Victory Capital Management Inc. Has $1.38 Million Stock Position in Magnite, Inc. (NASDAQ:MGNI)

Key Points

• Victory Capital Management Inc. significantly reduced its stake in Magnite, Inc. by 89.7% during the first quarter, selling over 1 million shares and currently holding about 0.09% of the company valued at $1.38 million.
• Multiple institutional investors have modified their holdings in Magnite, with Larson Financial Group LLC increasing its position by 67.5% and others like FDx Advisors Inc. and Brown Advisory Inc. also purchasing new stakes.
• Magnite reported earnings of $0.12 per share, exceeding analysts' expectations and showing a year-over-year revenue growth of 4.3%, with a total revenue of $145.85 million for the quarter.

Victory Capital Management Inc. lessened its holdings in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 89.7% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 121,332 shares of the company's stock after selling 1,059,946 shares during the period. Victory Capital Management Inc. owned approximately 0.09% of Magnite worth $1,384,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of MGNI. Capital Research Global Investors acquired a new stake in shares of Magnite in the fourth quarter valued at $122,986,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Magnite during the 4th quarter worth about $11,076,000. CenterBook Partners LP bought a new position in Magnite in the 4th quarter worth approximately $9,962,000. Nine Ten Capital Management LLC raised its position in shares of Magnite by 18.8% during the fourth quarter. Nine Ten Capital Management LLC now owns 3,115,849 shares of the company's stock worth $49,604,000 after acquiring an additional 493,983 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in Magnite by 6.8% during the 4th quarter. Wellington Management Group LLP now owns 7,030,011 shares of the company's stock worth $111,918,000 after purchasing an additional 450,341 shares during the last quarter. Institutional investors own 73.40% of the company's stock.

Analysts Set New Price Targets

MGNI has been the subject of a number of analyst reports. Royal Bank Of Canada lifted their target price on shares of Magnite from $19.00 to $27.00 and gave the stock an "outperform" rating in a report on Thursday. Needham & Company LLC boosted their price objective on Magnite from $14.00 to $18.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Lake Street Capital decreased their price objective on Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Rosenblatt Securities reiterated a "buy" rating and issued a $18.00 price target on shares of Magnite in a research note on Thursday, May 8th. Finally, Wells Fargo & Company upped their price objective on Magnite from $13.00 to $24.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $21.91.

Insider Buying and Selling

In other news, Director Paul Caine sold 5,000 shares of the company's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $23.53, for a total transaction of $117,650.00. Following the completion of the sale, the director directly owned 183,603 shares in the company, valued at approximately $4,320,178.59. This represents a 2.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director James Rossman sold 137,007 shares of the stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $18.78, for a total value of $2,572,991.46. Following the sale, the director directly owned 93,679 shares in the company, valued at approximately $1,759,291.62. This trade represents a 59.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 959,227 shares of company stock valued at $18,854,021 in the last quarter. Corporate insiders own 3.80% of the company's stock.

Magnite Stock Performance

NASDAQ MGNI traded down $0.82 on Friday, reaching $22.19. The stock had a trading volume of 2,310,219 shares, compared to its average volume of 2,952,484. Magnite, Inc. has a 1-year low of $8.22 and a 1-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 $3.13 billion, a P/E ratio of 69.73, a price-to-earnings-growth ratio of 1.88 and a beta of 3.05. The firm has a fifty day moving average of $20.61 and a two-hundred day moving average of $16.54.

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