Pinnacle Associates Ltd. Reduces Holdings in Magnite, Inc. (NASDAQ:MGNI)

Pinnacle Associates Ltd. lowered its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 81.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 60,295 shares of the company’s stock after selling 271,666 shares during the period. Pinnacle Associates Ltd.’s holdings in Magnite were worth $688,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Cambridge Investment Research Advisors Inc. grew its position in Magnite by 74.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 51,815 shares of the company’s stock worth $591,000 after acquiring an additional 22,131 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in shares of Magnite by 54.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 44,947 shares of the company’s stock worth $513,000 after purchasing an additional 15,762 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Magnite by 5.9% during the 4th quarter. JPMorgan Chase & Co. now owns 1,511,439 shares of the company’s stock worth $24,062,000 after purchasing an additional 84,497 shares during the period. Calamos Advisors LLC increased its position in shares of Magnite by 85.7% during the 1st quarter. Calamos Advisors LLC now owns 65,275 shares of the company’s stock worth $745,000 after purchasing an additional 30,132 shares during the last quarter. Finally, Brown Advisory Inc. purchased a new stake in Magnite in the 1st quarter valued at about $290,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on MGNI. Wall Street Zen raised shares of Magnite from a “hold” rating to a “buy” rating in a research note on Sunday, July 13th. Craig Hallum set a $24.00 price objective on shares of Magnite and gave the stock a “buy” rating in a research report on Tuesday, May 20th. Needham & Company LLC lifted their target price on shares of Magnite from $14.00 to $18.00 and gave the company a “buy” rating in a report on Monday, May 12th. Royal Bank Of Canada decreased their price target on Magnite from $22.00 to $19.00 and set an “outperform” rating on the stock in a research note on Friday, May 2nd. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Magnite in a research note on Thursday, May 8th. One equities research analyst has rated the stock with a hold rating and twelve 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 target price of $20.83.

Insiders Place Their Bets

In related news, CEO Michael G. Barrett sold 70,900 shares of the business’s stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $23.27, for a total transaction of $1,649,843.00. Following the completion of the transaction, the chief executive officer owned 285,808 shares in the company, valued at approximately $6,650,752.16. The trade was a 19.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Adam Lee Soroca sold 42,584 shares of the stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $25.00, for a total value of $1,064,600.00. Following the completion of the transaction, the insider directly owned 366,672 shares in the company, valued at $9,166,800. This trade represents a 10.41% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 959,227 shares of company stock worth $18,854,021. 4.30% of the stock is currently owned by insiders.

Magnite Price Performance

MGNI stock opened at $23.52 on Monday. The business’s 50-day moving average is $20.02 and its two-hundred day moving average is $16.35. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.98. The firm has a market capitalization of $3.32 billion, a P/E ratio of 117.61, a P/E/G ratio of 1.92 and a beta of 2.96. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $25.27.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.06. Magnite had a net margin of 4.58% and a return on equity of 6.71%. The firm had revenue of $145.85 million for the quarter, compared to analyst estimates of $142.18 million. During the same period in the prior year, the firm earned $0.05 earnings per share. The business’s quarterly revenue was up 4.3% compared to the same quarter last year. Analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Magnite 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.