FMR LLC Discloses 5.052% Passive Stake in Magnite (MGNI)
Ticker: MGNI · Form: SC 13G · Filed: 2024-02-09T00:00:00.000Z
Sentiment: bullish
Topics: institutional-ownership, passive-investment, SC-13G, ad-tech
TL;DR
**FMR LLC just revealed a 5.052% stake in Magnite, signaling institutional confidence.**
AI Summary
FMR LLC, a major investment management firm, and its Chair and CEO, Abigail P. Johnson, have disclosed a significant passive stake in Magnite, Inc. (MGNI). As of December 31, 2023, FMR LLC beneficially owns 6,965,526 shares of Magnite's common stock, representing 5.052% of the company's outstanding shares. This filing indicates a notable institutional endorsement of Magnite, which could signal confidence in the ad-tech company's future prospects and potentially attract other investors.
Why It Matters
This filing shows a major institutional investor, FMR LLC, has taken a significant position in Magnite, which can be seen as a vote of confidence and may influence other investors.
Risk Assessment
Risk Level: low — This is a passive filing indicating a significant institutional investment, which generally reduces perceived risk for the stock.
Analyst Insight
A smart investor would view this as a positive signal, potentially indicating a deeper dive into Magnite's fundamentals and considering a long position, especially given the passive nature of the stake.
Key Numbers
- 6,965,526 — Shares Beneficially Owned (Represents the total number of Magnite shares FMR LLC and Abigail P. Johnson have a beneficial interest in as of December 31, 2023.)
- 5.052% — Percent of Class (Indicates the percentage of Magnite's common stock outstanding that FMR LLC and Abigail P. Johnson collectively own, making them a significant shareholder.)
Key Players & Entities
- FMR LLC (company) — reporting person and parent holding company
- Abigail P. Johnson (person) — reporting person, likely Chair and CEO of FMR LLC
- MAGNITE INC (company) — subject company, issuer of the common stock
- 6,965,526 (dollar_amount) — shares beneficially owned by FMR LLC and Abigail P. Johnson
- 5.052% (dollar_amount) — percentage of class owned by FMR LLC and Abigail P. Johnson
Forward-Looking Statements
- Magnite's stock price may see a positive reaction due to increased institutional confidence. (Magnite, Inc.) — medium confidence, target: Q1 2024
- Other institutional investors might consider initiating or increasing their positions in Magnite. (Magnite, Inc.) — low confidence, target: Q2 2024
FAQ
Who is the primary reporting person in this SC 13G filing?
The primary reporting person in this SC 13G filing is FMR LLC, a parent holding company based in Boston, Massachusetts, as stated in Item 2(a) and Item 3 of the filing.
What is the total number of Magnite Inc. common shares beneficially owned by FMR LLC and Abigail P. Johnson?
FMR LLC and Abigail P. Johnson each beneficially own 6,965,526 shares of Magnite Inc. common stock, as reported in Item 4(a) and Item 9 for both reporting persons.
What percentage of Magnite Inc.'s common stock does FMR LLC and Abigail P. Johnson collectively own?
FMR LLC and Abigail P. Johnson collectively own 5.052% of Magnite Inc.'s common stock, as indicated in Item 4(b) and Item 11 for both reporting persons.
Under which rule was this Schedule 13G filed?
This Schedule 13G was filed pursuant to Rule 13d-1(b), as indicated by the checked box in the filing and confirmed in Item 3, where FMR LLC is identified as a parent holding company in accordance with Section 240.13d-1(b)(1)(ii)(G).
What is the CUSIP number for Magnite Inc. common stock mentioned in the filing?
The CUSIP number for Magnite Inc. common stock is 55955D100, as stated in Item 2(e) and at the top of the Schedule 13G.
From the Filing
EDGAR Filing Documents for 0000315066-24-001254 This page uses Javascript. Your browser either doesn't support Javascript or you have it turned off. To see this page as it is meant to appear please use a Javascript enabled browser. SEC.gov EDGAR Latest Filings Filings search tools Filing Detail SEC Home Company Search Current Page Form SC 13G - Statement of Beneficial Ownership by Certain Investors: SEC Accession No. 0000315066-24-001254 Filing Date 2024-02-09 Accepted 2024-02-09 09:16:08 Documents 1 Document Format Files Seq Description Document Type Size 1 filing.txt SC 13G 6312 Complete submission text file 0000315066-24-001254.txt 8083 Mailing Address 245 SUMMER STREET BOSTON MA 02210 Business Address 245 SUMMER STREET BOSTON MA 02210 6175706339 FMR LLC (Filed by) CIK : 0000315066 (see all company filings) EIN. : 043532603 | State of Incorp.: DE | Fiscal Year End: 1231 Type: SC 13G SIC : 0000 Mailing Address 1250 BROADWAY 15TH FLOOR NEW YORK NY 10001 Business Address 1250 BROADWAY 15TH FLOOR NEW YORK NY 10001 212-243-2769 MAGNITE, INC. (Subject) CIK : 0001595974 (see all company filings) EIN. : 208881738 | State of Incorp.: DE | Fiscal Year End: 1231 Type: SC 13G | Act: 34 | File No.: 005-88535 | Film No.: 24611809 SIC : 7370 Services-Computer Programming, Data Processing, Etc. (CF Office: 06 Technology)