Marshall Wace LLP Buys 578,678 Shares of Magnite, Inc. (NASDAQ:MGNI)

Marshall Wace LLP boosted its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 59.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,559,520 shares of the company’s stock after acquiring an additional 578,678 shares during the period. Marshall Wace LLP owned 1.10% of Magnite worth $20,726,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Arizona State Retirement System increased its stake in shares of Magnite by 3.4% in the second quarter. Arizona State Retirement System now owns 35,256 shares of the company’s stock worth $469,000 after purchasing an additional 1,160 shares in the last quarter. UMB Bank n.a. increased its stake in Magnite by 111.8% in the 2nd quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock worth $30,000 after buying an additional 1,188 shares in the last quarter. Fulton Bank N.A. raised its holdings in Magnite by 8.1% during the first quarter. Fulton Bank N.A. now owns 22,003 shares of the company’s stock valued at $237,000 after acquiring an additional 1,653 shares during the period. Moody National Bank Trust Division lifted its position in shares of Magnite by 2.4% in the second quarter. Moody National Bank Trust Division now owns 75,367 shares of the company’s stock valued at $1,002,000 after acquiring an additional 1,783 shares in the last quarter. Finally, ProShare Advisors LLC boosted its stake in shares of Magnite by 8.5% in the first quarter. ProShare Advisors LLC now owns 24,325 shares of the company’s stock worth $261,000 after acquiring an additional 1,914 shares during the period. Institutional investors own 73.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on MGNI shares. Bank of America lifted their target price on Magnite from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Needham & Company LLC reissued a “buy” rating and issued a $15.00 target price on shares of Magnite in a report on Tuesday, July 9th. Lake Street Capital assumed coverage on shares of Magnite in a research note on Thursday, July 25th. They set a “buy” rating and a $21.00 target price for the company. Benchmark reiterated a “buy” rating and issued a $21.00 price target on shares of Magnite in a research note on Wednesday, September 18th. Finally, Evercore ISI raised their price objective on Magnite from $13.00 to $15.00 and gave the company an “outperform” rating in a research report on Monday, June 3rd. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat, Magnite has a consensus rating of “Buy” and an average target price of $17.25.

Magnite Trading Up 0.3 %

MGNI opened at $13.04 on Friday. The stock has a 50-day moving average of $13.52 and a 200 day moving average of $12.15. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.77. Magnite, Inc. has a 12 month low of $6.28 and a 12 month high of $15.92. The firm has a market cap of $1.84 billion, a P/E ratio of -20.38, a P/E/G ratio of 1.14 and a beta of 2.41.

Magnite (NASDAQ:MGNI) last announced its earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.01). Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The firm had revenue of $162.88 million during the quarter, compared to analysts’ expectations of $144.04 million. During the same period in the prior year, the company posted ($0.04) EPS. The company’s revenue was up 6.8% compared to the same quarter last year. As a group, research analysts forecast that Magnite, Inc. will post 0.31 EPS for the current year.

Insider Activity at Magnite

In other Magnite news, insider Adam Lee Soroca sold 7,910 shares of the stock in a transaction on Monday, August 19th. The stock was sold at an average price of $12.59, for a total value of $99,586.90. Following the sale, the insider now owns 436,001 shares in the company, valued at $5,489,252.59. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CRO Sean Patrick Buckley sold 2,623 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $12.53, for a total value of $32,866.19. Following the completion of the sale, the executive now owns 331,742 shares in the company, valued at $4,156,727.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Adam Lee Soroca sold 7,910 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $12.59, for a total value of $99,586.90. Following the transaction, the insider now owns 436,001 shares in the company, valued at $5,489,252.59. The disclosure for this sale can be found here. Insiders sold a total of 250,383 shares of company stock worth $3,519,150 in the last quarter. 4.30% of the stock is owned by company insiders.

Magnite Profile

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company's platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.