Charles Schwab Investment Management Inc. Sells 31,473 Shares of Magnite, Inc. $MGNI

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in Magnite, Inc. by 3.0% in Q1, owning approximately 1,017,939 shares valued at $11.62 million.
• Several institutional investors, including Cambridge Investment Research Advisors Inc. and Calamos Advisors LLC, significantly increased their positions in Magnite during the same period, reflecting positive investor sentiment.
• Magnite's stock recently traded down 0.8% at $25.14, but the company reported **better-than-expected earnings** per share and a **6.4% increase** in quarterly revenue compared to the prior year.

Charles Schwab Investment Management Inc. trimmed its position in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 3.0% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 1,017,939 shares of the company's stock after selling 31,473 shares during the period. Charles Schwab Investment Management Inc. owned about 0.72% of Magnite worth $11,615,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MGNI. Pacer Advisors Inc. purchased a new position in Magnite in the first quarter valued at about $12,576,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Magnite in the fourth quarter valued at about $11,076,000. Dimensional Fund Advisors LP boosted its stake in Magnite by 3.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,524,643 shares of the company's stock valued at $87,957,000 after acquiring an additional 170,532 shares during the last quarter. Vanguard Group Inc. boosted its stake in Magnite by 1.0% in the first quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company's stock valued at $156,814,000 after acquiring an additional 138,417 shares during the last quarter. Finally, XTX Topco Ltd purchased a new position in Magnite in the first quarter valued at about $1,542,000. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Lake Street Capital dropped their price target on shares of Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Royal Bank Of Canada upped their price target on shares of Magnite from $19.00 to $27.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Needham & Company LLC upped their price target on shares of Magnite from $18.00 to $25.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Wall Street Zen upgraded shares of Magnite from a "hold" rating to a "buy" rating in a research note on Sunday, July 13th. Finally, Benchmark upped their price target on shares of Magnite from $30.00 to $31.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Ten research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Magnite has a consensus rating of "Moderate Buy" and an average target price of $25.82.

Insider Buying and Selling at Magnite

In other news, insider Katie Seitz Evans sold 8,345 shares of the stock in a transaction on Monday, August 25th. The shares were sold at an average price of $26.00, for a total value of $216,970.00. Following the transaction, the insider owned 415,598 shares of the company's stock, valued at $10,805,548. This represents a 1.97% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Sean Patrick Buckley sold 9,315 shares of the stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $23.42, for a total transaction of $218,157.30. Following the completion of the transaction, the insider directly owned 327,193 shares in the company, valued at $7,662,860.06. The trade was a 2.77% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,097,666 shares of company stock worth $22,540,654 in the last ninety days. Insiders own 3.80% of the company's stock.

Magnite Price Performance

Magnite stock traded up $0.77 during midday trading on Thursday, reaching $26.34. 2,456,966 shares of the stock were exchanged, compared to its average volume of 2,726,413. The company's fifty day moving average is $22.91 and its 200-day moving average is $17.34. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a market cap of $3.75 billion, a PE ratio of 90.79, a PEG ratio of 1.73 and a beta of 3.05. Magnite, Inc. has a 52 week low of $8.22 and a 52 week high of $26.65.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $0.20 earnings per share for the quarter, topping analysts' consensus estimates of $0.17 by $0.03. The business had revenue of $162.00 million for the quarter, compared to analyst estimates of $157.05 million. Magnite had a net margin of 6.30% and a return on equity of 8.07%. Magnite's revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.14 EPS. On average, sell-side analysts forecast that Magnite, Inc. will post 0.33 EPS for the current year.

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.