Magnite, Inc. $MGNI Shares Sold by EFG Asset Management North America Corp.

EFG Asset Management North America Corp. cut its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 15.0% during the second quarter, Holdings Channel reports. The firm owned 201,002 shares of the company’s stock after selling 35,503 shares during the quarter. EFG Asset Management North America Corp.’s holdings in Magnite were worth $4,845,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Bank of Montreal Can raised its position in shares of Magnite by 0.6% during the second quarter. Bank of Montreal Can now owns 242,346 shares of the company’s stock worth $5,845,000 after purchasing an additional 1,401 shares during the period. Zweig DiMenna Associates LLC acquired a new stake in shares of Magnite during the second quarter worth $2,689,000. Pinnacle Associates Ltd. raised its position in shares of Magnite by 11.2% during the second quarter. Pinnacle Associates Ltd. now owns 67,020 shares of the company’s stock worth $1,617,000 after purchasing an additional 6,725 shares during the period. GWN Securities Inc. acquired a new stake in shares of Magnite during the second quarter worth $205,000. Finally, Teacher Retirement System of Texas raised its position in shares of Magnite by 5.7% during the second quarter. Teacher Retirement System of Texas now owns 21,603 shares of the company’s stock worth $521,000 after purchasing an additional 1,164 shares during the period. 73.40% of the stock is owned by institutional investors and hedge funds.

Magnite Stock Performance

Shares of MGNI stock opened at $16.73 on Wednesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.00 and a quick ratio of 1.00. Magnite, Inc. has a fifty-two week low of $8.22 and a fifty-two week high of $26.65. The stock’s 50-day moving average is $21.47 and its two-hundred day moving average is $20.05. The firm has a market cap of $2.38 billion, a P/E ratio of 57.69, a PEG ratio of 1.42 and a beta of 3.02.

Magnite (NASDAQ:MGNI) last issued its earnings results on Wednesday, August 6th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.03. Magnite had a return on equity of 8.07% and a net margin of 6.30%.The company had revenue of $162.00 million for the quarter, compared to analyst estimates of $157.05 million. During the same period in the prior year, the firm posted $0.14 EPS. The business’s revenue was up 6.4% compared to the same quarter last year. Analysts predict that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Magnite news, CAO Brian Gephart sold 27,671 shares of the company’s stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $24.71, for a total value of $683,750.41. Following the transaction, the chief accounting officer directly owned 92,898 shares of the company’s stock, valued at $2,295,509.58. This represents a 22.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael G. Barrett sold 35,951 shares of the company’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $23.85, for a total value of $857,431.35. Following the completion of the transaction, the chief executive officer directly owned 249,857 shares in the company, valued at approximately $5,959,089.45. The trade was a 12.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 328,275 shares of company stock worth $7,977,776. Insiders own 3.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Wells Fargo & Company cut their target price on Magnite from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Monday, October 6th. Rosenblatt Securities reaffirmed a “buy” rating and set a $39.00 target price on shares of Magnite in a research report on Friday, September 26th. Susquehanna upped their price target on Magnite from $22.00 to $28.00 and gave the company a “positive” rating in a research report on Thursday, August 7th. Weiss Ratings reissued a “hold (c)” rating on shares of Magnite in a research report on Wednesday, October 8th. Finally, Royal Bank Of Canada upped their price target on Magnite from $19.00 to $27.00 and gave the company an “outperform” rating in a research report on Thursday, July 31st. Ten research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $25.64.

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.