Envestnet Asset Management Inc. owns $2.84 million shares in Magnite, Inc. (NASDAQ:MGNI)

Envestnet Asset Management Inc. increased its position in Magnite, Inc. (NASDAQ:MGNI – Free Report) by 1,070.3% in the second quarter, according to its most recent filing with the SEC. The fund owned 213,576 shares of the company’s stock after buying an additional 195,327 shares during the period. Envestnet Asset Management Inc. owned approximately 0.15% of Magnite worth $2,838,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of MGNI. Arizona State Retirement System boosted its stake in Magnite by 3.4% in the second quarter. Arizona State Retirement System now owns 35,256 shares of the company’s stock valued at $469,000 after purchasing an additional 1,160 shares during the period. UMB Bank raised its holdings in Magnite by 111.8% in the second quarter. UMB Bank now owns 2,251 shares of the company’s stock valued at $30,000 after purchasing an additional 1,188 shares during the last quarter. Fulton Bank NA boosted its position in Magnite by 8.1% in the first quarter. Fulton Bank NA now owns 22,003 shares of the company’s stock worth $237,000 after purchasing an additional 1,653 shares during the period. Moody National Bank Trust Division boosted its holdings in shares of Magnite by 2.4% in the second quarter. Moody National Bank Trust Division now owns 75,367 shares of the company’s stock valued at $1,002,000 after buying an additional 1,783 shares in the last quarter. Finally, ProShare Advisors LLC grew its position in shares of Magnite by 8.5% in the first quarter. ProShare Advisors LLC now owns 24,325 shares of the company’s stock valued at $261,000 after buying an additional 1,914 shares during the period. Institutional investors own 73.40% of the company’s shares.

Magnet Stock 0.6%

Shares of NASDAQ MGNI opened at $12.30 on Friday. Magnite, Inc. it has a 52-week low of $6.28 and a 52-week high of $15.92. The stock’s fifty-day moving average is $13.25, and its 200-day moving average is $12.21. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.10, and a current ratio of 1.10. The stock has a market cap of $1.72 billion, a P/E ratio of -19.22, a PEG ratio of 1.19 and a beta of 2.41.

Magnite (NASDAQ:MGNI – Get Your Free Report ) last released its earnings results on Wednesday, August 7th. The company reported $0.14 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 the consensus estimate of $144.04 million. During the same period in the previous year, the company earned ($0.04) earnings per share. Magnite’s quarterly revenue was up 6.8% compared to the same quarter last year. Sell-side analysts estimate that Magnite, Inc. will post 0.31 earnings per share for the current fiscal year.

The Wall Street analyst weighs in

MGNI has been the subject of several research analyst reports. Benchmark reaffirmed a “buy” rating and set a $21.00 target price on shares of Magnite in a report on Wednesday. Bank of America upped their price objective on Magnite from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Needham & Company LLC reiterated a “buy” rating and set a $15.00 target price on shares of Magnite in a research note on Wednesday. Craig Hallum restated a “buy” rating and issued a $20.00 price target on shares of Magnite in a research note on Wednesday, August 21st. Finally, Lake Street Capital started coverage on Magnite in a research report on Thursday, July 25th. They set a “buy” rating and a $21.00 price objective on the stock. Ten research analysts have rated the stock with a buy rating. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $17.25.

Get the latest stock analysis on MGNI

Insider buying and selling at Magnite

In related news, CAO Brian Gephart sold 16,166 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $15.00, for a total transaction of $242,490.00. Following the completion of the sale, the chief accounting officer now directly owns 121,169 shares in the company, valued at $1,817,535. This represents a 0.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available via this link. In related news, CAO Brian Gephart sold 16,166 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The shares were 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 $1,817,535. This represents a 0.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available via this hyperlink. Also, CRO Sean Patrick Buckley sold 2,623 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $12.53, for a total transaction of $32,866.19. Following the completion of the sale, the director now owns 331,742 shares in the company, valued at $4,156,727.26. This represents a 0.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 250,383 shares of company stock worth $3,519,150 over the last three months. Corporate insiders own 4.30% of the company’s shares.

About Magnite

(Free report)

Magnite, Inc, together with its subsidiaries, operates an independent, omnichannel, sell-side advertising platform in the United States and internationally. The Company’s platform provides applications and services for sellers of digital advertising inventory or for publishers who 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 platforms to buy digital advertising inventory, and an independent marketplace that connects buyers and sellers.

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