Commonwealth Equity Services LLC Purchases 70,956 Shares of Magnite, Inc. (NASDAQ:MGNI)

Commonwealth Equity Services LLC increased its holdings in Magnite, Inc. (NASDAQ:MGNI) by 668.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 81,573 shares of the company’s stock after purchasing an additional 70,956 shares during the quarter. Commonwealth Equity Services LLC owned approximately 0.06% of Magnite worth $1,084,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of MGNI. Charles Schwab Investment Management Inc. boosted its holdings in Magnite by 1.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 975,662 shares of the company’s stock valued at $9,113,000 after acquiring an additional 16,062 shares in the last quarter. Norges Bank bought a new position in Magnite in the fourth quarter worth about $8,164,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Magnite in the 4th quarter valued at approximately $99,000. Aigen Investment Management LP bought a new stake in shares of Magnite during the fourth quarter valued at approximately $164,000. Finally, HCR Wealth Advisors bought a new stake in shares of Magnite during the 4th quarter valued at $121,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Magnite Price Performance

MGNI opened at $14.03 on Tuesday. The company’s 50-day simple moving average is $13.71 and its two-hundred day simple moving average is $12.08. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.10 and a current ratio of 1.10. The stock has a market capitalization of $1.98 billion, a P/E ratio of -21.92, a P/E/G ratio of 1.18 and a beta of 2.41. Magnite, Inc. has a 52-week low of $6.28 and a 52-week high of $15.92.

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

Insider Buying and Selling at Magnite

In other news, CAO Brian Gephart sold 16,166 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $15.00, for a total value of $242,490.00. Following the transaction, the chief accounting officer now owns 121,169 shares of the company’s stock, valued at $1,817,535. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO Brian Gephart sold 16,166 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $15.00, for a total value of $242,490.00. Following the completion of the sale, the chief accounting officer now directly owns 121,169 shares of the company’s stock, valued at $1,817,535. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO David Day sold 19,077 shares of Magnite stock in a transaction on Monday, July 15th. The shares were 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 in the company, valued at approximately $6,461,325. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 250,383 shares of company stock valued at $3,519,150. Insiders own 4.30% of the company’s stock.

Wall Street Analyst Weigh In

MGNI has been the subject of several research reports. Benchmark reiterated a “buy” rating and issued a $21.00 price target on shares of Magnite in a research note on Tuesday, August 20th. Royal Bank of Canada raised their target price on shares of Magnite from $17.00 to $19.00 and gave the company an “outperform” rating in a research note on Wednesday, June 5th. Wolfe Research started coverage on Magnite in a research report on Tuesday, July 16th. They issued an “outperform” rating and a $16.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $15.00 price objective on shares of Magnite in a research report on Tuesday, July 9th. Finally, 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. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $17.25.

About Magnite

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.