Canada Pension Plan Investment Board Invests $56.85 Million in Magnite, Inc. $MGNI

Canada Pension Plan Investment Board bought a new stake in shares of Magnite, Inc. (NASDAQ:MGNI) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 2,995,093 shares of the company’s stock, valued at approximately $56,847,000. Canada Pension Plan Investment Board owned about 2.09% of Magnite as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Magnite by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,847 shares of the company’s stock worth $854,000 after buying an additional 3,267 shares during the period. Millennium Management LLC increased its position in Magnite by 113.7% during the first quarter. Millennium Management LLC now owns 434,479 shares of the company’s stock valued at $4,957,000 after acquiring an additional 231,213 shares during the last quarter. Jones Financial Companies Lllp raised its stake in shares of Magnite by 24.3% in the first quarter. Jones Financial Companies Lllp now owns 7,276 shares of the company’s stock valued at $83,000 after acquiring an additional 1,423 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Magnite by 9.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 404,717 shares of the company’s stock valued at $4,618,000 after acquiring an additional 36,097 shares during the period. Finally, Intech Investment Management LLC lifted its holdings in shares of Magnite by 103.6% in the 1st quarter. Intech Investment Management LLC now owns 109,992 shares of the company’s stock worth $1,255,000 after acquiring an additional 55,971 shares during the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Royal Bank Of Canada lifted their price target on shares of Magnite from $20.00 to $27.00 and gave the stock an “outperform” rating in a research note on Thursday, August 6th. Scotiabank reissued an “outperform” rating and issued a $27.00 price objective on shares of Magnite in a research report on Thursday, August 6th. Weiss Ratings reissued a “hold (c)” rating on shares of Magnite in a research note on Friday, August 7th. Rosenblatt Securities boosted their target price on Magnite from $39.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Finally, Evercore reaffirmed an “outperform” rating and set a $25.00 target price on shares of Magnite in a research note on Thursday, August 6th. Nine analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $28.30.

Insider Buying and Selling

In other news, Director Rachel Lam sold 10,000 shares of Magnite stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $24.16, for a total transaction of $241,600.00. Following the completion of the sale, the director owned 230,620 shares of the company’s stock, valued at approximately $5,571,779.20. The trade was a 4.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Sean Patrick Buckley sold 67,179 shares of the business’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $24.49, for a total value of $1,645,213.71. Following the completion of the sale, the insider owned 315,805 shares of the company’s stock, valued at $7,734,064.45. The trade was a 17.54% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 935,251 shares of company stock worth $19,046,675 over the last 90 days. Corporate insiders own 3.20% of the company’s stock.

Magnite Stock Down 0.1%

NASDAQ:MGNI opened at $23.36 on Friday. Magnite, Inc. has a twelve month low of $10.82 and a twelve month high of $26.65. The company has a market cap of $3.35 billion, a price-to-earnings ratio of 21.43, a price-to-earnings-growth ratio of 1.02 and a beta of 2.26. The stock has a fifty day simple moving average of $20.92 and a 200-day simple moving average of $15.94. The company has a current ratio of 1.02, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. The firm had revenue of $192.82 million for the quarter, compared to analysts’ expectations of $179.15 million. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.20 earnings per share. Analysts anticipate that Magnite, Inc. will post 0.61 EPS for the current year.

Magnite Profile

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).