Stephens Investment Management Group LLC Invests $5.59 Million in Magnite, Inc. (NASDAQ:MGNI)

Stephens Investment Management Group LLC purchased a new position in Magnite, Inc. (NASDAQ:MGNI - Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 403,791 shares of the company's stock, valued at approximately $5,593,000. Stephens Investment Management Group LLC owned about 0.29% of Magnite at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in MGNI. UMB Bank n.a. boosted its stake in Magnite by 111.8% during the second 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 position in Magnite during the second quarter worth $52,000. Blue Trust Inc. acquired a new position in Magnite during the second quarter worth $56,000. Benjamin F. Edwards & Company Inc. boosted its stake in Magnite by 973.5% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company's stock worth $58,000 after buying an additional 3,972 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new position in Magnite during the second quarter worth $93,000. 73.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MGNI has been the topic of a number of recent research reports. Lake Street Capital began coverage on Magnite in a research note on Thursday, July 25th. They set a "buy" rating and a $21.00 price objective on the stock. Needham & Company LLC restated a "buy" rating and issued a $15.00 target price on shares of Magnite in a research report on Wednesday, October 2nd. Royal Bank of Canada restated an "outperform" rating and issued a $19.00 target price on shares of Magnite in a research report on Friday, September 27th. Wolfe Research began coverage on Magnite in a research report on Tuesday, July 16th. They issued an "outperform" rating and a $16.00 target price on the stock. Finally, Benchmark restated a "buy" rating and issued a $21.00 target price on shares of Magnite in a research report on Wednesday, October 2nd. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat, Magnite has a consensus rating of "Moderate Buy" and an average price target of $16.86.

Insiders Place Their Bets

In other Magnite news, insider Adam Lee Soroca sold 7,910 shares of the company's stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $12.59, for a total transaction of $99,586.90. Following the sale, the insider now owns 436,001 shares in the company, valued at $5,489,252.59. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Magnite news, insider Adam Lee Soroca sold 7,910 shares of the company's stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $12.59, for a total transaction of $99,586.90. Following the sale, the insider now owns 436,001 shares in the company, valued at $5,489,252.59. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael G. Barrett sold 75,000 shares of the company's stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $12.63, for a total value of $947,250.00. Following the sale, the chief executive officer now owns 944,552 shares in the company, valued at approximately $11,929,691.76. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 95,533 shares of company stock worth $1,206,203 in the last quarter. 4.30% of the stock is owned by company insiders.

Magnite Trading Down 0.6 %

Shares of MGNI stock traded down $0.07 on Friday, hitting $12.41. The stock had a trading volume of 1,126,304 shares, compared to its average volume of 1,370,825. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.10 and a quick ratio of 1.10. The firm has a market capitalization of $1.75 billion, a P/E ratio of -112.82, a P/E/G ratio of 1.09 and a beta of 2.43. Magnite, Inc. has a 1 year low of $6.55 and a 1 year high of $15.92. The company's 50 day moving average price is $12.88 and its 200-day moving average price is $12.54.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $162.88 million during the quarter, compared to analysts' expectations of $144.04 million. During the same quarter in the prior year, the firm posted ($0.04) EPS. Magnite's quarterly revenue was up 6.8% compared to the same quarter last year. Analysts anticipate that Magnite, Inc. will post 0.31 earnings per share for the current year.

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.