Baader Bank Aktiengesellschaft Trims Holdings in Magnite, Inc. (NASDAQ:MGNI)

Baader Bank Aktiengesellschaft reduced its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 60.1% in the 4th quarter, Holdings Channel.com reports. The firm owned 20,000 shares of the company’s stock after selling 30,100 shares during the period. Baader Bank Aktiengesellschaft’s holdings in Magnite were worth $318,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Victory Capital Management Inc. lifted its holdings in shares of Magnite by 2.9% during the third quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company’s stock worth $18,569,000 after purchasing an additional 37,601 shares during the period. Merit Financial Group LLC purchased a new position in Magnite in the 4th quarter valued at approximately $586,000. Principal Financial Group Inc. boosted its position in Magnite by 552.2% during the third quarter. Principal Financial Group Inc. now owns 107,515 shares of the company’s stock worth $1,489,000 after purchasing an additional 91,031 shares in the last quarter. Intech Investment Management LLC acquired a new stake in Magnite in the third quarter valued at $649,000. Finally, Barclays PLC increased its position in shares of Magnite by 352.9% in the third quarter. Barclays PLC now owns 210,598 shares of the company’s stock valued at $2,917,000 after buying an additional 164,093 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CAO Brian Gephart sold 2,156 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $15.00, for a total transaction of $32,340.00. Following the sale, the chief accounting officer now directly owns 116,982 shares in the company, valued at approximately $1,754,730. This trade represents a 1.81 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO David Day sold 13,345 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $17.00, for a total value of $226,865.00. Following the completion of the transaction, the chief financial officer now owns 374,014 shares of the company’s stock, valued at approximately $6,358,238. This represents a 3.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 366,097 shares of company stock worth $6,165,147 over the last quarter. 4.30% of the stock is owned by corporate insiders.

Magnite Stock Down 0.5 %

MGNI opened at $17.48 on Friday. The company has a market cap of $2.46 billion, a PE ratio of 291.33, a price-to-earnings-growth ratio of 0.92 and a beta of 2.51. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. Magnite, Inc. has a 1 year low of $8.38 and a 1 year high of $18.38. The firm has a 50 day moving average price of $16.52 and a 200 day moving average price of $14.53.

Magnite (NASDAQ:MGNI) last issued its earnings results on Thursday, November 7th. The company reported $0.07 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.09). Magnite had a net margin of 2.62% and a return on equity of 4.64%. The business had revenue of $162.00 million during the quarter, compared to analysts’ expectations of $147.94 million. During the same period in the prior year, the business posted $0.02 EPS. Sell-side analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price objective on shares of Magnite in a research note on Friday, January 17th. Scotiabank initiated coverage on Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price objective for the company. Macquarie reissued an “outperform” rating and set a $18.00 price target on shares of Magnite in a research report on Friday, November 8th. Wells Fargo & Company upped their price objective on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Finally, Wolfe Research lifted their price objective on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $18.35.

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.