Jennison Associates LLC Acquires New Shares in Magnite, Inc. $MGNI

Jennison Associates LLC acquired a new position in shares of Magnite, Inc. (NASDAQ:MGNI) in the first quarter, HoldingsChannel.com reports. The firm acquired 57,849 shares of the company’s stock, valued at approximately $687,000.

Several other large investors have also recently added to or reduced their stakes in MGNI. Smartleaf Asset Management LLC boosted its holdings in shares of Magnite by 20.5% during the second quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company’s stock valued at $82,000 after acquiring an additional 577 shares during the period. US Bancorp DE boosted its stake in Magnite by 75.8% during the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after purchasing an additional 688 shares during the period. PNC Financial Services Group Inc. boosted its stake in Magnite by 45.1% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock valued at $53,000 after purchasing an additional 755 shares during the period. AYAL Capital Advisors Ltd grew its position in Magnite by 0.5% in the 4th quarter. AYAL Capital Advisors Ltd now owns 200,000 shares of the company’s stock worth $3,246,000 after purchasing an additional 1,000 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co grew its position in Magnite by 2.4% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 44,552 shares of the company’s stock worth $992,000 after purchasing an additional 1,047 shares during the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Sean Patrick Buckley sold 19,233 shares of the business’s stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $19.00, for a total transaction of $365,427.00. Following the sale, the insider owned 373,514 shares of the company’s stock, valued at $7,096,766. The trade was a 4.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David T. Pearson sold 10,766 shares of the company’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $15.65, for a total value of $168,487.90. Following the completion of the sale, the director owned 79,001 shares of the company’s stock, valued at $1,236,365.65. This trade represents a 11.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 491,639 shares of company stock valued at $8,676,734. 3.20% of the stock is currently owned by insiders.

Magnite Stock Performance

MGNI stock opened at $18.30 on Thursday. The company has a 50-day simple moving average of $17.01 and a 200 day simple moving average of $14.57. The company has a market capitalization of $2.62 billion, a P/E ratio of 17.60, a PEG ratio of 0.97 and a beta of 2.25. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. Magnite, Inc. has a fifty-two week low of $10.82 and a fifty-two week high of $26.65.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $159.24 million. During the same quarter last year, the company earned $0.12 EPS. Magnite’s quarterly revenue was up 5.5% on a year-over-year basis. Sell-side analysts predict that Magnite, Inc. will post 0.55 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on MGNI shares. Scotiabank raised their price target on shares of Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a research note on Thursday, May 7th. Weiss Ratings upgraded Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Needham & Company LLC reissued a “buy” rating and issued a $25.00 price objective on shares of Magnite in a report on Thursday, April 16th. BTIG Research initiated coverage on Magnite in a research report on Tuesday, June 9th. They issued a “buy” rating and a $20.00 target price on the stock. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Magnite in a research note on Thursday, May 28th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Magnite currently has a consensus rating of “Moderate Buy” and an average target price of $24.56.

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).