Norwood Investment Partners LP Trims Holdings in Magnite, Inc. $MGNI

Norwood Investment Partners LP lowered its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 23.3% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 330,000 shares of the company’s stock after selling 100,000 shares during the quarter. Magnite accounts for 6.0% of Norwood Investment Partners LP’s holdings, making the stock its 6th largest position. Norwood Investment Partners LP’s holdings in Magnite were worth $5,356,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of MGNI. Capital Research Global Investors raised its position in shares of Magnite by 85.0% during the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock valued at $209,696,000 after buying an additional 5,937,428 shares during the last quarter. Blue Grotto Capital LLC raised its position in shares of 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 buying an additional 1,263,992 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Magnite by 8.1% during the third quarter. Vanguard Group Inc. now owns 14,654,432 shares of the company’s stock valued at $319,174,000 after buying an additional 1,092,147 shares during the last quarter. 325 Capital LLC bought a new stake in shares of Magnite during the third quarter valued at approximately $14,158,000. Finally, Nuveen LLC raised its position in shares of Magnite by 14.2% during the fourth quarter. Nuveen LLC now owns 3,531,108 shares of the company’s stock valued at $57,310,000 after buying an additional 439,072 shares during the last quarter. Institutional investors own 73.40% of the company’s stock.

Magnite Trading Up 10.7%

MGNI stock opened at $18.55 on Wednesday. The firm has a fifty day moving average price of $13.73 and a 200 day moving average price of $13.91. Magnite, Inc. has a fifty-two week low of $10.82 and a fifty-two week 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. The firm has a market cap of $2.66 billion, a PE ratio of 17.84, a price-to-earnings-growth ratio of 0.79 and a beta of 2.32.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, beating 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 firm had revenue of $164.37 million during the quarter, compared to analyst estimates of $159.24 million. During the same period last year, the firm posted $0.12 earnings per share. Magnite’s revenue for the quarter was up 5.5% compared to the same quarter last year. Sell-side analysts anticipate that Magnite, Inc. will post 0.6 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on MGNI. Weiss Ratings upgraded shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Rosenblatt Securities reiterated a “buy” rating and set a $39.00 price objective on shares of Magnite in a research report on Thursday, February 26th. Benchmark cut their target price on shares of Magnite from $31.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Needham & Company LLC reissued a “buy” rating and issued a $25.00 target price on shares of Magnite in a report on Thursday, April 16th. Finally, Scotiabank raised their target price on shares of Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a report on Thursday, May 7th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Magnite presently has an average rating of “Moderate Buy” and a consensus price target of $23.89.

Insider Activity at Magnite

In related news, Director Robert F. Spillane sold 10,000 shares of the firm’s stock in a transaction 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 directly owned 43,917 shares of the company’s stock, valued at approximately $585,413.61. This trade represents a 18.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David T. Pearson sold 10,766 shares of the firm’s stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $15.65, for a total transaction of $168,487.90. Following the completion of the transaction, the director directly owned 79,001 shares of the company’s stock, valued at approximately $1,236,365.65. This trade represents a 11.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 32,941 shares of company stock valued at $492,272. 4.30% of the stock is owned by corporate insiders.

Magnite 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).