Prudent Man Advisors LLC Invests $274,000 in Magnite, Inc. $MGNI

Prudent Man Advisors LLC purchased a new position in Magnite, Inc. (NASDAQ:MGNI) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 11,360 shares of the company’s stock, valued at approximately $274,000.

Several other large investors have also recently made changes to their positions in MGNI. Nuveen LLC bought a new position in shares of Magnite in the 1st quarter worth $41,036,000. American Century Companies Inc. raised its position in shares of Magnite by 855.2% in the 1st quarter. American Century Companies Inc. now owns 2,961,009 shares of the company’s stock worth $33,785,000 after acquiring an additional 2,651,033 shares in the last quarter. Pacer Advisors Inc. bought a new position in shares of Magnite in the 1st quarter worth $12,576,000. Boston Partners raised its position in shares of Magnite by 10.9% in the 1st quarter. Boston Partners now owns 5,276,356 shares of the company’s stock worth $60,187,000 after acquiring an additional 520,033 shares in the last quarter. Finally, Stephens Investment Management Group LLC raised its position in shares of Magnite by 42.0% in the 2nd quarter. Stephens Investment Management Group LLC now owns 1,350,096 shares of the company’s stock worth $32,564,000 after acquiring an additional 399,440 shares in the last quarter. 73.40% of the stock is owned by institutional investors.

Magnite Stock Up 4.2%

Shares of MGNI stock opened at $19.94 on Friday. Magnite, Inc. has a 1-year low of $8.22 and a 1-year high of $26.65. The stock’s fifty day moving average price is $22.21 and its 200 day moving average price is $19.52. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.00 and a quick ratio of 1.00. The company has a market cap of $2.84 billion, a price-to-earnings ratio of 68.76, a price-to-earnings-growth ratio of 1.37 and a beta of 3.02.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.03. The business had revenue of $162.00 million for the quarter, compared to the consensus estimate of $157.05 million. Magnite had a return on equity of 8.07% and a net margin of 6.30%.The company’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.14 EPS. On average, research analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on MGNI shares. Needham & Company LLC boosted their price target on Magnite from $18.00 to $25.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th. Susquehanna boosted their target price on Magnite from $22.00 to $28.00 and gave the stock a “positive” rating in a research note on Thursday, August 7th. Scotiabank restated an “outperform” rating and set a $30.00 target price (up from $22.00) on shares of Magnite in a research note on Thursday, August 7th. Wells Fargo & Company dropped their target price on Magnite from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Monday, October 6th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Magnite in a research note on Saturday. Ten equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $25.64.

Insider Buying and Selling at Magnite

In other Magnite news, insider Sean Patrick Buckley sold 20,000 shares of the business’s stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $25.56, for a total transaction of $511,200.00. Following the sale, the insider owned 307,193 shares in the company, valued at approximately $7,851,853.08. The trade was a 6.11% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Paul Caine sold 7,500 shares of the business’s stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $25.00, for a total value of $187,500.00. Following the sale, the director owned 158,603 shares in the company, valued at approximately $3,965,075. The trade was a 4.52% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 323,275 shares of company stock worth $7,877,776. 3.80% of the stock is owned by corporate insiders.

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.