217,753 Shares in Magnite, Inc. $MGNI Bought by Pillsbury Lake Capital LLC

Pillsbury Lake Capital LLC bought a new position in shares of Magnite, Inc. (NASDAQ:MGNI) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 217,753 shares of the company’s stock, valued at approximately $4,132,952. Pillsbury Lake Capital LLC owned 0.15% of Magnite as of its most recent SEC filing.

Several other large investors have also modified their holdings of MGNI. Bank of America Corp DE bought a new position in Magnite during the second quarter valued at about $22,431,000. Man Group plc bought a new position in Magnite in the 2nd quarter valued at approximately $1,007,000. Jupiter Topco LLC acquired a new position in Magnite during the 2nd quarter worth approximately $1,109,000. Meros Investment Management LP purchased a new stake in shares of Magnite during the second quarter worth $18,815,538. Finally, EFG International AG purchased a new position in shares of Magnite during the second quarter valued at approximately $28,000. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Magnite Stock Performance

NASDAQ:MGNI traded up $0.34 during mid-day trading on Friday, reaching $23.70. 1,658,717 shares of the stock were exchanged, compared to its average volume of 2,570,021. The company has a 50 day simple moving average of $20.92 and a 200-day simple moving average of $15.94. The stock has a market capitalization of $3.40 billion, a P/E ratio of 21.74, a P/E/G ratio of 1.02 and a beta of 2.26. Magnite, Inc. has a 1 year low of $10.82 and a 1 year high of $26.63. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37.

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

Analyst Ratings Changes

Several equities research analysts have recently weighed in on MGNI shares. Rosenblatt Securities upped their price target on shares of Magnite from $39.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Benchmark increased their target price on Magnite from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Scotiabank reaffirmed an “outperform” rating and set a $27.00 price objective on shares of Magnite 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 report on Thursday, August 6th. Finally, B. Riley Financial upped their target price on Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Nine research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $28.30.

Insider Activity

In related news, Director Douglas S. Knopper sold 37,337 shares of the firm’s 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 completion of the sale, 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 sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Sean Patrick Buckley sold 67,179 shares of the stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $24.49, for a total transaction of $1,645,213.71. Following the transaction, the insider owned 315,805 shares of the company’s stock, valued at $7,734,064.45. This trade represents a 17.54% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 935,251 shares of company stock valued at $19,046,675. 3.20% of the stock is currently owned by insiders.

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).