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

DBA Trading LLC decreased its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 56.7% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 65,000 shares of the company’s stock after selling 85,000 shares during the period. Magnite makes up approximately 2.8% of DBA Trading LLC’s investment portfolio, making the stock its 9th largest holding. DBA Trading LLC’s holdings in Magnite were worth $1,642,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Signaturefd LLC increased its holdings in shares of Magnite by 35.8% in the third quarter. Signaturefd LLC now owns 1,715 shares of the company’s stock valued at $43,000 after purchasing an additional 452 shares during the period. Allworth Financial LP increased its holdings in shares of Magnite by 63.7% during the 2nd quarter. Allworth Financial LP now owns 1,567 shares of the company’s stock valued at $30,000 after purchasing an additional 610 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Magnite by 32.1% in the third quarter. GAMMA Investing LLC now owns 2,916 shares of the company’s stock worth $74,000 after acquiring an additional 708 shares during the period. Pinnacle Associates Ltd. boosted its position in Magnite by 1.2% during the third quarter. Pinnacle Associates Ltd. now owns 68,742 shares of the company’s stock worth $1,736,000 after purchasing an additional 825 shares in the last quarter. Finally, Covestor Ltd grew its stake in Magnite by 562.1% in the 3rd quarter. Covestor Ltd now owns 1,066 shares of the company’s stock valued at $26,000 after acquiring an additional 905 shares during the period. 73.40% of the stock is owned by institutional investors and hedge funds.

Magnite Trading Down 1.8%

Shares of MGNI opened at $28.52 on Wednesday. Magnite, Inc. has a 12-month low of $10.82 and a 12-month high of $29.25. The firm has a market capitalization of $4.09 billion, a P/E ratio of 23.97, a P/E/G ratio of 0.99 and a beta of 2.44. The firm has a 50-day moving average price of $24.27 and a 200 day moving average price of $17.99. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.36.

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

Wall Street Analysts Forecast Growth

MGNI has been the topic of several research reports. Rosenblatt Securities restated a “buy” rating and issued a $40.00 target price on shares of Magnite in a research report on Friday, October 2nd. Needham & Company LLC upped 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. Royal Bank Of Canada increased their target price on shares of Magnite from $27.00 to $30.00 and gave the company an “outperform” rating in a research report on Thursday, November 5th. Craig Hallum reissued a “buy” rating and issued a $32.00 price target on shares of Magnite in a research note on Thursday, September 17th. Finally, Weiss Ratings lowered shares of Magnite from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, November 4th. Ten investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $31.00.

Insider Buying and Selling

In other Magnite news, Director Douglas S. Knopper sold 37,337 shares of Magnite stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $26.28, for a total value of $981,216.36. Following the sale, the director owned 51,136 shares in the company, valued at $1,343,854.08. The trade was a 42.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Aaron Saltz sold 40,000 shares of the company’s stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $23.41, for a total value of $936,400.00. Following the completion of the transaction, the insider directly owned 224,389 shares in the company, valued at approximately $5,252,946.49. This trade represents a 15.13% decrease in their position. 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 in the last ninety days. Company insiders own 3.20% of the company’s stock.

About Magnite

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.