Wellington Management Group LLP cut its stake in shares of Magnite, Inc. (NASDAQ:MGNI – Free Report) by 34.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,044,492 shares of the company’s stock after selling 3,146,585 shares during the quarter. Wellington Management Group LLP’s holdings in Magnite were worth $114,724,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of MGNI. EFG International AG bought a new stake in Magnite during the second quarter valued at about $28,000. Allworth Financial LP purchased a new stake in shares of Magnite during the second quarter worth about $30,000. US Bancorp DE raised its stake in Magnite by 75.8% during the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after purchasing an additional 688 shares during the period. PNC Financial Services Group Inc. lifted its holdings in Magnite by 106.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock worth $45,000 after purchasing an additional 1,949 shares in the last quarter. Finally, Smartleaf Asset Management LLC boosted its stake in Magnite by 98.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 3,678 shares of the company’s stock worth $61,000 after purchasing an additional 1,824 shares during the period. 73.40% of the stock is currently owned by institutional investors.
Magnite Price Performance
Shares of Magnite stock opened at $22.89 on Wednesday. The stock has a market cap of $3.28 billion, a price-to-earnings ratio of 21.00, a price-to-earnings-growth ratio of 1.02 and a beta of 2.30. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.02. The stock has a 50 day moving average price of $21.25 and a 200-day moving average price of $16.18. Magnite, Inc. has a one year low of $10.82 and a one year high of $26.19.
Analyst Upgrades and Downgrades
Several equities research analysts have recently issued reports on MGNI shares. Royal Bank Of Canada lifted their price objective on shares of Magnite from $20.00 to $27.00 and gave the company an “outperform” rating in a research report on Thursday, August 6th. Wells Fargo & Company boosted their price target on shares of Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Friday, August 7th. Scotiabank reissued an “outperform” rating and set a $27.00 price objective on shares of Magnite in a report on Thursday, August 6th. Evercore restated an “outperform” rating and set a $25.00 price objective on shares of Magnite in a research report on Thursday, August 6th. Finally, B. Riley Financial boosted their target price on Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Nine investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Magnite currently has a consensus rating of “Moderate Buy” and an average target price of $28.30.
Check Out Our Latest Report on MGNI
Insider Transactions at Magnite
In other news, CAO Brian Gephart sold 12,479 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $24.68, for a total value of $307,981.72. Following the sale, the chief accounting officer directly owned 106,117 shares in the company, valued at approximately $2,618,967.56. This represents a 10.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Rachel Lam sold 10,000 shares of the business’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $24.16, for a total value of $241,600.00. Following the transaction, the director owned 230,620 shares of the company’s stock, valued at approximately $5,571,779.20. The trade was a 4.16% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 982,828 shares of company stock worth $20,180,124. 3.20% of the stock is currently owned by insiders.
About Magnite
Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.
At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).
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