Deutsche Bank AG Lowers Position in Magnite, Inc. $MGNI

Key Points

• Deutsche Bank AG reduced its stakes in Magnite, Inc. by 23.2% in the first quarter, now owning approximately 131,670 shares worth $1.5 million after selling 39,736 shares.
• CEO Michael G. Barrett and Director James Rossman both sold significant amounts of Magnite stock, reducing their ownership by 45.68% and 59.39%, respectively, amid a trend of insider selling totaling over $21 million in the last ninety days.
• Magnite's stock is trading at around $24.16 with a market cap of $3.44 billion, and most analysts have rated it as a Moderate Buy with an average price target of approximately $25.82.

Deutsche Bank AG lessened its holdings in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 23.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 131,670 shares of the company's stock after selling 39,736 shares during the quarter. Deutsche Bank AG owned approximately 0.09% of Magnite worth $1,502,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of MGNI. Pacer Advisors Inc. bought a new stake in Magnite during the first quarter valued at about $12,576,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Magnite during the fourth quarter valued at about $11,076,000. Dimensional Fund Advisors LP lifted its position in shares of 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 in the last quarter. Vanguard Group Inc. raised its stake in Magnite by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company's stock valued at $156,814,000 after purchasing an additional 138,417 shares during the period. Finally, XTX Topco Ltd bought a new position in Magnite in the 1st quarter worth approximately $1,542,000. 73.40% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Benchmark raised their price objective on Magnite from $30.00 to $31.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Craig Hallum set a $24.00 price objective on Magnite and gave the company a "buy" rating in a research report on Tuesday, May 20th. Needham & Company LLC increased their price objective on Magnite from $18.00 to $25.00 and gave the stock 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 report on Sunday, July 13th. Finally, Susquehanna lifted their target price on Magnite from $22.00 to $28.00 and gave the company a "positive" rating in a research note on Thursday, August 7th. Ten equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, Magnite currently has a consensus rating of "Moderate Buy" and an average target price of $25.82.

Magnite Price Performance

NASDAQ MGNI traded up $0.57 during mid-day trading on Wednesday, hitting $25.71. The stock had a trading volume of 2,127,189 shares, compared to its average volume of 2,720,909. The firm's 50 day moving average is $22.78 and its 200 day moving average is $17.28. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a market capitalization of $3.66 billion, a price-to-earnings ratio of 88.70, a PEG ratio of 1.74 and a beta of 3.05. Magnite, Inc. has a twelve month low of $8.22 and a twelve month high of $26.09.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.20 EPS for the quarter, beating analysts' consensus estimates of $0.17 by $0.03. The business had revenue of $162.00 million during the quarter, compared to analysts' expectations of $157.05 million. Magnite had a net margin of 6.30% and a return on equity of 8.07%. The company's quarterly revenue was up 6.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.14 earnings per share. Equities research analysts forecast that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Insider Activity at Magnite

In other Magnite news, CFO David Day sold 38,146 shares of the company's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $18.95, for a total value of $722,866.70. Following the completion of the sale, the chief financial officer directly owned 443,528 shares in the company, valued at $8,404,855.60. This represents a 7.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Adam Lee Soroca sold 44,519 shares of Magnite stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $20.00, for a total value of $890,380.00. Following the transaction, the insider owned 400,927 shares in the company, valued at approximately $8,018,540. This represents a 9.99% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,077,666 shares of company stock valued at $22,036,054 in the last three months. Company insiders own 4.30% of the company's stock.

About Magnite

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.