Magnite, Inc. $MGNI Stock: DBA Trading LLC Reduces Holdings

DBA Trading LLC trimmed its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 56.7% during the third quarter, Holdings Channel reports. The firm owned 65,000 shares of the company’s stock after selling 85,000 shares during the quarter. Magnite makes up approximately 2.8% of DBA Trading LLC’s portfolio, making the stock its 9th biggest holding. DBA Trading LLC’s holdings in Magnite were worth $1,642,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Magnite in the second quarter valued at $241,296,000. Dimensional Fund Advisors LP boosted its stake in shares of Magnite by 10.2% in the first quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company’s stock valued at $47,322,000 after purchasing an additional 367,854 shares during the period. Canada Pension Plan Investment Board acquired a new position in shares of Magnite in the second quarter valued at approximately $56,847,000. Bank of America Corp DE acquired a new position in shares of Magnite in the second quarter valued at approximately $22,431,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Magnite in the second quarter valued at approximately $22,059,000. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Magnite

In other Magnite news, Director Paul Caine sold 12,500 shares of the stock in a transaction that occurred on Monday, October 12th. The shares were sold at an average price of $25.29, for a total value of $316,125.00. Following the transaction, the director directly owned 124,901 shares in the company, valued at $3,158,746.29. This represents a 9.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Katie Evans sold 32,285 shares of the stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $23.63, for a total transaction of $762,894.55. Following the completion of the transaction, the insider owned 466,897 shares in the company, valued at $11,032,776.11. This represents a 6.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 243,344 shares of company stock valued at $5,942,249 over the last three months. 3.20% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Needham & Company LLC increased their target price on shares of Magnite from $25.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, September 3rd. BTIG Research boosted their price target on shares of Magnite from $27.00 to $33.00 and gave the stock a “buy” rating in a research note on Monday. Rosenblatt Securities reaffirmed a “buy” rating and set a $40.00 price objective on shares of Magnite in a research report on Friday, October 2nd. Wells Fargo & Company increased their price objective on Magnite from $22.00 to $23.00 and gave the company an “equal weight” rating in a research note on Thursday, November 5th. Finally, Benchmark lifted their target price on Magnite from $30.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Ten analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $31.00.

Magnite Stock Down 1.8%

Shares of NASDAQ MGNI opened at $28.52 on Wednesday. The company has a market capitalization of $4.09 billion, a price-to-earnings ratio of 23.97, a price-to-earnings-growth ratio of 0.99 and a beta of 2.44. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.04 and a quick ratio of 1.04. The business has a 50-day moving average of $24.27 and a two-hundred day moving average of $17.99. Magnite, Inc. has a 1 year low of $10.82 and a 1 year high of $29.25.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, November 4th. The company reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.04. Magnite had a return on equity of 10.94% and a net margin of 23.58%. The business had revenue of $204.20 million for the quarter, compared to the consensus estimate of $190.19 million. During the same quarter in the prior year, the business posted $0.20 EPS. The business’s revenue for the quarter was up 22.4% on a year-over-year basis. On average, analysts forecast that Magnite, Inc. will post 0.61 earnings per share for the current fiscal year.

Magnite Profile

Magnite, Inc. operates a sell-side advertising platform that helps publishers, streaming services and app developers sell digital advertising inventory through programmatic auctions. Its technology connects those sellers with advertisers and their agencies seeking to buy ad placements. The company supports advertising across connected TV, online video, mobile applications and desktop formats. Its offerings include tools for managing and monetizing ad inventory, including streaming-focused ad-serving technology.