (NASDAQ:MGNI) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 567,862 shares of the company’s stock, valued at approximately $10,778,021. Magnite accounts for about 0.0% of S Squared Technology LLC’s holdings, making the stock its 11th biggest holding. S Squared Technology LLC owned 0.40% of Magnite as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Magnite during the 2nd quarter worth approximately $241,296,000. Capital Research Global Investors grew its stake in shares of Magnite by 85.0% during the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock valued at $209,696,000 after acquiring an additional 5,937,428 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Magnite by 67.7% during the fourth quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock worth $140,053,000 after acquiring an additional 3,484,689 shares during the last quarter. Ophir Asset Management Pty Ltd acquired a new stake in Magnite during the fourth quarter valued at approximately $38,695,000. Finally, 325 Capital LLC increased its holdings in Magnite by 208.5% in the fourth quarter. 325 Capital LLC now owns 2,005,387 shares of the company’s stock worth $32,547,000 after buying an additional 1,355,326 shares during the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

Magnite Trading Up 2.1%

Shares of Magnite stock traded up $0.49 on Friday, reaching $23.85. 991,353 shares of the company were exchanged, compared to its average volume of 2,565,660. The firm has a market capitalization of $3.42 billion, a price-to-earnings ratio of 21.88, a price-to-earnings-growth ratio of 1.02 and a beta of 2.26. The stock has a fifty day moving average price of $20.92 and a 200-day moving average price of $15.94. The company has a current ratio of 1.02, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. Magnite, Inc. has a fifty-two week low of $10.82 and a fifty-two week high of $26.63.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.02. The firm had revenue of $192.82 million during the quarter, compared to the consensus estimate of $179.15 million. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.20 EPS. On average, analysts expect that Magnite, Inc. will post 0.61 EPS for the current year.

Insiders Place Their Bets

In related news, Director Douglas S. Knopper sold 37,337 shares of the stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $22.72, for a total value of $848,296.64. Following the transaction, the director owned 88,473 shares of the company’s stock, valued at $2,010,106.56. This represents a 29.68% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Brian Gephart sold 12,479 shares of Magnite stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $24.68, for a total transaction of $307,981.72. Following the completion of the transaction, the chief accounting officer directly owned 106,117 shares of the company’s stock, valued at $2,618,967.56. This trade represents a 10.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 935,251 shares of company stock worth $19,046,675 in the last ninety days. 3.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a report on Friday, August 7th. Benchmark lifted their target price on shares of Magnite from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Susquehanna lifted their price target on Magnite from $22.00 to $30.00 and gave the stock a “positive” rating in a research report on Thursday, August 6th. Wells Fargo & Company raised their price target on Magnite from $21.00 to $22.00 and gave the company an “equal weight” rating in a report on Friday, August 7th. Finally, Royal Bank Of Canada upped their price objective on shares of Magnite from $20.00 to $27.00 and gave the company an “outperform” rating in a report on Thursday, August 6th. Nine research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.30.

About Magnite

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).