Universal Beteiligungs und Servicegesellschaft mbH Sells 1,508,363 Shares of Magnite, Inc. $MGNI

Key Points

• Universal Beteiligungs und Servicegesellschaft mbH cut its Magnite stake by 92.1% in Q4, selling 1,508,363 shares and leaving 129,787 shares (about 0.09% of the company) valued at $2.106 million.
• Magnite reported mixed Q4 results: revenue of $205.36 million beat estimates ($193.87M) and rose 5.9% year-over-year, while EPS was $0.34, missing consensus by $0.01.
• Analyst sentiment skews positive with a consensus Moderate Buy and an average price target of $24.10 amid several target changes (e.g., Wells Fargo cut to $13), and insider Adam Lee Soroca sold 21,529 shares.

Universal Beteiligungs und Servicegesellschaft mbH reduced its holdings in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 92.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 129,787 shares of the company's stock after selling 1,508,363 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH owned about 0.09% of Magnite worth $2,106,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Magnite by 9.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 53,368 shares of the company's stock worth $866,000 after acquiring an additional 4,497 shares during the last quarter. Greenwood Capital Associates LLC lifted its stake in shares of Magnite by 46.6% during the 4th quarter. Greenwood Capital Associates LLC now owns 38,620 shares of the company's stock worth $627,000 after acquiring an additional 12,277 shares during the last quarter. State of Alaska Department of Revenue bought a new stake in shares of Magnite during the 4th quarter worth approximately $492,000. Harbor Capital Advisors Inc. lifted its stake in shares of Magnite by 24.4% during the 4th quarter. Harbor Capital Advisors Inc. now owns 214,251 shares of the company's stock worth $3,477,000 after acquiring an additional 42,080 shares during the last quarter. Finally, Blue Trust Inc. bought a new stake in shares of Magnite during the 4th quarter worth approximately $446,000. 73.40% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Weiss Ratings reissued a "hold (c)" rating on shares of Magnite in a research note on Thursday, January 22nd. Benchmark reduced their price target on Magnite from $31.00 to $30.00 and set a "buy" rating for the company in a research report on Thursday, February 26th. Evercore reissued an "outperform" rating and issued a $20.00 price target on shares of Magnite in a research report on Thursday, February 26th. Rosenblatt Securities reissued a "buy" rating and issued a $39.00 price target on shares of Magnite in a research report on Thursday, February 26th. Finally, Wells Fargo & Company reduced their price target on Magnite from $20.00 to $13.00 and set an "equal weight" rating for the company in a research report on Friday, February 27th. Nine investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, Magnite presently has an average rating of "Moderate Buy" and an average price target of $24.10.

Insider Activity at Magnite

In other news, insider Adam Lee Soroca sold 21,529 shares of the company's 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 sale, the insider owned 388,425 shares in the company, valued at $4,661,100. This represents a 5.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 3.80% of the stock is owned by insiders.

Magnite Stock Up 7.1%

Shares of MGNI stock opened at $13.72 on Friday. Magnite, Inc. has a 1-year low of $10.82 and a 1-year high of $26.65. The stock's fifty day moving average price is $12.63 and its 200 day moving average price is $14.43. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02. The company has a market cap of $1.96 billion, a price-to-earnings ratio of 14.60, a price-to-earnings-growth ratio of 0.79 and a beta of 2.33.

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

Magnite Company 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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