The Vanguard Group, Inc. recently announced the acquisition of new stake in Magnite Inc (NASDAQ:MGNI). The institutional investor has increased its shareholding in the Communication Services company by 0.06% to 12.14 million shares with purchase of 7708.0 shares. This fresh investment now brings its stake to 8.81% valued currently at $98.12 million. In addition, BlackRock Fund Advisors raised its holdings by 98043.0 to 8.13 million shares. And Dimensional Fund Advisors LP has lifted its position by 15.19% or 0.75 million shares – to 5.69 million shares.
With over 0.5 million Magnite Inc (MGNI) shares trading Friday and a closing price of $9.56 on the day, the dollar volume was approximately $4.76 million. The shares have shown a negative half year performance of -27.69% and its price on 12/22/23 lost nearly -0.42%. Currently, there are 134.01M common shares owned by the public and among those 120.63M shares have been available to trade.
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Insiders at the company have transacted a total of 71 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 19 of these insider trades were purchases, accounting for 1,079,043 shares. Insider sales of the common stock occurred on 52 occasions, with total insider shares sold totaling 910,519 shares.
The top 3 mutual fund holders in Magnite Inc are Fidelity Advisor Series I -Growth, Vanguard Total Stock Market ETF, and Vanguard Small Cap Index Fund. Fidelity Advisor Series I -Growth owns 4.62 million shares of the company’s stock, all valued at over $37.3 million. The company bought an additional 1.17 million shares recently to bring their total holdings to about 3.35% of the shares outstanding. Vanguard Small Cap Index Fund bought 10336.0 shares to bring its total holdings to over 3.37 million shares at a value of $27.26 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.45% of the shares outstanding.
Shares of Magnite Inc (NASDAQ: MGNI) opened at $9.66, up $0.06 from a prior closing price of $9.60. However, the script later moved the day high at 9.73, down -0.42%. The company’s stock has a 5-day price change of 5.29% and 27.30% over the past three months. MGNI shares are trading -9.73% year to date (YTD), with the 12-month market performance down to -15.47% lower. It has a 12-month low price of $6.28 and touched a high of $15.73 over the same period. MGNI has an average intraday trading volume of 1.08 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 10.31%, 22.51%, and -3.03% respectively.
Institutional ownership of Magnite Inc (NASDAQ: MGNI) shares accounts for 76.88% of the company’s 134.01M shares outstanding. Mutual fund holders own 4.35%, while other institutional holders and individual stakeholders account for 41.41% and 36.10% respectively.
It has a market capitalization of $1.32B and a beta (3y monthly) value of 2.24. The earnings-per-share (ttm) stands at -$1.68. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.39% over the week and 4.11% over the month.
Analysts forecast that Magnite Inc (MGNI) will achieve an EPS of $0.27 for the current quarter, $0.01 for the next quarter and $0.7 for 2024. The lowest estimate earnings-per-share for the quarter is $0.24 while analysts give the company a high EPS estimate of $0.32. Comparatively, EPS for the current quarter was $0.24 a year ago. Earnings per share for the fiscal year are expected to decrease by -17.76%, and 33.95% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 11 brokerage firm advisors rate Magnite Inc (MGNI) as a “Strong Buy” at a consensus score of 1.18. Specifically, 10 Wall Street analysts polled rate the stock as a buy, while 1 of the 11 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the MGNI, a number of firms have released research notes about the stock. Evercore ISI stated their Outperform rating for the stock in a research note on August 16, 2023, with the firm’s price target at $11-$14.
