Ameriprise Financial Inc. Reduces Stock Holdings in Magnite, Inc. (NASDAQ:MGNI)

Ameriprise Financial Inc. trimmed its position in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 20.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 666,600 shares of the company's stock after selling 172,636 shares during the period. Ameriprise Financial Inc. owned approximately 0.47% of Magnite worth $10,612,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Merit Financial Group LLC acquired a new position in Magnite in the 4th quarter worth approximately $586,000. Rice Hall James & Associates LLC purchased a new stake in shares of Magnite in the 4th quarter valued at $3,000,000. Jennison Associates LLC acquired a new stake in shares of Magnite in the fourth quarter worth $818,000. JPMorgan Chase & Co. increased its stake in shares of Magnite by 5.9% in the fourth quarter. JPMorgan Chase & Co. now owns 1,511,439 shares of the company's stock worth $24,062,000 after acquiring an additional 84,497 shares during the period. Finally, Penbrook Management LLC raised its holdings in shares of Magnite by 60.8% during the fourth quarter. Penbrook Management LLC now owns 38,480 shares of the company's stock worth $613,000 after purchasing an additional 14,550 shares during the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

Magnite Price Performance

Shares of NASDAQ:MGNI traded down $0.24 during midday trading on Friday, hitting $15.36. The company's stock had a trading volume of 1,056,744 shares, compared to its average volume of 2,117,396. The company has a market cap of $2.17 billion, a P/E ratio of 256.00, a price-to-earnings-growth ratio of 1.00 and a beta of 2.73. Magnite, Inc. has a 12-month low of $8.22 and a 12-month high of $21.29. The business's 50 day simple moving average is $12.43 and its 200 day simple moving average is $15.08. 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 (NASDAQ:MGNI - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share for the quarter, topping analysts' consensus estimates of $0.06 by $0.06. The business had revenue of $145.85 million for the quarter, compared to analyst estimates of $142.18 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. The business's revenue was up 4.3% on a year-over-year basis. During the same period last year, the company posted $0.05 EPS. On average, analysts forecast that Magnite, Inc. will post 0.33 EPS for the current year.

Insiders Place Their Bets

In other Magnite news, insider Adam Lee Soroca sold 15,499 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $15.75, for a total transaction of $244,109.25. Following the completion of the sale, the insider now owns 458,386 shares of the company's stock, valued at $7,219,579.50. This trade represents a 3.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Sean Patrick Buckley sold 9,692 shares of the company's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $15.73, for a total transaction of $152,455.16. Following the completion of the transaction, the insider now directly owns 347,394 shares in the company, valued at $5,464,507.62. The trade was a 2.71% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 57,469 shares of company stock valued at $919,285. Insiders own 3.80% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on MGNI shares. Craig Hallum set a $24.00 target price on Magnite and gave the stock a "buy" rating in a research note on Tuesday, May 20th. Susquehanna boosted their price target on shares of Magnite from $16.00 to $22.00 and gave the stock a "positive" rating in a report on Thursday, February 27th. Rosenblatt Securities restated a "buy" rating and set a $18.00 price objective on shares of Magnite in a research report on Thursday, May 8th. Royal Bank of Canada dropped their target price on shares of Magnite from $22.00 to $19.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. Finally, Lake Street Capital cut their target price on shares of Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $19.23.

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.