Advisory Research Inc. Decreases Stake in Magnite, Inc. (NASDAQ:MGNI)

Advisory Research Inc. reduced its position in Magnite, Inc. (NASDAQ:MGNI) by 16.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 35,921 shares of the company’s stock after selling 7,132 shares during the period. Advisory Research Inc.’s holdings in Magnite were worth $1,495,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. Sterling Investment Advisors Ltd. purchased a new stake in Magnite during the first quarter valued at approximately $25,000. Bedel Financial Consulting Inc. purchased a new stake in Magnite during the first quarter valued at approximately $26,000. Steward Partners Investment Advisory LLC purchased a new stake in Magnite during the fourth quarter valued at approximately $25,000. Creative Financial Designs Inc. ADV raised its position in Magnite by 70.0% during the first quarter. Creative Financial Designs Inc. ADV now owns 850 shares of the company’s stock valued at $35,000 after purchasing an additional 350 shares during the period. Finally, AdvisorNet Financial Inc purchased a new stake in Magnite during the fourth quarter valued at approximately $31,000. Institutional investors own 66.00% of the company’s stock.

In other Magnite news, insider Adam Lee Soroca sold 26,235 shares of the company’s stock in a transaction on Monday, May 17th. The stock was sold at an average price of $25.98, for a total transaction of $681,585.30. Following the completion of the sale, the insider now owns 338,696 shares in the company, valued at $8,799,322.08. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Michael G. Barrett sold 105,138 shares of the company’s stock in a transaction on Monday, May 17th. The stock was sold at an average price of $25.98, for a total value of $2,731,485.24. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 504,267 shares of company stock valued at $17,113,884. 4.10% of the stock is owned by company insiders.

Shares of NASDAQ:MGNI opened at $32.54 on Friday. Magnite, Inc. has a 52-week low of $5.57 and a 52-week high of $64.39. The company has a market capitalization of $4.19 billion, a PE ratio of -62.58 and a beta of 2.38. The business has a 50 day moving average price of $34.05. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.98 and a current ratio of 1.98.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings data on Monday, May 10th. The company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.08. The company had revenue of $60.70 million for the quarter, compared to analysts’ expectations of $60.22 million. Magnite had a negative return on equity of 1.56% and a negative net margin of 23.02%. Magnite’s revenue was up 67.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.06 earnings per share. As a group, sell-side analysts anticipate that Magnite, Inc. will post 0.05 EPS for the current fiscal year.

A number of equities research analysts have issued reports on the company. Evercore ISI began coverage on Magnite in a research report on Monday, April 5th. They set an “in-line” rating and a $44.00 price objective on the stock. Truist Securities raised Magnite from a “hold” rating to a “buy” rating and set a $37.00 target price on the stock in a research note on Monday. Zacks Investment Research cut Magnite from a “buy” rating to a “hold” rating in a research note on Friday, March 26th. Susquehanna Bancshares cut their target price on Magnite from $80.00 to $46.00 and set a “positive” rating on the stock in a research note on Tuesday, May 11th. Finally, Craig Hallum cut their target price on Magnite from $72.00 to $60.00 in a research note on Tuesday, May 11th. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $42.00.

Magnite Company Profile

Magnite, Inc operates an independent sell-side advertising platform in the United States and internationally. The company's advertising platform enables publishers to monetize various screens and formats, including CTV, desktop display, video, audio, and mobile, as well as allows agencies and brands to access brand-safe ad inventory and execute advertising transactions.

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Institutional Ownership by Quarter for Magnite (NASDAQ:MGNI)

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