Griffin Asset Management Inc. Reduces Position in Magnite, Inc. (NASDAQ:MGNI)

Griffin Asset Management Inc. cut its position in Magnite, Inc. (NASDAQ:MGNI) by 12.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 64,615 shares of the company’s stock after selling 9,095 shares during the period. Griffin Asset Management Inc.’s holdings in Magnite were worth $859,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of MGNI. Norges Bank purchased a new stake in shares of Magnite in the 4th quarter valued at approximately $8,164,000. Grizzlyrock Capital LLC purchased a new position in shares of Magnite in the 4th quarter valued at $6,656,000. GSA Capital Partners LLP purchased a new position in shares of Magnite in the 4th quarter valued at $4,490,000. Lisanti Capital Growth LLC purchased a new position in shares of Magnite in the 1st quarter valued at $3,063,000. Finally, Harbor Capital Advisors Inc. grew its position in shares of Magnite by 267.5% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 390,462 shares of the company’s stock valued at $5,189,000 after buying an additional 284,202 shares during the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

Magnite Stock Performance

Shares of MGNI stock traded down $0.15 during mid-day trading on Thursday, hitting $13.50. The stock had a trading volume of 1,232,784 shares, compared to its average volume of 1,576,208. Magnite, Inc. has a fifty-two week low of $6.28 and a fifty-two week high of $15.92. The firm has a market cap of $1.91 billion, a PE ratio of -21.05, a PEG ratio of 1.09 and a beta of 2.35. 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 company’s 50-day simple moving average is $13.65 and its 200-day simple moving average is $11.59.

Magnite (NASDAQ:MGNI) 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 positive return on equity of 3.74% and a negative net margin of 0.83%. The firm had revenue of $162.88 million during the quarter, compared to analyst estimates of $144.04 million. During the same quarter last year, the business posted ($0.04) EPS. The firm’s revenue was up 6.8% on a year-over-year basis. Sell-side analysts anticipate that Magnite, Inc. will post 0.31 earnings per share for the current year.

Insider Activity at Magnite

In related news, CRO Sean Patrick Buckley sold 2,623 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $12.53, for a total value of $32,866.19. Following the completion of the sale, the executive now owns 331,742 shares in the company, valued at $4,156,727.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Magnite news, CRO Sean Patrick Buckley sold 2,623 shares of the firm’s stock in a transaction dated 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 transaction, the executive now directly owns 331,742 shares in the company, valued at approximately $4,156,727.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO David Day sold 20,732 shares of the firm’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $13.00, for a total transaction of $269,516.00. Following the transaction, the chief financial officer now owns 471,131 shares of the company’s stock, valued at $6,124,703. The disclosure for this sale can be found here. Insiders sold 339,415 shares of company stock worth $4,712,039 over the last 90 days. Company insiders own 4.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MGNI. Benchmark reaffirmed a “buy” rating and issued a $21.00 target price on shares of Magnite in a research report on Tuesday. Evercore ISI increased their target price on shares of Magnite from $13.00 to $15.00 and gave the company an “outperform” rating in a research report on Monday, June 3rd. Wolfe Research started coverage on shares of Magnite in a research note on Tuesday, July 16th. They set an “outperform” rating and a $16.00 price target for the company. 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 research note on Monday, July 29th. Finally, Susquehanna reiterated a “positive” rating and set a $14.00 price target on shares of Magnite in a research note on Thursday, May 16th. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $17.25.

Magnite Company 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.