Meros Investment Management LP grew its holdings in shares of Magnite, Inc. (NASDAQ:MGNI – Free Report) by 34.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 825,595 shares of the company’s stock after buying an additional 211,767 shares during the quarter. Magnite makes up 5.3% of Meros Investment Management LP’s portfolio, making the stock its 2nd largest position. Meros Investment Management LP owned about 0.57% of Magnite worth $13,399,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC lifted its position in Magnite by 20.5% during the 2nd quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company’s stock worth $82,000 after buying an additional 577 shares in the last quarter. US Bancorp DE lifted its position in Magnite by 75.8% during the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after buying an additional 688 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in Magnite by 45.1% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock worth $53,000 after buying an additional 755 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its position in Magnite by 2.4% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 44,552 shares of the company’s stock worth $992,000 after buying an additional 1,047 shares in the last quarter. Finally, Neo Ivy Capital Management bought a new stake in Magnite during the 3rd quarter worth about $27,000. 73.40% of the stock is owned by institutional investors.
Insider Activity
In related news, Director Robert F. Spillane sold 10,000 shares of the company’s stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $13.33, for a total value of $133,300.00. Following the transaction, the director owned 43,917 shares in the company, valued at approximately $585,413.61. This represents a 18.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Douglas S. Knopper sold 10,766 shares of the company’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $15.73, for a total transaction of $169,349.18. Following the completion of the transaction, the director owned 163,147 shares in the company, valued at approximately $2,566,302.31. This trade represents a 6.19% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 32,941 shares of company stock valued at $492,272. 4.30% of the stock is owned by company insiders.
Wall Street Analysts Forecast Growth
View Our Latest Report on MGNI
Magnite Stock Up 3.1%
Shares of MGNI stock opened at $16.75 on Tuesday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02. The firm’s 50-day moving average is $13.59 and its 200-day moving average is $13.89. The stock has a market cap of $2.40 billion, a price-to-earnings ratio of 16.11, a PEG ratio of 0.77 and a beta of 2.32. Magnite, Inc. has a 52-week low of $10.82 and a 52-week high of $26.65.
Magnite (NASDAQ:MGNI – Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. The company had revenue of $164.37 million for the quarter, compared to analysts’ expectations of $159.24 million. Magnite had a net margin of 21.96% and a return on equity of 8.40%. Magnite’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.12 EPS. Sell-side analysts predict that Magnite, Inc. will post 0.6 EPS for the current year.
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).
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