The Manufacturers Life Insurance Company Purchases 6,110 Shares of Magnite, Inc. (NASDAQ:MGNI)

The Manufacturers Life Insurance Company boosted its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 9.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 71,785 shares of the company’s stock after acquiring an additional 6,110 shares during the period. The Manufacturers Life Insurance Company’s holdings in Magnite were worth $1,143,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the business. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Magnite in the 4th quarter worth approximately $1,949,000. Oberweis Asset Management Inc. raised its stake in Magnite by 2.9% in the fourth quarter. Oberweis Asset Management Inc. now owns 205,700 shares of the company’s stock worth $3,275,000 after buying an additional 5,700 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Magnite by 10.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 94,893 shares of the company’s stock worth $1,511,000 after buying an additional 9,075 shares during the period. Atlas Merchant Capital LLC lifted its holdings in Magnite by 65.0% during the fourth quarter. Atlas Merchant Capital LLC now owns 82,500 shares of the company’s stock worth $1,313,000 after buying an additional 32,500 shares during the period. Finally, Stifel Financial Corp boosted its position in Magnite by 20.7% during the 4th quarter. Stifel Financial Corp now owns 56,122 shares of the company’s stock valued at $893,000 after acquiring an additional 9,620 shares in the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Magnite Stock Performance

Shares of Magnite stock opened at $16.31 on Wednesday. The company has a 50 day moving average price of $11.94 and a 200 day moving average price of $14.90. The firm has a market capitalization of $2.30 billion, a P/E ratio of 271.83, a PEG ratio of 1.00 and a beta of 2.73. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite, Inc. has a 52 week low of $8.22 and a 52 week high of $21.29.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.06. The business had revenue of $145.85 million for the quarter, compared to analyst estimates of $142.18 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. Magnite’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.05 EPS. Sell-side analysts expect that Magnite, Inc. will post 0.33 EPS for the current year.

Insider Buying and Selling

In related news, insider Adam Lee Soroca sold 15,499 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $15.75, for a total value of $244,109.25. Following the transaction, the insider now owns 458,386 shares in the company, valued at approximately $7,219,579.50. This represents a 3.27% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Brian Gephart sold 6,250 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $16.00, for a total transaction of $100,000.00. Following the completion of the sale, the chief accounting officer now directly owns 132,909 shares in the company, valued at approximately $2,126,544. The trade was a 4.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 32,276 shares of company stock valued at $545,491 over the last quarter. 4.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

MGNI has been the subject of several recent research reports. Wells Fargo & Company boosted their price target on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. Royal Bank of Canada reduced their target price on shares of Magnite from $22.00 to $19.00 and set an “outperform” rating for the company in a report on Friday, May 2nd. Benchmark decreased their price target on shares of Magnite from $25.00 to $24.00 and set a “buy” rating for the company in a research report on Thursday, May 8th. Lake Street Capital cut their price objective on shares of Magnite from $21.00 to $19.00 and set a “buy” rating on the stock in a research report on Thursday, May 8th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $18.00 price objective on shares of Magnite in a research note on Thursday, May 8th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $18.92.

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.