The Manufacturers Life Insurance Company Purchases New Shares in Magnite, Inc. $MGNI

The Manufacturers Life Insurance Company purchased a new position in Magnite, Inc. (NASDAQ:MGNI) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 71,015 shares of the company’s stock, valued at approximately $1,348,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of MGNI. Allworth Financial LP purchased a new stake in Magnite during the second quarter valued at about $30,000. US Bancorp DE increased its position in shares of Magnite by 75.8% in the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after acquiring an additional 688 shares in the last quarter. PNC Financial Services Group Inc. increased its position in shares of Magnite by 106.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock worth $45,000 after acquiring an additional 1,949 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in shares of Magnite by 98.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 3,678 shares of the company’s stock valued at $61,000 after acquiring an additional 1,824 shares during the period. Finally, Harbor Investment Advisory LLC purchased a new stake in shares of Magnite in the 2nd quarter valued at approximately $62,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. B. Riley Financial raised their price objective on shares of Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Susquehanna increased their target price on Magnite from $22.00 to $30.00 and gave the company a “positive” rating in a report on Thursday, August 6th. Royal Bank Of Canada raised their target price on Magnite from $20.00 to $27.00 and gave the stock an “outperform” rating in a research report on Thursday, August 6th. Needham & Company LLC upped their price target on Magnite from $25.00 to $30.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Rosenblatt Securities increased their price objective on Magnite from $39.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Nine equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Magnite currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.80.

Insider Activity at Magnite

In other Magnite news, Director Paul Caine sold 5,000 shares of Magnite stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $24.35, for a total value of $121,750.00. Following the completion of the sale, the director directly owned 157,401 shares in the company, valued at $3,832,714.35. The trade was a 3.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rachel Lam sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $24.16, for a total transaction of $241,600.00. Following the completion of the sale, the director directly owned 230,620 shares of the company’s stock, valued at $5,571,779.20. This represents a 4.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 989,242 shares of company stock worth $20,331,988. 3.20% of the stock is currently owned by corporate insiders.

Magnite Trading Down 2.0%

Shares of NASDAQ:MGNI opened at $24.14 on Friday. The firm has a fifty day moving average of $21.64 and a two-hundred day moving average of $16.42. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. Magnite, Inc. has a 12-month low of $10.82 and a 12-month high of $26.19. The firm has a market capitalization of $3.46 billion, a P/E ratio of 22.15, a price-to-earnings-growth ratio of 1.07 and a beta of 2.30.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share for the quarter, topping 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 for the quarter, compared to the consensus estimate of $179.15 million. During the same period in the prior year, the business posted $0.20 earnings per share. Magnite’s revenue for the quarter was up 11.3% compared to the same quarter last year. On average, equities analysts expect that Magnite, Inc. will post 0.61 EPS for the current fiscal 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).