Granite Investment Partners LLC Acquires Shares of 844,758 Magnite, Inc. (NASDAQ:MGNI)

Granite Investment Partners LLC acquired a new position in shares of Magnite, Inc. (NASDAQ:MGNI) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 844,758 shares of the company’s stock, valued at approximately $11,227,000. Granite Investment Partners LLC owned 0.60% of Magnite at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Cape Investment Advisory Inc. acquired a new stake in shares of Magnite during the fourth quarter worth $25,000. UMB Bank n.a. raised its position in Magnite by 111.8% during the 2nd quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock worth $30,000 after buying an additional 1,188 shares during the last quarter. Asset Dedication LLC acquired a new stake in shares of Magnite in the 2nd quarter worth $52,000. Blue Trust Inc. purchased a new stake in shares of Magnite in the second quarter valued at about $56,000. Finally, Benjamin F. Edwards & Company Inc. boosted its holdings in shares of Magnite by 973.5% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock valued at $58,000 after acquiring an additional 3,972 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Bank of America increased their price target on shares of Magnite from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Benchmark reissued a “buy” rating and set a $21.00 target price on shares of Magnite in a research note on Wednesday. Wolfe Research initiated coverage on Magnite in a research note on Tuesday, July 16th. They issued an “outperform” rating and a $16.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $15.00 price objective on shares of Magnite in a report on Tuesday, July 9th. Finally, Royal Bank of Canada raised their target price on Magnite from $17.00 to $19.00 and gave the company an “outperform” rating in a report on Wednesday, June 5th. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Magnite currently has an average rating of “Buy” and a consensus target price of $17.25.

Magnite Stock Performance

Magnite stock opened at $13.24 on Friday. Magnite, Inc. has a fifty-two week low of $6.28 and a fifty-two week high of $15.92. The stock’s fifty day moving average is $13.68 and its two-hundred day moving average is $12.11. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.10 and a quick ratio of 1.10.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The business had revenue of $162.88 million during the quarter, compared to analyst estimates of $144.04 million. During the same period in the previous year, the company posted ($0.04) earnings per share. Magnite’s revenue was up 6.8% on a year-over-year basis. Sell-side analysts forecast that Magnite, Inc. will post 0.31 EPS for the current fiscal year.

Insider Transactions at Magnite

In related news, CAO Brian Gephart sold 16,166 shares of Magnite stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $15.00, for a total transaction of $242,490.00. Following the completion of the transaction, the chief accounting officer now directly owns 121,169 shares in the company, valued at approximately $1,817,535. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Magnite news, CEO Michael G. Barrett sold 100,000 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $15.00, for a total transaction of $1,500,000.00. Following the sale, the chief executive officer now directly owns 1,052,493 shares of the company’s stock, valued at approximately $15,787,395. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Brian Gephart sold 16,166 shares of Magnite stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $15.00, for a total transaction of $242,490.00. Following the sale, the chief accounting officer now owns 121,169 shares of the company’s stock, valued at $1,817,535. The disclosure for this sale can be found here. Insiders sold a total of 250,383 shares of company stock valued at $3,519,150 in the last ninety days. Corporate insiders own 4.30% of the company’s stock.

Magnite Profile

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.