Arizona State Retirement System Buys 1,160 Shares of Magnite, Inc. (NASDAQ:MGNI)

Arizona State Retirement System lifted its stake in Magnite, Inc. (NASDAQ:MGNI) by 3.4% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 35,256 shares of the company’s stock after acquiring an additional 1,160 shares during the period. Arizona State Retirement System’s holdings in Magnite were worth $469,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Cape Investment Advisory Inc. acquired a new stake in Magnite in the 4th quarter valued at approximately $25,000. UMB Bank n.a. increased its position 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 during the period. Blue Trust Inc. bought a new position in Magnite in the 2nd quarter worth approximately $56,000. Dynamic Technology Lab Private Ltd bought a new position in Magnite in the 4th quarter worth approximately $99,000. Finally, O Shaughnessy Asset Management LLC bought a new position in Magnite in the 1st quarter worth approximately $108,000. 73.40% of the stock is owned by institutional investors.

Magnite Stock Performance

Shares of NASDAQ:MGNI opened at $14.03 on Tuesday. The business’s fifty day moving average price is $13.71 and its two-hundred day moving average price is $12.08. Magnite, Inc. has a fifty-two week low of $6.28 and a fifty-two week high of $15.92. The stock has a market capitalization of $1.98 billion, a price-to-earnings ratio of -21.92, a price-to-earnings-growth ratio of 1.18 and a beta of 2.41. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.10 and a quick ratio of 1.10.

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

Insiders Place Their Bets

In other Magnite news, insider Adam Lee Soroca sold 7,910 shares of the business’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 of the company’s stock, valued at $5,489,252.59. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CFO David Day sold 19,077 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $15.00, for a total transaction of $286,155.00. Following the transaction, the chief financial officer now owns 430,755 shares of the company’s stock, valued at $6,461,325. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Adam Lee Soroca sold 7,910 shares of the company’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $12.59, for a total value of $99,586.90. Following the transaction, the insider now directly owns 436,001 shares in the company, valued at approximately $5,489,252.59. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 250,383 shares of company stock valued at $3,519,150. 4.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on MGNI. Royal Bank of Canada lifted their price target on Magnite from $17.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 5th. Evercore ISI lifted their price target on Magnite from $13.00 to $15.00 and gave the stock an “outperform” rating in a research report on Monday, June 3rd. Wolfe Research started coverage on Magnite in a research report on Tuesday, July 16th. They set an “outperform” rating and a $16.00 price objective on the stock. Lake Street Capital started coverage on Magnite in a research report on Thursday, July 25th. They set a “buy” rating and a $21.00 price objective on the stock. Finally, Benchmark restated a “buy” rating and set a $21.00 price objective on shares of Magnite in a research report on Tuesday, August 20th. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat, Magnite currently has an average rating of “Buy” and a consensus target price of $17.25.

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.