Magnite, Inc. (NASDAQ:MGNI) Stock Holdings Lifted by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC boosted its position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 54.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 44,947 shares of the company's stock after purchasing an additional 15,762 shares during the period. Allspring Global Investments Holdings LLC's holdings in Magnite were worth $513,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Jones Financial Companies Lllp grew its holdings in Magnite by 20.6% during the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company's stock worth $93,000 after acquiring an additional 1,000 shares in the last quarter. SBI Securities Co. Ltd. acquired a new position in Magnite during the 4th quarter worth $25,000. Charles Schwab Investment Management Inc. grew its holdings in Magnite by 1.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,049,412 shares of the company's stock worth $16,707,000 after acquiring an additional 16,308 shares in the last quarter. M&T Bank Corp acquired a new position in Magnite during the 4th quarter worth $230,000. Finally, Arizona State Retirement System grew its holdings in Magnite by 1.5% during the 4th quarter. Arizona State Retirement System now owns 36,846 shares of the company's stock worth $587,000 after acquiring an additional 559 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 subject of several recent analyst reports. Wells Fargo & Company raised their price objective on shares of Magnite from $13.00 to $24.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $18.00 price target on shares of Magnite in a report on Thursday, May 8th. Needham & Company LLC lifted their price target on shares of Magnite from $14.00 to $18.00 and gave the company a "buy" rating in a report on Monday, May 12th. Royal Bank Of Canada decreased their price target on shares of Magnite from $22.00 to $19.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. Finally, Wall Street Zen raised shares of Magnite from a "hold" rating to a "buy" rating in a report on Sunday. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, Magnite currently has an average rating of "Moderate Buy" and an average price target of $20.33.

Magnite Stock Performance

NASDAQ:MGNI traded up $0.53 during mid-day trading on Monday, hitting $23.10. The stock had a trading volume of 4,009,231 shares, compared to its average volume of 2,285,346. The stock has a market capitalization of $3.26 billion, a price-to-earnings ratio of 115.51, a P/E/G ratio of 1.84 and a beta of 2.96. The company has a 50 day simple moving average of $18.46 and a 200-day simple moving average of $15.90. Magnite, Inc. has a 52 week low of $8.22 and a 52 week high of $25.27. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.47.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 EPS for the quarter, topping analysts' consensus estimates of $0.06 by $0.06. Magnite had a net margin of 4.58% and a return on equity of 6.71%. The company had revenue of $145.85 million for the quarter, compared to the consensus estimate of $142.18 million. During the same period in the previous year, the firm earned $0.05 EPS. Magnite's revenue was up 4.3% on a year-over-year basis. On average, research analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Insider Activity at Magnite

In other Magnite news, Director Paul Caine sold 5,000 shares of the business's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $23.53, for a total transaction of $117,650.00. Following the sale, the director directly owned 183,603 shares in the company, valued at approximately $4,320,178.59. The trade was a 2.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James Rossman sold 137,007 shares of Magnite stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $18.78, for a total transaction of $2,572,991.46. Following the completion of the transaction, the director directly owned 93,679 shares in the company, valued at $1,759,291.62. This represents a 59.39% decrease in their position. The disclosure for this sale can be found here. Insiders sold 888,327 shares of company stock worth $17,204,178 in the last three months. 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.