Pillsbury Lake Capital LLC Acquires Shares of 217,753 Magnite, Inc. $MGNI

Pillsbury Lake Capital LLC bought a new stake in shares of Magnite, Inc. (NASDAQ:MGNI) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 217,753 shares of the company’s stock, valued at approximately $4,132,952,000.

Several other large investors also recently modified their holdings of the stock. BlackRock Inc. bought a new position in shares of Magnite in the second quarter worth $241,296,000. Capital Research Global Investors lifted its position in Magnite by 85.0% during the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock worth $209,696,000 after purchasing an additional 5,937,428 shares during the period. Wellington Management Group LLP lifted its position in Magnite by 67.7% during the fourth quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock worth $140,053,000 after purchasing an additional 3,484,689 shares during the period. Canada Pension Plan Investment Board acquired a new stake in Magnite during the second quarter worth about $56,847,000. Finally, Ophir Asset Management Pty Ltd acquired a new stake in Magnite during the fourth quarter worth about $38,695,000. 73.40% of the stock is owned by institutional investors and hedge funds.

Magnite Stock Performance

Shares of MGNI stock opened at $23.38 on Thursday. The firm has a market capitalization of $3.35 billion, a price-to-earnings ratio of 21.45, a PEG ratio of 1.04 and a beta of 2.26. 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 business’s 50-day moving average price is $20.81 and its 200-day moving average price is $15.85. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $26.65.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $179.15 million. During the same quarter last year, the business earned $0.20 EPS. The firm’s quarterly revenue was up 11.3% on a year-over-year basis. Equities research analysts forecast that Magnite, Inc. will post 0.61 EPS for the current year.

Insider Buying and Selling at Magnite

In related news, Director Douglas S. Knopper sold 37,337 shares of the business’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $18.10, for a total value of $675,799.70. Following the sale, the director owned 125,810 shares of the company’s stock, valued at $2,277,161. The trade was a 22.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 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 value of $1,645,213.71. Following the completion of the sale, the insider owned 315,805 shares of the company’s stock, valued at $7,734,064.45. The trade was a 17.54% 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. Insiders have sold a total of 935,251 shares of company stock worth $19,046,675 in the last three months. 3.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on MGNI. Benchmark boosted their target price on shares of Magnite from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. B. Riley Financial boosted their price objective on shares of Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Wells Fargo & Company upped their target price on Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Friday, August 7th. BTIG Research lifted their price target on Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Magnite in a research report on Friday, August 7th. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Magnite presently has an average rating of “Moderate Buy” and an average price target of $28.30.

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).