Nine Ten Capital Management LLC Sells 220,000 Shares of Magnite, Inc. $MGNI

Nine Ten Capital Management LLC reduced its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 6.3% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 3,261,283 shares of the company’s stock after selling 220,000 shares during the period. Magnite comprises 19.3% of Nine Ten Capital Management LLC’s portfolio, making the stock its 2nd biggest holding. Nine Ten Capital Management LLC’s holdings in Magnite were worth $61,899,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Nykredit A S acquired a new stake in shares of Magnite in the second quarter worth approximately $25,000. EFG International AG purchased a new stake in shares of Magnite during the second quarter worth approximately $28,000. Allworth Financial LP acquired a new position in Magnite in the 2nd quarter valued at $30,000. US Bancorp DE raised its stake in Magnite by 75.8% in 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 last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in Magnite by 106.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock valued at $45,000 after purchasing an additional 1,949 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Insider Buying and Selling

In other news, insider Sean Buckley sold 67,179 shares of the stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $24.49, for a total value of $1,645,213.71. Following the completion of the sale, the insider owned 315,805 shares of the company’s stock, valued at $7,734,064.45. This represents a 17.54% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Katie Evans sold 20,000 shares of Magnite stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $24.00, for a total transaction of $480,000.00. Following the sale, the insider directly owned 496,840 shares in the company, valued at approximately $11,924,160. The trade was a 3.87% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 967,710 shares of company stock worth $19,994,151 over the last ninety days. 3.20% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Susquehanna lifted their target price on shares of Magnite from $22.00 to $30.00 and gave the stock a “positive” rating in a research note on Thursday, August 6th. B. Riley Financial increased their target price on shares of Magnite from $20.00 to $27.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Evercore reissued an “outperform” rating and issued a $25.00 price target on shares of Magnite in a research note on Thursday, August 6th. Weiss Ratings restated a “hold (c)” rating on shares of Magnite in a research report on Friday, August 7th. Finally, Wells Fargo & Company boosted their price target on shares of Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Friday, August 7th. Nine equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $28.80.

Magnite Stock Performance

NASDAQ MGNI opened at $23.70 on Wednesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.02. The stock’s fifty day moving average is $21.84 and its two-hundred day moving average is $16.63. The firm has a market capitalization of $3.40 billion, a P/E ratio of 21.74, a price-to-earnings-growth ratio of 1.05 and a beta of 2.30. Magnite, Inc. has a fifty-two week low of $10.82 and a fifty-two week high of $26.19.

Magnite (NASDAQ:MGNI) last issued its earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The business had revenue of $192.82 million during the quarter, compared to the consensus estimate of $179.15 million. During the same period last year, the company earned $0.20 EPS. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. On average, research analysts anticipate that Magnite, Inc. will post 0.61 earnings per share 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).