S Squared Technology LLC Takes Position in Magnite, Inc. $MGNI

S Squared Technology LLC purchased a new position in shares of Magnite, Inc. (NASDAQ:MGNI) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 567,862 shares of the company’s stock, valued at approximately $10,778,021,000. Magnite comprises 3.3% of S Squared Technology LLC’s investment portfolio, making the stock its 11th largest holding. S Squared Technology LLC owned 0.40% of Magnite at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Allworth Financial LP bought a new position in Magnite during the second quarter valued at $30,000. US Bancorp DE increased its position in Magnite by 75.8% in 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 during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Magnite by 45.1% in the third quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock valued at $53,000 after buying an additional 755 shares during the period. Harbor Investment Advisory LLC bought a new stake in shares of Magnite in the second quarter valued at $62,000. Finally, Smartleaf Asset Management LLC lifted its position in shares of Magnite by 20.5% during the 2nd quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company’s stock valued at $82,000 after buying an additional 577 shares during the last quarter. Institutional investors own 73.40% of the company’s stock.

Analyst Upgrades and Downgrades

MGNI has been the subject of several research reports. Royal Bank Of Canada increased their price target on Magnite from $20.00 to $27.00 and gave the stock an “outperform” rating in a research note on Thursday, August 6th. BTIG Research upped their price objective on shares of Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Susquehanna increased their target price on shares of Magnite from $22.00 to $30.00 and gave the stock a “positive” rating in a research report on Thursday, August 6th. Rosenblatt Securities lifted their target price on shares of Magnite from $39.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Finally, B. Riley Financial lifted their target price on shares of Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $28.30.

Insider Buying and Selling at Magnite

In other Magnite news, Director Paul Caine sold 5,000 shares of the firm’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $24.35, for a total value of $121,750.00. Following the completion of the transaction, the director directly owned 157,401 shares of the company’s stock, valued at $3,832,714.35. This trade represents a 3.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas S. Knopper sold 37,337 shares of the business’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $22.72, for a total transaction 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 trade represents a 29.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 935,251 shares of company stock worth $19,046,675 in the last ninety days. Insiders own 3.20% of the company’s stock.

Magnite Stock Up 0.3%

Shares of NASDAQ MGNI opened at $23.56 on Tuesday. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. The company has a market cap of $3.38 billion, a P/E ratio of 21.61, a P/E/G ratio of 1.02 and a beta of 2.26. Magnite, Inc. has a 52 week low of $10.82 and a 52 week high of $26.65. The business has a 50-day simple moving average of $20.60 and a two-hundred day simple moving average of $15.68.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.02. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The firm had revenue of $192.82 million for the quarter, compared to analysts’ expectations of $179.15 million. During the same period in the prior year, the business posted $0.20 earnings per share. The company’s revenue was up 11.3% on a year-over-year basis. Research analysts anticipate that Magnite, Inc. will post 0.61 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).