Northern Trust Corp Sells 87,658 Shares of Magnite, Inc. $MGNI

Key Points

• Northern Trust Corp has reduced its stake in Magnite, Inc., selling 87,658 shares and now holding approximately 1.11% of the company, valued at $17,924,000.
• Several institutional investors have significantly increased their holdings in Magnite, with stake boosts ranging from 2,100.0% to 10,170.3% during the first quarter, reflecting strong interest in the company's stock.
• Wall Street analysts remain bullish on Magnite, with a majority issuing a "Buy" rating and an average price target of $25.82, following recent positive earnings results that exceeded expectations.

Northern Trust Corp decreased its holdings in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 5.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,570,877 shares of the company's stock after selling 87,658 shares during the quarter. Northern Trust Corp owned approximately 1.11% of Magnite worth $17,924,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

Several research firms have recently commented on MGNI. Craig Hallum set a $24.00 price objective on Magnite and gave the company a "buy" rating in a report on Tuesday, May 20th. Benchmark increased 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. Wall Street Zen raised shares of Magnite from a "hold" rating to a "buy" rating in a research report on Sunday, July 13th. Royal Bank Of Canada upped their target price on shares of Magnite from $19.00 to $27.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Finally, Scotiabank reiterated an "outperform" rating and issued a $30.00 target price (up from $22.00) on shares of Magnite in a research note on Thursday, August 7th. Ten analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $25.82.

Magnite Stock Performance

Shares of NASDAQ MGNI opened at $25.57 on Wednesday. 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 firm has a market cap of $3.64 billion, a price-to-earnings ratio of 88.18, a P/E/G ratio of 1.79 and a beta of 3.05. The stock's fifty day moving average price is $23.46 and its two-hundred day moving average price is $17.48. Magnite, Inc. has a one year low of $8.22 and a one year high of $26.65.

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

Insider Transactions at Magnite

In other Magnite news, insider Katie Seitz Evans sold 21,509 shares of the stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $25.52, for a total transaction of $548,909.68. Following the transaction, the insider owned 394,089 shares in the company, valued at $10,057,151.28. This represents a 5.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Adam Lee Soroca sold 10,579 shares of Magnite stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $23.47, for a total transaction of $248,289.13. Following the completion of the sale, the insider owned 346,393 shares of the company's stock, valued at approximately $8,129,843.71. The trade was a 2.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,116,250 shares of company stock worth $23,156,779. Company insiders own 4.30% of the company's stock.

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.

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