Invesco Ltd. Sells 63,102 Shares of Magnite, Inc. $MGNI

Key Points

• Invesco Ltd. has reduced its stake in Magnite, Inc. by 23.2%, selling 63,102 shares, bringing its total ownership to approximately 208,991 shares valued at $2.39 million.
• Magnite's stock price decreased by 2.1%, with its current market capitalization sitting at $3.70 billion and a P/E ratio of 89.49.
• Wall Street analysts have a generally positive outlook, with ten analysts rating Magnite as a buy and the average price target set at $25.82.

Invesco Ltd. reduced its position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 23.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 208,991 shares of the company's stock after selling 63,102 shares during the period. Invesco Ltd. owned approximately 0.15% of Magnite worth $2,385,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in MGNI. MCF Advisors LLC lifted its holdings in Magnite by 2,100.0% during the 1st quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock worth $25,000 after purchasing an additional 2,100 shares during the last quarter. AllSquare Wealth Management LLC lifted its holdings in Magnite by 76.8% during the 1st quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company's stock worth $41,000 after purchasing an additional 1,555 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Magnite by 10,170.3% during the 1st quarter. GAMMA Investing LLC now owns 3,800 shares of the company's stock worth $43,000 after purchasing an additional 3,763 shares during the last quarter. Smithfield Trust Co lifted its holdings in Magnite by 38.9% during the 1st quarter. Smithfield Trust Co now owns 5,930 shares of the company's stock worth $67,000 after purchasing an additional 1,660 shares during the last quarter. Finally, Larson Financial Group LLC lifted its holdings in Magnite by 67.5% during the 1st quarter. Larson Financial Group LLC now owns 6,108 shares of the company's stock worth $70,000 after purchasing an additional 2,461 shares during the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

Magnite Price Performance

MGNI stock traded up $0.43 during midday trading on Thursday, reaching $24.97. 313,399 shares of the stock were exchanged, compared to its average volume of 2,722,300. The stock has a market capitalization of $3.56 billion, a PE ratio of 85.91, a P/E/G ratio of 1.79 and a beta of 3.05. Magnite, Inc. has a 52 week low of $8.22 and a 52 week high of $26.65. The company has a fifty day moving average price of $23.54 and a 200 day moving average price of $17.53. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.00 and a quick ratio of 1.00.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.17 by $0.03. The firm had revenue of $162.00 million for the quarter, compared to the consensus estimate of $157.05 million. Magnite had a return on equity of 8.07% and a net margin of 6.30%.The business's quarterly revenue was up 6.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.14 EPS. As a group, analysts expect that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director James Rossman sold 137,007 shares of the company's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $18.78, for a total value of $2,572,991.46. Following the completion of the transaction, the director directly owned 93,679 shares of the company's stock, valued at $1,759,291.62. This represents a 59.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO David Day sold 38,146 shares of the company's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $18.95, for a total value of $722,866.70. Following the completion of the transaction, the chief financial officer directly owned 443,528 shares of the company's stock, valued at approximately $8,404,855.60. This represents a 7.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,081,250 shares of company stock worth $22,549,179 in the last ninety days. Corporate insiders own 3.80% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Craig Hallum set a $24.00 price objective on Magnite and gave the company a "buy" rating in a report on Tuesday, May 20th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $39.00 price objective on shares of Magnite in a report on Thursday, August 7th. Benchmark lifted their price objective on Magnite from $30.00 to $31.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Susquehanna lifted their price objective on Magnite from $22.00 to $28.00 and gave the company a "positive" rating in a report on Thursday, August 7th. Finally, Wells Fargo & Company lifted their price objective on Magnite from $13.00 to $24.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Ten research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $25.82.

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.