Voya Investment Management LLC Cuts Stock Position in Magnite, Inc. $MGNI

Voya Investment Management LLC cut its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 18.1% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 188,092 shares of the company’s stock after selling 41,536 shares during the period. Voya Investment Management LLC owned about 0.13% of Magnite worth $4,097,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. American Century Companies Inc. lifted its stake in Magnite by 63.1% in the 2nd quarter. American Century Companies Inc. now owns 4,829,197 shares of the company’s stock valued at $116,480,000 after buying an additional 1,868,188 shares in the last quarter. Frontier Capital Management Co. LLC lifted its position in shares of Magnite by 419.4% in the second quarter. Frontier Capital Management Co. LLC now owns 1,793,830 shares of the company’s stock valued at $43,267,000 after acquiring an additional 1,448,456 shares in the last quarter. Stephens Investment Management Group LLC boosted its stake in shares of Magnite by 42.0% in the second quarter. Stephens Investment Management Group LLC now owns 1,350,096 shares of the company’s stock worth $32,564,000 after acquiring an additional 399,440 shares during the last quarter. Armistice Capital LLC acquired a new stake in shares of Magnite in the first quarter worth approximately $4,438,000. Finally, Maestria Partners LLC increased its position in shares of Magnite by 36.3% during the second quarter. Maestria Partners LLC now owns 1,434,317 shares of the company’s stock worth $34,596,000 after purchasing an additional 382,000 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Analyst Upgrades and Downgrades

MGNI has been the topic of a number of research reports. Wells Fargo & Company decreased their price objective on Magnite from $22.00 to $20.00 and set an “equal weight” rating on the stock in a report on Friday, November 7th. Rosenblatt Securities reissued a “buy” rating and issued a $39.00 price target on shares of Magnite in a research note on Thursday, November 6th. Wall Street Zen lowered shares of Magnite from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a report on Wednesday, October 8th. Nine analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $26.20.

Insiders Place Their Bets

In other news, insider Sean Patrick Buckley sold 4,426 shares of the stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $13.36, for a total transaction of $59,131.36. Following the completion of the transaction, the insider directly owned 271,125 shares in the company, valued at approximately $3,622,230. This represents a 1.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Adam Lee Soroca sold 16,656 shares of the firm’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $17.00, for a total value of $283,152.00. Following the sale, the insider directly owned 326,114 shares of the company’s stock, valued at $5,543,938. The trade was a 4.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 49,439 shares of company stock valued at $763,671. Insiders own 3.80% of the company’s stock.

Magnite Trading Down 1.4%

Shares of MGNI stock opened at $16.27 on Friday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.43. Magnite, Inc. has a twelve month low of $8.22 and a twelve month high of $26.65. The company’s 50-day moving average price is $16.01 and its 200-day moving average price is $20.11. The stock has a market cap of $2.34 billion, a price-to-earnings ratio of 42.82, a PEG ratio of 1.25 and a beta of 2.49.

Magnite (NASDAQ:MGNI) last issued its earnings results on Wednesday, November 5th. The company reported $0.20 EPS for the quarter, hitting analysts’ consensus estimates of $0.20. Magnite had a net margin of 8.25% and a return on equity of 8.74%. The company had revenue of $179.49 million for the quarter, compared to the consensus estimate of $163.29 million. During the same period in the previous year, the firm earned $0.17 earnings per share. Magnite’s quarterly revenue was up 11.6% compared to the same quarter last year. As a group, equities analysts predict that Magnite, Inc. will post 0.33 earnings per share for the current year.

Magnite Company Profile

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).