Universal Beteiligungs und Servicegesellschaft mbH Lowers Stock Position in Magnite, Inc. (NASDAQ:MGNI)

Key Points

• Universal Beteiligungs und Servicegesellschaft mbH reduced its stake in Magnite, Inc. by 13.7%, owning 600,665 shares valued at $6.85 million after selling 95,089 shares.
• Magnite reported a quarterly earnings per share (EPS) of $0.12, surpassing analysts' expectations of $0.06, alongside a revenue of $145.85 million.
• Overall, institutional investors and hedge funds control 73.40% of Magnite's stock, indicating strong investor interest and confidence in the company.

Universal Beteiligungs und Servicegesellschaft mbH lowered its position in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 13.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 600,665 shares of the company's stock after selling 95,089 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH owned approximately 0.42% of Magnite worth $6,854,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Verdence Capital Advisors LLC grew its position in Magnite by 30.2% during the 1st quarter. Verdence Capital Advisors LLC now owns 24,770 shares of the company's stock worth $283,000 after purchasing an additional 5,748 shares during the last quarter. Larson Financial Group LLC grew its position 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. FDx Advisors Inc. purchased a new stake in Magnite during the 1st quarter worth approximately $115,000. Arizona State Retirement System grew its position in Magnite by 9.5% during the 1st quarter. Arizona State Retirement System now owns 40,330 shares of the company's stock worth $460,000 after purchasing an additional 3,484 shares during the last quarter. Finally, M&T Bank Corp grew its position in Magnite by 31.5% during the 1st quarter. M&T Bank Corp now owns 18,960 shares of the company's stock worth $216,000 after purchasing an additional 4,537 shares during the last quarter. Hedge funds and other institutional investors own 73.40% of the company's stock.

Insiders Place Their Bets

In related news, insider Adam Lee Soroca sold 42,584 shares of the firm's stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $25.00, for a total transaction of $1,064,600.00. Following the completion of the sale, the insider directly owned 366,672 shares in the company, valued at approximately $9,166,800. This trade represents a 10.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO David Day sold 36,000 shares of the firm's stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $20.95, for a total transaction of $754,200.00. Following the sale, the chief financial officer owned 443,528 shares of the company's stock, valued at approximately $9,291,911.60. The trade was a 7.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 959,227 shares of company stock valued at $18,854,021. Corporate insiders own 3.80% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Needham & Company LLC upped their price objective on shares of Magnite from $14.00 to $18.00 and gave the company a "buy" rating in a report on Monday, May 12th. Royal Bank Of Canada dropped their price objective on shares of Magnite from $22.00 to $19.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Rosenblatt Securities reaffirmed a "buy" rating and issued a $18.00 price objective on shares of Magnite in a report on Thursday, May 8th. Craig Hallum set a $24.00 price target on shares of Magnite and gave the stock a "buy" rating in a report on Tuesday, May 20th. Finally, Wells Fargo & Company increased their price target on shares of Magnite from $13.00 to $24.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, Magnite presently has an average rating of "Moderate Buy" and an average price target of $21.18.

Magnite Price Performance

Shares of NASDAQ MGNI traded up $0.37 during mid-day trading on Wednesday, reaching $22.81. The company's stock had a trading volume of 2,297,212 shares, compared to its average volume of 3,036,596. The stock has a 50-day moving average of $20.46 and a two-hundred day moving average of $16.49. The stock has a market capitalization of $3.22 billion, a P/E ratio of 114.06, a P/E/G ratio of 1.83 and a beta of 2.96. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.98 and a current ratio of 0.98. Magnite, Inc. has a 1-year low of $8.22 and a 1-year high of $25.27.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $0.12 EPS for the quarter, beating analysts' consensus estimates of $0.06 by $0.06. The business had revenue of $145.85 million during the quarter, compared to analysts' expectations of $142.18 million. Magnite had a net margin of 4.58% and a return on equity of 6.71%. The company's quarterly revenue was up 4.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.05 earnings per share. On average, equities research analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

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.