Elevation Point Wealth Partners LLC Buys Shares of 24,149 Magnite, Inc. $MGNI

Elevation Point Wealth Partners LLC purchased a new stake in shares of Magnite, Inc. (NASDAQ:MGNI) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 24,149 shares of the company’s stock, valued at approximately $458,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Magnite by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 14,802,630 shares of the company’s stock worth $240,247,000 after acquiring an additional 148,198 shares during the last quarter. Capital Research Global Investors raised its stake in Magnite by 85.0% in the 4th 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 during the period. BlackRock Inc. purchased a new stake in Magnite during the second quarter valued at about $241,296,000. Wellington Management Group LLP lifted its holdings in Magnite by 67.7% during the fourth quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock valued at $140,053,000 after purchasing an additional 3,484,689 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Magnite by 10.2% during the first quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company’s stock worth $47,322,000 after purchasing an additional 367,854 shares during the period. Institutional investors own 73.40% of the company’s stock.

Insider Activity

In related news, Director Douglas S. Knopper sold 37,337 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $18.10, for a total transaction of $675,799.70. Following the completion of the transaction, the director directly owned 125,810 shares in the company, valued at $2,277,161. The trade was a 22.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael G. Barrett sold 293,968 shares of the company’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $22.72, for a total value of $6,678,952.96. Following the completion of the transaction, the chief executive officer owned 403,074 shares in the company, valued at $9,157,841.28. This represents a 42.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 935,251 shares of company stock worth $19,046,675. Company insiders own 3.20% of the company’s stock.

Magnite Price Performance

Shares of NASDAQ:MGNI opened at $23.89 on Wednesday. The company has a 50 day moving average of $20.71 and a 200 day moving average of $15.77. The company has a current ratio of 1.02, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. The stock has a market cap of $3.43 billion, a P/E ratio of 21.92, a P/E/G ratio of 1.03 and a beta of 2.26. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $26.65.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.02. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The business 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 company posted $0.20 EPS. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Magnite, Inc. will post 0.61 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on MGNI shares. Royal Bank Of Canada lifted their target price on shares of Magnite from $20.00 to $27.00 and gave the stock an “outperform” rating in a research note on Thursday, August 6th. Scotiabank restated an “outperform” rating and set a $27.00 price target on shares of Magnite in a research note on Thursday, August 6th. Rosenblatt Securities raised their price objective on shares of Magnite from $39.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Susquehanna lifted their price objective on shares of Magnite from $22.00 to $30.00 and gave the company a “positive” rating in a research note on Thursday, August 6th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Magnite in a report on Friday, August 7th. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.30.

Magnite Company 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).