Magnite, Inc. (NASDAQ:MGNI) Position Cut by Nordea Investment Management AB

Nordea Investment Management AB decreased its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 3.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,014,367 shares of the company’s stock after selling 31,860 shares during the period. Nordea Investment Management AB’s holdings in Magnite were worth $14,069,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Dimensional Fund Advisors LP raised its holdings in Magnite by 132.3% during the first quarter. Dimensional Fund Advisors LP now owns 4,221,231 shares of the company’s stock worth $39,087,000 after purchasing an additional 2,403,904 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Magnite by 9,584.5% during the fourth quarter. Victory Capital Management Inc. now owns 1,257,147 shares of the company’s stock valued at $13,313,000 after buying an additional 1,244,166 shares in the last quarter. Norges Bank acquired a new position in Magnite during the fourth quarter worth about $12,578,000. Renaissance Technologies LLC raised its position in Magnite by 138.8% in the first quarter. Renaissance Technologies LLC now owns 1,964,654 shares of the company’s stock worth $25,953,000 after acquiring an additional 1,141,790 shares in the last quarter. Finally, Frontier Capital Management Co. LLC lifted its holdings in Magnite by 68.7% in the 1st quarter. Frontier Capital Management Co. LLC now owns 2,676,617 shares of the company’s stock valued at $24,785,000 after acquiring an additional 1,090,309 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors.

Magnite Stock Performance

MGNI stock opened at $7.74 on Tuesday. The firm has a 50 day simple moving average of $11.06 and a 200 day simple moving average of $10.94. Magnite, Inc. has a 52 week low of $5.59 and a 52 week high of $15.73. The stock has a market cap of $1.06 billion, a P/E ratio of -4.50 and a beta of 2.19. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.14 and a current ratio of 1.14.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings data on Wednesday, August 9th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.06). Magnite had a positive return on equity of 2.07% and a negative net margin of 38.65%. The firm had revenue of $134.68 million for the quarter, compared to analysts’ expectations of $134.56 million. Research analysts anticipate that Magnite, Inc. will post 0.13 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently commented on MGNI shares. Benchmark reiterated a “buy” rating and issued a $16.00 target price on shares of Magnite in a report on Monday, August 21st. Susquehanna reduced their price objective on Magnite from $15.00 to $13.00 and set a “positive” rating for the company in a research note on Thursday, August 10th. B. Riley decreased their target price on Magnite from $20.00 to $16.00 and set a “buy” rating on the stock in a report on Thursday, August 10th. Royal Bank of Canada decreased their price target on Magnite from $20.00 to $18.00 and set an “outperform” rating for the company in a research report on Thursday, August 10th. Finally, Stephens dropped their target price on shares of Magnite from $17.00 to $14.00 and set an “overweight” rating on the stock in a research report on Thursday, August 10th. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $14.75.

Insider Activity at Magnite

In related news, CTO David Buonasera sold 6,624 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $13.43, for a total transaction of $88,960.32. Following the transaction, the chief technology officer now owns 215,338 shares of the company’s stock, valued at $2,891,989.34. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CFO David Day sold 21,564 shares of the firm’s stock in a transaction that occurred on Thursday, June 29th. The stock was sold at an average price of $14.00, for a total value of $301,896.00. Following the transaction, the chief financial officer now directly owns 424,944 shares of the company’s stock, valued at approximately $5,949,216. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO David Buonasera sold 6,624 shares of the company’s stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $13.43, for a total value of $88,960.32. Following the sale, the chief technology officer now directly owns 215,338 shares of the company’s stock, valued at approximately $2,891,989.34. The disclosure for this sale can be found here. In the last quarter, insiders sold 135,990 shares of company stock valued at $1,625,936. 4.30% of the stock is owned by corporate insiders.

About Magnite

Magnite, Inc operates an independent 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 provides applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory.