Meros Investment Management LP Buys 211,767 Shares of Magnite, Inc. $MGNI

Meros Investment Management LP boosted its stake in Magnite, Inc. (NASDAQ:MGNI) by 34.5% during the fourth quarter, Holdings Channel reports. The institutional investor owned 825,595 shares of the company’s stock after buying an additional 211,767 shares during the period. Magnite comprises approximately 5.3% of Meros Investment Management LP’s investment portfolio, making the stock its 2nd biggest position. Meros Investment Management LP’s holdings in Magnite were worth $13,399,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Neo Ivy Capital Management acquired a new position in shares of Magnite during the 3rd quarter worth approximately $27,000. US Bancorp DE grew its position in shares of 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 purchasing an additional 688 shares in the last quarter. Strategic Advocates LLC acquired a new position in shares of Magnite during the 3rd quarter worth approximately $42,000. PNC Financial Services Group Inc. grew its position in shares of 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 purchasing an additional 755 shares in the last quarter. Finally, Central Pacific Bank Trust Division acquired a new position in shares of Magnite during the 4th quarter worth approximately $41,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on MGNI. Scotiabank increased their target price on shares of Magnite from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a research report on Thursday, May 7th. Benchmark decreased their target price on shares of Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, February 26th. Wells Fargo & Company increased their target price on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Friday, May 8th. Royal Bank Of Canada restated an “outperform” rating on shares of Magnite in a research report on Thursday, May 28th. Finally, BTIG Research began coverage on shares of Magnite in a research report on Tuesday, June 9th. They set a “buy” rating and a $20.00 target price on the stock. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $23.89.

Magnite Stock Performance

Shares of Magnite stock opened at $16.75 on Tuesday. The company has a 50 day moving average of $13.59 and a 200-day moving average of $13.89. Magnite, Inc. has a 1-year low of $10.82 and a 1-year high of $26.65. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. The company has a market cap of $2.40 billion, a PE ratio of 16.11, a price-to-earnings-growth ratio of 0.77 and a beta of 2.32.

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

Insider Activity at Magnite

In related news, Director Robert F. Spillane sold 10,000 shares of the stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $13.33, for a total value of $133,300.00. Following the completion of the transaction, the director owned 43,917 shares of the company’s stock, valued at $585,413.61. This represents a 18.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Douglas S. Knopper sold 10,766 shares of the stock in a transaction that occurred on 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 directly owned 163,147 shares of the company’s stock, valued at approximately $2,566,302.31. The trade was a 6.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 32,941 shares of company stock valued at $492,272 in the last quarter. Insiders own 4.30% of the company’s stock.

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).