Nippon Life Global Investors Americas Inc. Lowers Position in Magnite, Inc. $MGNI

Key Points

• Nippon Life Global Investors Americas cut its stake in Magnite by 73.3% in Q4, selling 88,170 shares and now holds 32,180 shares worth about $522,000.
• Magnite reported Q4 EPS of $0.34 (missed by $0.01) and revenue of $205.36 million (above estimates); analysts hold a consensus "Moderate Buy" with an average price target of $24.10.
• Insider Adam Lee Soroca sold 21,529 shares at an average price of $12.00 (a 5.25% reduction), though he still owns 388,425 shares and insiders collectively hold about 4.3% of the company.

Nippon Life Global Investors Americas Inc. cut its holdings in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 73.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 32,180 shares of the company's stock after selling 88,170 shares during the quarter. Nippon Life Global Investors Americas Inc.'s holdings in Magnite were worth $522,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Neo Ivy Capital Management purchased a new position in shares of Magnite during the 3rd quarter worth $27,000. US Bancorp DE grew its holdings in shares of Magnite by 75.8% during the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company's stock worth $35,000 after purchasing an additional 688 shares during the period. State of Wyoming purchased a new position in shares of Magnite during the 3rd quarter worth $39,000. Central Pacific Bank Trust Division purchased a new position in shares of Magnite during the 4th quarter worth $41,000. Finally, Strategic Advocates LLC purchased a new position in shares of Magnite during the 3rd quarter worth $42,000. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Magnite Stock Performance

Shares of MGNI opened at $12.98 on Monday. The stock has a 50-day simple moving average of $12.55 and a 200-day simple moving average of $14.52. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a market capitalization of $1.86 billion, a PE ratio of 13.81, a PEG ratio of 0.80 and a beta of 2.39. Magnite, Inc. has a 1 year low of $10.82 and a 1 year high of $26.65.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings data on Wednesday, February 25th. The company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.01). The company had revenue of $205.36 million during the quarter, compared to analysts' expectations of $193.87 million. Magnite had a net margin of 20.25% and a return on equity of 8.44%. The business's quarterly revenue was up 5.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.34 EPS. On average, analysts predict that Magnite, Inc. will post 0.59 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on MGNI shares. Evercore reiterated an "outperform" rating and set a $20.00 price target on shares of Magnite in a report on Thursday, February 26th. Needham & Company LLC restated a "buy" rating and set a $25.00 target price on shares of Magnite in a report on Thursday, April 16th. Rosenblatt Securities restated a "buy" rating and set a $39.00 target price on shares of Magnite in a report on Thursday, February 26th. Wells Fargo & Company lowered their target price on Magnite from $20.00 to $13.00 and set an "equal weight" rating for the company in a report on Friday, February 27th. Finally, Benchmark lowered their target price on Magnite from $31.00 to $30.00 and set a "buy" rating for the company in a report on Thursday, February 26th. Nine analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $24.10.

Insider Activity

In other news, insider Adam Lee Soroca sold 21,529 shares of Magnite stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $12.00, for a total value of $258,348.00. Following the completion of the transaction, the insider owned 388,425 shares in the company, valued at approximately $4,661,100. This trade represents a 5.25% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 4.30% of the company's stock.

Magnite Profile

Magnite, Inc NASDAQ: MGNI operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite's offering is its supply-side platform (SSP), which connects publishers' ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).

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