Tidal Investments LLC Increases Stock Position in Magnite, Inc. $MGNI

Tidal Investments LLC lifted its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 24.0% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 165,838 shares of the company’s stock after buying an additional 32,074 shares during the period. Tidal Investments LLC’s holdings in Magnite were worth $3,148,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. WINTON GROUP Ltd purchased a new stake in Magnite during the second quarter valued at about $2,314,000. Allworth Financial LP increased its stake in Magnite by 63.7% during the second quarter. Allworth Financial LP now owns 1,567 shares of the company’s stock worth $30,000 after acquiring an additional 610 shares during the last quarter. Nykredit A S purchased a new position in shares of Magnite in the 2nd quarter worth about $25,000. Corient Private Wealth LP purchased a new position in shares of Magnite in the 2nd quarter worth about $481,000. Finally, Two Sigma Securities LLC lifted its stake in shares of Magnite by 75.4% in the 2nd quarter. Two Sigma Securities LLC now owns 21,097 shares of the company’s stock valued at $400,000 after purchasing an additional 9,066 shares in the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

Magnite Trading Down 0.5%

Shares of MGNI opened at $23.71 on Wednesday. The stock’s 50-day moving average is $22.16 and its two-hundred day moving average is $17.04. The stock has a market cap of $3.40 billion, a PE ratio of 21.75, a P/E/G ratio of 1.04 and a beta of 2.30. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $26.19. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.02 and a quick ratio of 1.03.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02. The business had revenue of $192.82 million during the quarter, compared to analyst estimates of $179.15 million. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.20 earnings per share. Equities analysts forecast that Magnite, Inc. will post 0.61 earnings per share for the current fiscal year.

Insider Activity at Magnite

In related news, Director Paul Caine sold 5,000 shares of Magnite stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $23.53, for a total transaction of $117,650.00. Following the sale, the director owned 144,901 shares of the company’s stock, valued at $3,409,520.53. The trade was a 3.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO David Buonasera sold 1,043 shares of the business’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $25.00, for a total transaction of $26,075.00. Following the completion of the transaction, the chief technology officer owned 246,320 shares in the company, valued at $6,158,000. This represents a 0.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 721,227 shares of company stock valued at $16,406,361. 3.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MGNI. Benchmark boosted their target price on Magnite from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Weiss Ratings restated a “hold (c)” rating on shares of Magnite in a report on Friday, August 7th. Evercore reaffirmed an “outperform” rating and set a $25.00 price target on shares of Magnite in a research report on Thursday, August 6th. Needham & Company LLC boosted their price objective on shares of Magnite from $25.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, September 3rd. Finally, Royal Bank Of Canada increased their price objective on shares of Magnite from $20.00 to $27.00 and gave the stock an “outperform” rating in a research report on Thursday, August 6th. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Magnite currently has an average rating of “Moderate Buy” and a consensus target price of $28.80.

Magnite Company Profile

Magnite, Inc is an independent sell-side advertising technology company that operates a global platform for digital media owners and app developers. Its technology helps publishers and media companies manage, package, sell and optimize advertising inventory across connected television (CTV), online video, mobile, desktop, audio and digital out-of-home channels.

Magnite’s platform connects publishers with agencies, brands and demand-side platforms, supporting automated, data-driven programmatic advertising transactions.