Magnite, Inc. (NASDAQ:MGNI) Shares Sold by Pinnacle Associates Ltd.

Key Points

• Pinnacle Associates Ltd. significantly reduced its holdings in Magnite, Inc. by 81.8%, selling 271,666 shares, leaving them with 60,295 shares valued at approximately $688,000.
• Other institutional investors are bullish on Magnite, as Cambridge Investment Research Advisors saw a 74.6% increase in their holdings, and Calamos Advisors increased theirs by 85.7% in the first quarter.
• Analysts maintain a generally positive outlook for Magnite, with 12 buy ratings and an average price target of $20.83, reflecting confidence in the company's growth potential.

Pinnacle Associates Ltd. lowered its holdings in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 81.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 60,295 shares of the company's stock after selling 271,666 shares during the period. Pinnacle Associates Ltd.'s holdings in Magnite were worth $688,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Maestria Partners LLC boosted its stake in shares of Magnite by 10.5% during the 1st quarter. Maestria Partners LLC now owns 1,052,317 shares of the company's stock valued at $12,007,000 after buying an additional 100,000 shares during the last quarter. AllSquare Wealth Management LLC lifted its holdings in Magnite by 76.8% in 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. MCF Advisors LLC increased its position in shares of Magnite by 2,100.0% during the first quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock valued at $25,000 after purchasing an additional 2,100 shares during the period. Verdence Capital Advisors LLC grew its position in Magnite by 30.2% in the first quarter. Verdence Capital Advisors LLC now owns 24,770 shares of the company's stock valued at $283,000 after acquiring an additional 5,748 shares during the period. Finally, Larson Financial Group LLC grew its holdings in shares of Magnite by 67.5% during the first 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. Institutional investors and hedge funds own 73.40% of the company's stock.

Magnite Stock Up 2.8%

MGNI stock traded up $0.64 on Thursday, reaching $23.45. 633,995 shares of the company traded hands, compared to its average volume of 2,664,794. Magnite, Inc. has a one year low of $8.22 and a one year high of $25.27. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.98. The company has a market cap of $3.31 billion, a P/E ratio of 116.73, a price-to-earnings-growth ratio of 1.83 and a beta of 2.96. The firm has a fifty day simple moving average of $20.46 and a 200-day simple moving average of $16.49.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.06 by $0.06. The firm had revenue of $145.85 million for the quarter, compared to the consensus estimate of $142.18 million. Magnite had a return on equity of 6.71% and a net margin of 4.58%. The company's revenue for the quarter was up 4.3% on a year-over-year basis. During the same period last year, the business posted $0.05 EPS. Research analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO David Day sold 38,146 shares of Magnite stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $18.95, for a total value of $722,866.70. Following the sale, the chief financial officer directly owned 443,528 shares of the company's stock, valued at approximately $8,404,855.60. The trade was a 7.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Adam Lee Soroca sold 44,519 shares of the company's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $20.00, for a total value of $890,380.00. Following the transaction, the insider directly 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. Over the last ninety days, insiders sold 959,227 shares of company stock valued at $18,854,021. Insiders own 3.80% of the company's stock.

Analysts Set New Price Targets

MGNI has been the topic of several analyst reports. Benchmark increased their target price on Magnite from $24.00 to $30.00 and gave the company a "buy" rating in a research note on Tuesday, July 22nd. Craig Hallum set a $24.00 target price on Magnite and gave the stock a "buy" rating in a research note on Tuesday, May 20th. 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. Wall Street Zen raised Magnite from a "hold" rating to a "buy" rating in a report on Sunday, July 13th. Finally, Royal Bank Of Canada lowered their target price on Magnite from $22.00 to $19.00 and set an "outperform" rating for the company in a report on Friday, May 2nd. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $21.18.

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.