DekaBank Deutsche Girozentrale Takes Position in Magnite, Inc. (NASDAQ:MGNI)

DekaBank Deutsche Girozentrale bought a new position in Magnite, Inc. (NASDAQ:MGNI) during the second quarter, Holdings Channel reports. The fund bought 7,321 shares of the company’s stock, valued at approximately $93,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. American Century Companies Inc. boosted its position in shares of Magnite by 15.0% in the 2nd quarter. American Century Companies Inc. now owns 247,349 shares of the company’s stock valued at $3,287,000 after purchasing an additional 32,334 shares during the period. ClariVest Asset Management LLC increased its holdings in shares of Magnite by 148,362.8% in the 2nd quarter. ClariVest Asset Management LLC now owns 63,839 shares of the company’s stock valued at $848,000 after purchasing an additional 63,796 shares during the period. Asset Dedication LLC purchased a new stake in Magnite in the 2nd quarter worth approximately $52,000. Los Angeles Capital Management LLC acquired a new position in shares of Magnite in the second quarter worth $619,000. Finally, Arizona State Retirement System boosted its position in Magnite by 3.4% during the second quarter. Arizona State Retirement System now owns 35,256 shares of the company’s stock valued at $469,000 after purchasing an additional 1,160 shares during the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Magnite

In other Magnite news, CAO Brian Gephart sold 16,166 shares of the stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $15.00, for a total value of $242,490.00. Following the completion of the sale, the chief accounting officer now directly owns 121,169 shares in the company, valued at $1,817,535. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CRO Sean Patrick Buckley sold 2,623 shares of Magnite stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $12.53, for a total value of $32,866.19. Following the completion of the transaction, the executive now owns 331,742 shares of the company’s stock, valued at approximately $4,156,727.26. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Brian Gephart sold 16,166 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $15.00, for a total value of $242,490.00. Following the completion of the sale, the chief accounting officer now owns 121,169 shares in the company, valued at approximately $1,817,535. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 250,383 shares of company stock valued at $3,519,150. Corporate insiders own 4.30% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Benchmark reissued a “buy” rating and issued a $21.00 target price on shares of Magnite in a research report on Wednesday. Needham & Company LLC reissued a “buy” rating and issued a $15.00 price objective on shares of Magnite in a research report on Tuesday, July 9th. Bank of America increased their target price on shares of Magnite from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Royal Bank of Canada lifted their target price on shares of Magnite from $17.00 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, June 5th. Finally, Wolfe Research began coverage on shares of Magnite in a research report on Tuesday, July 16th. They issued an “outperform” rating and a $16.00 price target on the stock. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Magnite has a consensus rating of “Buy” and an average price target of $17.25.

Magnite Price Performance

Magnite stock opened at $12.96 on Friday. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.77. Magnite, Inc. has a 12-month low of $6.28 and a 12-month high of $15.92. The stock has a market cap of $1.83 billion, a price-to-earnings ratio of -20.25, a P/E/G ratio of 1.22 and a beta of 2.41. The business’s 50-day simple moving average is $13.65 and its 200 day simple moving average is $12.12.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.01). The company had revenue of $162.88 million during the quarter, compared to the consensus estimate of $144.04 million. Magnite had a positive return on equity of 3.74% and a negative net margin of 0.83%. The firm’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.04) earnings per share. As a group, research analysts anticipate that Magnite, Inc. will post 0.31 earnings per share for the current 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.