Stephens Investment Management Group LLC Raises Stock Holdings in Magnite, Inc. $MGNI

Stephens Investment Management Group LLC lifted its holdings in Magnite, Inc. (NASDAQ:MGNI) by 17.0% in the fourth quarter, HoldingsChannel reports. The firm owned 1,128,578 shares of the company’s stock after purchasing an additional 164,035 shares during the quarter. Stephens Investment Management Group LLC’s holdings in Magnite were worth $18,317,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Blue Grotto Capital LLC raised its stake in Magnite by 443.8% during the third quarter. Blue Grotto Capital LLC now owns 1,548,796 shares of the company’s stock valued at $33,733,000 after purchasing an additional 1,263,992 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Magnite by 8.1% in the 3rd quarter. Vanguard Group Inc. now owns 14,654,432 shares of the company’s stock worth $319,174,000 after buying an additional 1,092,147 shares in the last quarter. 325 Capital LLC bought a new stake in shares of Magnite in the 3rd quarter worth about $14,158,000. Voloridge Investment Management LLC bought a new stake in shares of Magnite in the 3rd quarter worth about $8,172,000. Finally, Kopion Asset Management LLC raised its position in shares of Magnite by 149.2% during the 4th quarter. Kopion Asset Management LLC now owns 614,459 shares of the company’s stock valued at $9,973,000 after buying an additional 367,858 shares in the last quarter. Institutional investors own 73.40% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Wells Fargo & Company boosted their price objective on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Friday, May 8th. Needham & Company LLC restated a “buy” rating and issued a $25.00 price target on shares of Magnite in a research report on Thursday, April 16th. Rosenblatt Securities reaffirmed a “buy” rating and set a $39.00 price objective on shares of Magnite in a research note on Thursday, February 26th. Scotiabank raised their target price on shares of Magnite from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a report on Thursday, May 7th. Finally, Evercore reissued an “outperform” rating and issued a $21.00 price objective on shares of Magnite in a research note on Thursday, May 7th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $24.33.

Insider Buying and Selling at Magnite

In other Magnite news, insider Adam Lee Soroca sold 21,529 shares of the company’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $12.00, for a total transaction of $258,348.00. Following the completion of the sale, the insider owned 388,425 shares in the company, valued at $4,661,100. This represents a 5.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 4.30% of the company’s stock.

Magnite Stock Performance

Shares of NASDAQ:MGNI opened at $12.82 on Monday. The firm has a market cap of $1.84 billion, a PE ratio of 12.33, a price-to-earnings-growth ratio of 0.61 and a beta of 2.33. The firm’s 50 day simple moving average is $12.73 and its 200-day simple moving average is $14.03. Magnite, Inc. has a one year low of $10.82 and a one year high of $26.65. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02.

Magnite (NASDAQ:MGNI) last issued its earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.02. The business had revenue of $164.37 million during the quarter, compared to analysts’ expectations of $159.24 million. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The business’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.12 EPS. As a group, equities analysts predict that Magnite, Inc. will post 0.6 EPS for the current year.

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).