Victory Capital Management Inc. Cuts Position in Magnite, Inc. (NASDAQ:MGNI)

Victory Capital Management Inc. reduced its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 11.9% in the fourth quarter, HoldingsChannel reports. The firm owned 1,181,278 shares of the company’s stock after selling 159,427 shares during the period. Victory Capital Management Inc.’s holdings in Magnite were worth $18,806,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. bought a new position in Magnite in the fourth quarter worth about $25,000. Quarry LP grew its position in shares of Magnite by 446.8% in the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after buying an additional 4,508 shares during the last quarter. Jones Financial Companies Lllp raised its stake in shares of Magnite by 20.6% during the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock worth $93,000 after acquiring an additional 1,000 shares in the last quarter. KBC Group NV lifted its position in Magnite by 66.5% during the fourth quarter. KBC Group NV now owns 5,943 shares of the company’s stock valued at $95,000 after acquiring an additional 2,374 shares during the last quarter. Finally, Parkside Financial Bank & Trust boosted its stake in Magnite by 42.9% in the fourth quarter. Parkside Financial Bank & Trust now owns 9,886 shares of the company’s stock valued at $157,000 after acquiring an additional 2,968 shares in the last quarter. Institutional investors own 73.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Wolfe Research upped their price target on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Benchmark reaffirmed a “buy” rating and set a $25.00 target price on shares of Magnite in a research report on Monday. Susquehanna raised their price target on Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a report on Thursday, February 27th. Scotiabank began coverage on Magnite in a research note on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price target on the stock. Finally, Wells Fargo & Company increased their price objective on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $19.27.

Magnite Stock Up 1.0 %

MGNI stock opened at $12.42 on Wednesday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The firm’s fifty day simple moving average is $16.92 and its 200-day simple moving average is $15.26. Magnite, Inc. has a 12 month low of $8.38 and a 12 month high of $21.29. The company has a market capitalization of $1.78 billion, a P/E ratio of 207.00, a price-to-earnings-growth ratio of 1.00 and a beta of 2.79.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.14). The business had revenue of $180.20 million during the quarter, compared to analysts’ expectations of $183.90 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. As a group, equities research analysts forecast that Magnite, Inc. will post 0.33 earnings per share for the current year.

Insider Buying and Selling

In other news, CAO Brian Gephart sold 6,250 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $16.00, for a total transaction of $100,000.00. Following the sale, the chief accounting officer now directly owns 132,909 shares of the company’s stock, valued at $2,126,544. This represents a 4.49 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Adam Lee Soroca sold 15,499 shares of Magnite stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $15.75, for a total value of $244,109.25. Following the completion of the transaction, the insider now owns 458,386 shares of the company’s stock, valued at approximately $7,219,579.50. This represents a 3.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 271,863 shares of company stock valued at $5,169,262 over the last ninety days. Company insiders own 4.30% of the company’s stock.

About Magnite

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.