Steinberganna Wealth Management Takes Position in Magnite, Inc. $MGNI

Steinberganna Wealth Management purchased a new position in shares of Magnite, Inc. (NASDAQ:MGNI) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 69,024 shares of the company’s stock, valued at approximately $1,503,000. Magnite comprises 0.7% of Steinberganna Wealth Management’s investment portfolio, making the stock its 29th largest holding.

A number of other large investors have also added to or reduced their stakes in MGNI. Smartleaf Asset Management LLC grew its holdings in Magnite by 20.5% during the 2nd quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company’s stock worth $82,000 after acquiring an additional 577 shares during the last quarter. Winthrop Advisory Group LLC lifted its holdings in shares of Magnite by 4.5% during the second quarter. Winthrop Advisory Group LLC now owns 14,000 shares of the company’s stock worth $338,000 after purchasing an additional 600 shares during the period. CWM LLC lifted its holdings in shares of Magnite by 133.6% during the second quarter. CWM LLC now owns 1,775 shares of the company’s stock worth $43,000 after purchasing an additional 1,015 shares during the period. Nisa Investment Advisors LLC grew its stake in shares of Magnite by 66.0% in the second quarter. Nisa Investment Advisors LLC now owns 2,780 shares of the company’s stock worth $67,000 after purchasing an additional 1,105 shares during the last quarter. Finally, Ameritas Investment Partners Inc. increased its holdings in Magnite by 8.6% in the second quarter. Ameritas Investment Partners Inc. now owns 14,299 shares of the company’s stock valued at $345,000 after purchasing an additional 1,137 shares during the period. Institutional investors own 73.40% of the company’s stock.

Insider Activity at Magnite

In other news, Director Robert F. Spillane sold 12,500 shares of the company’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $14.22, for a total transaction of $177,750.00. Following the transaction, the director owned 53,917 shares in the company, valued at approximately $766,699.74. This represents a 18.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Sean Patrick Buckley sold 4,426 shares of the stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $13.36, for a total transaction of $59,131.36. Following the transaction, the insider directly owned 271,125 shares in the company, valued at $3,622,230. This trade represents a 1.61% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 49,439 shares of company stock worth $763,671. 3.80% of the stock is owned by insiders.

Magnite Stock Down 1.2%

Shares of NASDAQ:MGNI opened at $16.60 on Friday. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $26.65. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.01 and a quick ratio of 1.01. The business’s 50-day moving average is $15.52 and its 200-day moving average is $20.00. The company has a market capitalization of $2.38 billion, a price-to-earnings ratio of 43.69, a P/E/G ratio of 0.92 and a beta of 2.35.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, November 5th. The company reported $0.20 EPS for the quarter, hitting the consensus estimate of $0.20. Magnite had a return on equity of 8.74% and a net margin of 8.25%.The business had revenue of $179.49 million during the quarter, compared to analysts’ expectations of $163.29 million. During the same quarter last year, the firm posted $0.17 earnings per share. The firm’s revenue was up 11.6% on a year-over-year basis. Equities research analysts predict that Magnite, Inc. will post 0.33 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have commented on MGNI shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a report on Wednesday, October 8th. Rosenblatt Securities restated a “buy” rating and set a $39.00 price objective on shares of Magnite in a research report on Thursday, November 6th. Wall Street Zen cut Magnite from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Finally, Wells Fargo & Company decreased their target price on shares of Magnite from $22.00 to $20.00 and set an “equal weight” rating for the company in a research report on Friday, November 7th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $27.00.

About Magnite

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).