American Century Companies Inc. Buys 32,334 Shares of Magnite, Inc. (NASDAQ:MGNI)

American Century Companies Inc. lifted its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 15.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 247,349 shares of the company’s stock after purchasing an additional 32,334 shares during the period. American Century Companies Inc. owned 0.18% of Magnite worth $3,287,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of MGNI. Norges Bank purchased a new stake in Magnite in the fourth quarter worth $8,164,000. Grizzlyrock Capital LLC purchased a new stake in Magnite in the 4th quarter worth about $6,656,000. GSA Capital Partners LLP purchased a new stake in Magnite during the fourth quarter valued at about $4,490,000. iA Global Asset Management Inc. purchased a new stake in Magnite during the second quarter valued at about $4,698,000. Finally, Lisanti Capital Growth LLC purchased a new stake in Magnite during the first quarter valued at about $3,063,000. Institutional investors own 73.40% of the company’s stock.

Insider Activity at Magnite

In other Magnite news, CFO David Day sold 19,077 shares of Magnite stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $15.00, for a total transaction of $286,155.00. Following the completion of the sale, 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 filing with the SEC, which is available at the SEC website. In other Magnite news, CFO David Day sold 19,077 shares of the stock in a transaction that occurred 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 directly owns 430,755 shares in the company, valued at $6,461,325. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Brian Gephart sold 16,166 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $15.00, for a total transaction of $242,490.00. Following the completion of the sale, the chief accounting officer now owns 121,169 shares of the company’s stock, valued at $1,817,535. The disclosure for this sale can be found here. Insiders have sold a total of 250,383 shares of company stock valued at $3,519,150 over the last 90 days. 4.30% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

MGNI has been the topic of a number of recent research reports. Lake Street Capital started coverage on shares of Magnite in a research note on Thursday, July 25th. They set a “buy” rating and a $21.00 price target on the stock. Wolfe Research assumed coverage on Magnite in a research report on Tuesday, July 16th. They set an “outperform” rating and a $16.00 target price on the stock. Royal Bank of Canada lifted their price target on Magnite from $17.00 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, June 5th. Needham & Company LLC reissued a “buy” rating and set a $15.00 price objective on shares of Magnite in a report on Tuesday, July 9th. Finally, Benchmark reaffirmed a “buy” rating and set a $21.00 target price on shares of Magnite in a report on Wednesday, September 18th. Ten analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $17.25.

Magnite Stock Performance

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

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

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.