Magnite, Inc. (NASDAQ:MGNI) Stake Lessened by Allianz Asset Management GmbH

Allianz Asset Management GmbH lessened its stake in Magnite, Inc. (NASDAQ:MGNI) by 5.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,248,779 shares of the company’s stock after selling 321,603 shares during the period. Allianz Asset Management GmbH’s holdings in Magnite were worth $146,966,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of MGNI. Vanguard Group Inc. increased its stake in shares of Magnite by 49.5% in the second quarter. Vanguard Group Inc. now owns 11,649,321 shares of the company’s stock worth $394,213,000 after buying an additional 3,857,934 shares during the last quarter. FMR LLC increased its stake in Magnite by 69.8% during the second quarter. FMR LLC now owns 6,543,344 shares of the company’s stock valued at $221,427,000 after purchasing an additional 2,690,504 shares during the last quarter. Hood River Capital Management LLC bought a new stake in Magnite during the second quarter valued at $28,424,000. BlackRock Inc. increased its stake in Magnite by 9.7% during the third quarter. BlackRock Inc. now owns 8,331,291 shares of the company’s stock valued at $233,275,000 after purchasing an additional 739,754 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in Magnite by 82.9% during the second quarter. Goldman Sachs Group Inc. now owns 1,202,476 shares of the company’s stock valued at $40,691,000 after purchasing an additional 545,002 shares during the last quarter. Institutional investors and hedge funds own 67.94% of the company’s stock.

In related news, Director Rachel Lam acquired 2,500 shares of Magnite stock in a transaction that occurred on Monday, December 6th. The stock was acquired at an average price of $16.15 per share, with a total value of $40,375.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Adam Lee Soroca sold 20,000 shares of the company’s stock in a transaction dated Wednesday, December 1st. The shares were sold at an average price of $18.23, for a total transaction of $364,600.00. The disclosure for this sale can be found here. Corporate insiders own 4.10% of the company’s stock.

MGNI stock opened at $15.11 on Friday. The company has a market capitalization of $1.98 billion, a P/E ratio of 755.88 and a beta of 2.22. The company has a 50-day simple moving average of $18.45 and a 200 day simple moving average of $25.71. Magnite, Inc. has a fifty-two week low of $14.52 and a fifty-two week high of $64.39. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.82.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, November 3rd. The company reported $0.14 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.05. The business had revenue of $131.87 million during the quarter, compared to the consensus estimate of $114.00 million. Magnite had a net margin of 1.41% and a return on equity of 5.05%. During the same quarter in the prior year, the company posted ($0.01) earnings per share. Equities analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current year.

Several research firms have weighed in on MGNI. Royal Bank of Canada lowered their target price on shares of Magnite from $40.00 to $36.00 and set an “outperform” rating for the company in a research note on Thursday, November 4th. Truist lowered their target price on shares of Magnite from $37.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, November 30th. Craig Hallum lowered their target price on shares of Magnite from $52.00 to $45.00 and set a “buy” rating for the company in a research note on Tuesday, October 26th. Berenberg Bank began coverage on shares of Magnite in a research note on Wednesday, September 22nd. They set a “buy” rating and a $37.00 target price for the company. Finally, Macquarie lowered their price target on shares of Magnite from $35.00 to $25.00 and set an “outperform” rating for the company in a research report on Tuesday, December 7th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $40.82.

Magnite Profile

Magnite, Inc provides a technology solution to automate the purchase and sale of digital advertising inventory for buyers and sellers. It features applications and services for digital advertising sellers including websites, mobile applications, and other digital media properties. The company was founded by Frank Addante, Duc Chau, Craig Roah, Julie Mattern and Brian D.

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Institutional Ownership by Quarter for Magnite (NASDAQ:MGNI)

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