Swiss National Bank Reduces Stock Holdings in Magnite, Inc. (NASDAQ:MGNI)

Swiss National Bank reduced its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 9.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 229,500 shares of the company’s stock after selling 23,900 shares during the quarter. Swiss National Bank owned approximately 0.17% of Magnite worth $2,144,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in MGNI. Legato Capital Management LLC bought a new position in Magnite in the fourth quarter worth $103,000. Principal Financial Group Inc. boosted its stake in Magnite by 17.0% during the third quarter. Principal Financial Group Inc. now owns 17,424 shares of the company’s stock worth $131,000 after acquiring an additional 2,526 shares in the last quarter. Valeo Financial Advisors LLC grew its holdings in Magnite by 22.5% in the fourth quarter. Valeo Financial Advisors LLC now owns 18,192 shares of the company’s stock worth $170,000 after purchasing an additional 3,340 shares during the period. Seldon Capital LP bought a new position in shares of Magnite during the third quarter valued at approximately $184,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Magnite by 21.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,835 shares of the company’s stock valued at $187,000 after purchasing an additional 4,413 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors.

Magnite Stock Performance

Shares of MGNI stock opened at $12.57 on Friday. Magnite, Inc. has a 12-month low of $6.28 and a 12-month high of $15.73. The business’s fifty day simple moving average is $9.88 and its 200-day simple moving average is $9.49. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.79. The company has a market cap of $1.76 billion, a PE ratio of -19.64, a PEG ratio of 0.90 and a beta of 2.29.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, February 28th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.13. Magnite had a negative net margin of 12.24% and a positive return on equity of 3.23%. The company had revenue of $165.28 million for the quarter, compared to the consensus estimate of $160.24 million. Analysts expect that Magnite, Inc. will post 0.38 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on MGNI shares. B. Riley began coverage on Magnite in a research report on Friday, April 19th. They set a “buy” rating and a $14.50 price objective for the company. Needham & Company LLC reiterated a “buy” rating and issued a $15.00 price target on shares of Magnite in a research note on Thursday, May 16th. Benchmark restated a “buy” rating and set a $18.00 price objective on shares of Magnite in a research note on Thursday, May 16th. Susquehanna reaffirmed a “positive” rating and issued a $14.00 target price on shares of Magnite in a report on Thursday, May 16th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $15.00 price target on shares of Magnite in a report on Thursday, March 7th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $15.15.

Insider Buying and Selling

In related news, insider Adam Lee Soroca sold 10,597 shares of the business’s stock in a transaction on Friday, May 17th. The shares were sold at an average price of $12.30, for a total value of $130,343.10. Following the completion of the transaction, the insider now directly owns 450,655 shares in the company, valued at approximately $5,543,056.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Magnite news, CEO Michael G. Barrett sold 75,000 shares of the company’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $11.21, for a total transaction of $840,750.00. Following the completion of the transaction, the chief executive officer now directly owns 1,234,662 shares in the company, valued at $13,840,561.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Adam Lee Soroca sold 10,597 shares of the firm’s stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $12.30, for a total transaction of $130,343.10. Following the completion of the transaction, the insider now directly owns 450,655 shares in the company, valued at $5,543,056.50. The disclosure for this sale can be found here. 4.30% of the stock is owned by corporate insiders.

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.