Nordea Investment Management AB Has $7.94 Million Stock Holdings in Magnite, Inc. $MGNI

Nordea Investment Management AB trimmed its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 63.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 330,917 shares of the company’s stock after selling 571,854 shares during the quarter. Nordea Investment Management AB owned 0.23% of Magnite worth $7,942,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Winthrop Advisory Group LLC boosted its stake in Magnite by 4.5% in the 2nd quarter. Winthrop Advisory Group LLC now owns 14,000 shares of the company’s stock valued at $338,000 after buying an additional 600 shares in the last quarter. CWM LLC lifted its holdings in shares of Magnite by 133.6% during the second quarter. CWM LLC now owns 1,775 shares of the company’s stock valued at $43,000 after acquiring an additional 1,015 shares during the period. GAMMA Investing LLC boosted its stake in shares of Magnite by 355.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,517 shares of the company’s stock valued at $37,000 after purchasing an additional 1,184 shares in the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of Magnite by 74.9% in the 1st quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company’s stock worth $33,000 after purchasing an additional 1,203 shares during the last quarter. Finally, Perkins Capital Management Inc. increased its position in shares of Magnite by 0.9% during the 1st quarter. Perkins Capital Management Inc. now owns 145,125 shares of the company’s stock worth $1,656,000 after purchasing an additional 1,300 shares in the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MGNI has been the topic of a number of recent analyst reports. Benchmark boosted their price target on shares of Magnite from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Needham & Company LLC boosted their target price on Magnite from $18.00 to $25.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. Wells Fargo & Company dropped their price target on Magnite from $24.00 to $22.00 and set an “equal weight” rating for the company in a report on Monday, October 6th. Scotiabank reissued an “outperform” rating and issued a $30.00 price objective (up previously from $22.00) on shares of Magnite in a research note on Thursday, August 7th. Finally, Royal Bank Of Canada increased their target price on Magnite from $19.00 to $27.00 and gave the stock an “outperform” rating in a report on Thursday, July 31st. Ten research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $25.64.

Magnite Price Performance

Magnite stock opened at $18.67 on Tuesday. The business’s 50-day simple moving average is $22.52 and its 200 day simple moving average is $19.31. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.45. The stock has a market cap of $2.66 billion, a price-to-earnings ratio of 64.38, a P/E/G ratio of 1.23 and a beta of 3.02. Magnite, Inc. has a 12-month low of $8.22 and a 12-month high of $26.65.

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

Insider Activity

In related news, CTO David Buonasera sold 2,950 shares of the company’s stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $25.37, for a total value of $74,841.50. Following the completion of the sale, the chief technology officer owned 238,629 shares in the company, valued at approximately $6,054,017.73. This represents a 1.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Sean Patrick Buckley sold 20,000 shares of the firm’s stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $25.56, for a total value of $511,200.00. Following the transaction, the insider owned 307,193 shares in the company, valued at approximately $7,851,853.08. This trade represents a 6.11% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 323,275 shares of company stock worth $7,877,776. Corporate insiders own 4.30% of the company’s stock.

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.