ProShare Advisors LLC Lowers Stock Holdings in Magnite, Inc. (NASDAQ:MGNI)

ProShare Advisors LLC lowered its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 25.4% in the 2nd quarter, Holdings Channel.com reports. The fund owned 18,135 shares of the company’s stock after selling 6,190 shares during the period. ProShare Advisors LLC’s holdings in Magnite were worth $241,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of MGNI. Vanguard Group Inc. grew its position in shares of Magnite by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 12,818,197 shares of the company’s stock valued at $137,796,000 after purchasing an additional 166,522 shares in the last quarter. Wellington Management Group LLP increased its stake in Magnite by 1.8% in the 4th quarter. Wellington Management Group LLP now owns 2,939,541 shares of the company’s stock worth $27,455,000 after acquiring an additional 52,129 shares during the last quarter. Burgundy Asset Management Ltd. raised its holdings in shares of Magnite by 1.1% in the 1st quarter. Burgundy Asset Management Ltd. now owns 2,457,031 shares of the company’s stock valued at $26,413,000 after acquiring an additional 25,921 shares in the last quarter. Norges Bank bought a new stake in shares of Magnite during the 4th quarter valued at about $8,164,000. Finally, Silvercrest Asset Management Group LLC grew its holdings in shares of Magnite by 4.4% during the first quarter. Silvercrest Asset Management Group LLC now owns 853,595 shares of the company’s stock worth $9,176,000 after purchasing an additional 36,298 shares in the last quarter. Institutional investors own 73.40% of the company’s stock.

Analyst Ratings Changes

MGNI has been the topic of a number of recent analyst reports. Craig Hallum reaffirmed a “buy” rating and issued a $20.00 target price on shares of Magnite in a research note on Wednesday, August 21st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $19.00 price objective on shares of Magnite in a report on Friday, September 27th. Needham & Company LLC reissued a “buy” rating and issued a $15.00 target price on shares of Magnite in a research note on Wednesday. Benchmark reaffirmed a “buy” rating and set a $21.00 price target on shares of Magnite in a research note on Wednesday. Finally, Lake Street Capital assumed coverage on Magnite in a research report on Thursday, July 25th. They set a “buy” rating and a $21.00 price objective on the stock. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $17.25.

Magnite Stock Performance

Shares of MGNI stock opened at $12.30 on Friday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.10 and a current ratio of 1.10. Magnite, Inc. has a fifty-two week low of $6.28 and a fifty-two week high of $15.92. The company has a market capitalization of $1.72 billion, a P/E ratio of -19.22, a PEG ratio of 1.19 and a beta of 2.41. The stock has a 50 day moving average price of $13.25 and a two-hundred day moving average price of $12.21.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.01). Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The firm had revenue of $162.88 million for the quarter, compared to analysts’ expectations of $144.04 million. During the same period in the previous year, the company earned ($0.04) EPS. The company’s quarterly revenue was up 6.8% on a year-over-year basis. Analysts expect that Magnite, Inc. will post 0.31 earnings per share for the current year.

Insider Activity at Magnite

In other Magnite news, CFO David Day sold 19,077 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $15.00, for a total value of $286,155.00. Following the completion of the sale, the chief financial officer now owns 430,755 shares in the company, valued at approximately $6,461,325. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CRO Sean Patrick Buckley sold 2,623 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $12.53, for a total value of $32,866.19. Following the completion of the transaction, the executive now directly owns 331,742 shares of the company’s stock, valued at $4,156,727.26. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO David Day sold 19,077 shares of Magnite stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $15.00, for a total value of $286,155.00. Following the sale, the chief financial officer now directly owns 430,755 shares in the company, valued at approximately $6,461,325. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 250,383 shares of company stock worth $3,519,150 in the last 90 days. Company insiders own 4.30% of the company’s stock.

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.