Allspring Global Investments Holdings LLC Increases Stake in Magnite, Inc. (NASDAQ:MGNI)

Allspring Global Investments Holdings LLC increased its holdings in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 54.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 44,947 shares of the company's stock after acquiring an additional 15,762 shares during the quarter. 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 institutional investors and hedge funds have also recently bought and sold shares of the business. Oppenheimer & Co. Inc. acquired a new stake in Magnite during the 1st quarter worth approximately $319,000. Cambridge Investment Research Advisors Inc. increased its stake in Magnite by 74.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 51,815 shares of the company's stock valued at $591,000 after purchasing an additional 22,131 shares during the period. 1858 Wealth Management LLC acquired a new position in shares of Magnite during the first quarter worth about $144,000. Greenwood Capital Associates LLC boosted its holdings in Magnite by 2.9% during the first quarter. Greenwood Capital Associates LLC now owns 66,221 shares of the company's stock worth $756,000 after buying an additional 1,852 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its holdings in Magnite by 7,043.0% during the first quarter. Farther Finance Advisors LLC now owns 6,643 shares of the company's stock worth $76,000 after buying an additional 6,550 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Magnite Price Performance

MGNI traded down $0.88 on Friday, hitting $22.57. 2,782,972 shares of the stock were exchanged, compared to its average volume of 2,274,426. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.98. The firm has a market capitalization of $3.18 billion, a price-to-earnings ratio of 112.86, a PEG ratio of 1.91 and a beta of 2.96. Magnite, Inc. has a 12 month low of $8.22 and a 12 month high of $25.27. The business has a 50-day moving average of $18.25 and a two-hundred day moving average of $15.86.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.12 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $142.18 million. During the same quarter last year, the firm posted $0.05 EPS. The company's quarterly revenue was up 4.3% on a year-over-year basis. Sell-side analysts forecast that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on MGNI shares. Lake Street Capital decreased their price target on shares of Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Wall Street Zen cut shares of Magnite from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Wells Fargo & Company upped their target price on shares of Magnite from $13.00 to $24.00 and gave the stock an "equal weight" rating in a research report on Tuesday. Benchmark decreased their target price on shares of Magnite from $25.00 to $24.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Finally, Royal Bank Of Canada reduced their price target on shares of Magnite from $22.00 to $19.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $20.33.

Insiders Place Their Bets

In related news, CEO Michael G. Barrett sold 300,000 shares of the company's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $20.01, for a total transaction of $6,003,000.00. Following the completion of the sale, the chief executive officer directly owned 356,708 shares in the company, valued at $7,137,727.08. This represents a 45.68% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Adam Lee Soroca sold 42,584 shares of the company's stock in a transaction on Thursday, July 3rd. The shares were sold at an average price of $25.00, for a total transaction of $1,064,600.00. Following the sale, the insider owned 366,672 shares of the company's stock, valued at $9,166,800. This represents a 10.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 888,327 shares of company stock valued at $17,204,178. Company insiders own 3.80% of the company's stock.

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.