Magnite, Inc. (NASDAQ:MGNI) Shares Sold by Griffin Asset Management Inc.

Griffin Asset Management Inc. lessened its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 50.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 32,085 shares of the company’s stock after selling 32,530 shares during the quarter. Griffin Asset Management Inc.’s holdings in Magnite were worth $444,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Wellington Management Group LLP boosted its stake in shares of Magnite by 1.8% during the 4th quarter. Wellington Management Group LLP now owns 2,939,541 shares of the company’s stock worth $27,455,000 after purchasing an additional 52,129 shares during the last quarter. Vanguard Group Inc. grew its stake in Magnite by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 12,651,675 shares of the company’s stock worth $118,167,000 after acquiring an additional 209,771 shares during the period. Fulton Bank N.A. raised its holdings in Magnite by 8.1% in the 1st quarter. Fulton Bank N.A. now owns 22,003 shares of the company’s stock valued at $237,000 after acquiring an additional 1,653 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Magnite during the 1st quarter worth $340,000. Finally, Capstone Investment Advisors LLC boosted its holdings in shares of Magnite by 20.9% during the first quarter. Capstone Investment Advisors LLC now owns 51,221 shares of the company’s stock worth $551,000 after purchasing an additional 8,872 shares during the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Magnite Stock Down 2.4 %

Shares of NASDAQ MGNI opened at $12.02 on Thursday. The stock has a fifty day moving average price of $13.01 and a 200 day moving average price of $12.31. The company has a market cap of $1.70 billion, a P/E ratio of -109.27, a P/E/G ratio of 1.05 and a beta of 2.41. Magnite, Inc. has a 12-month low of $6.28 and a 12-month high of $15.92. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.77.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). The company had revenue of $162.88 million during the quarter, compared to analyst estimates of $144.04 million. Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. Magnite’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter last year, the business posted ($0.04) EPS. Research analysts anticipate that Magnite, Inc. will post 0.31 EPS for the current fiscal year.

Insider Activity

In other news, CEO Michael G. Barrett sold 75,000 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $12.63, for a total value of $947,250.00. Following the completion of the transaction, the chief executive officer now directly owns 944,552 shares in the company, valued at approximately $11,929,691.76. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Michael G. Barrett sold 75,000 shares of Magnite stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $12.63, for a total transaction of $947,250.00. Following the sale, the chief executive officer now owns 944,552 shares of the company’s stock, valued at $11,929,691.76. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CRO Sean Patrick Buckley sold 2,623 shares of the company’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 of the company’s stock, valued at approximately $4,156,727.26. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 95,533 shares of company stock worth $1,206,203 over the last 90 days. Company insiders own 4.30% of the company’s stock.

Analyst Ratings Changes

MGNI has been the topic of a number of research analyst reports. Craig Hallum reissued a “buy” rating and issued a $20.00 price target on shares of Magnite in a research note on Wednesday, August 21st. Royal Bank of Canada restated an “outperform” rating and issued a $19.00 target price on shares of Magnite in a report on Friday, September 27th. 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. Lake Street Capital started coverage on shares of Magnite in a research note on Thursday, July 25th. They set a “buy” rating and a $21.00 price objective for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $15.00 target price on shares of Magnite in a research report on Wednesday, October 2nd. Ten research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $17.25.

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.