117,006 Shares in Magnite, Inc. $MGNI Bought by Legal & General Group Plc

Legal & General Group Plc bought a new stake in Magnite, Inc. (NASDAQ:MGNI) during the second quarter, according to its most recent filing with the SEC. The firm bought 117,006 shares of the company’s stock, valued at approximately $2,221,000. Legal & General Group Plc owned about 0.08% of Magnite at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of MGNI. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Magnite by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,847 shares of the company’s stock valued at $854,000 after acquiring an additional 3,267 shares during the period. Millennium Management LLC grew its position in shares of Magnite by 113.7% in the first quarter. Millennium Management LLC now owns 434,479 shares of the company’s stock valued at $4,957,000 after purchasing an additional 231,213 shares during the last quarter. Jones Financial Companies Lllp increased its stake in shares of Magnite by 24.3% in the first quarter. Jones Financial Companies Lllp now owns 7,276 shares of the company’s stock worth $83,000 after purchasing an additional 1,423 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Magnite by 9.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 404,717 shares of the company’s stock worth $4,618,000 after purchasing an additional 36,097 shares during the last quarter. Finally, Intech Investment Management LLC boosted its stake in Magnite by 103.6% during the 1st quarter. Intech Investment Management LLC now owns 109,992 shares of the company’s stock valued at $1,255,000 after purchasing an additional 55,971 shares during the period. Institutional investors own 73.40% of the company’s stock.

Wall Street Analysts Forecast Growth

MGNI has been the topic of several recent analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a research report on Friday, August 7th. Susquehanna boosted 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. B. Riley Financial increased their price target on shares of Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Wells Fargo & Company boosted their price objective on shares of Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a report on Friday, August 7th. Finally, Royal Bank Of Canada increased their target price on shares of Magnite from $20.00 to $27.00 and gave the company an “outperform” rating in a research note on Thursday, August 6th. Nine equities 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 has a consensus rating of “Moderate Buy” and an average price target of $28.80.

Magnite Price Performance

NASDAQ:MGNI opened at $24.14 on Friday. The company has a 50-day moving average of $21.64 and a 200-day moving average of $16.42. The company has a market capitalization of $3.46 billion, a price-to-earnings ratio of 22.15, a PEG ratio of 1.05 and a beta of 2.30. Magnite, Inc. has a 52 week low of $10.82 and a 52 week high of $26.19. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.02.

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

Insider Buying and Selling at Magnite

In other Magnite news, insider Sean Buckley sold 67,179 shares of Magnite stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $24.49, for a total transaction of $1,645,213.71. Following the completion of the transaction, the insider directly owned 315,805 shares of the company’s stock, valued at approximately $7,734,064.45. This trade represents a 17.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sarah Harden sold 30,550 shares of the company’s stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $23.31, for a total transaction of $712,120.50. Following the completion of the sale, the director directly owned 133,187 shares in the company, valued at approximately $3,104,588.97. The trade was a 18.66% decrease in their position. 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 989,242 shares of company stock worth $20,331,988 over the last three months. 3.20% of the stock is currently owned by insiders.

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).