Thrivent Financial for Lutherans Sells 41,546 Shares of Magnite, Inc. (NASDAQ:MGNI)

Thrivent Financial for Lutherans trimmed its holdings in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 28.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 102,931 shares of the company's stock after selling 41,546 shares during the quarter. Thrivent Financial for Lutherans owned about 0.07% of Magnite worth $1,639,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the business. Intech Investment Management LLC purchased a new stake in shares of Magnite during the 3rd quarter valued at $649,000. Charles Schwab Investment Management Inc. increased its stake in Magnite by 2.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,033,104 shares of the company's stock valued at $14,308,000 after acquiring an additional 26,656 shares during the last quarter. Bank of Montreal Can bought a new position in Magnite in the third quarter valued at $1,899,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Magnite by 8.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,449 shares of the company's stock valued at $408,000 after purchasing an additional 2,298 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Magnite by 3.3% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 343,961 shares of the company's stock worth $4,764,000 after purchasing an additional 10,994 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Magnite news, insider Adam Lee Soroca sold 15,499 shares of the stock in a transaction on Monday, March 3rd. The stock was 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 in the company, valued at approximately $7,219,579.50. This represents a 3.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Brian Gephart sold 6,250 shares of the business's stock in a transaction on 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 owns 132,909 shares in the company, valued at approximately $2,126,544. This trade represents a 4.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 258,250 shares of company stock valued at $4,945,720 over the last three months. Corporate insiders own 4.30% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MGNI. Benchmark reiterated a "buy" rating and set a $25.00 price objective on shares of Magnite in a research report on Monday, March 10th. Susquehanna increased their target price on shares of Magnite from $16.00 to $22.00 and gave the company a "positive" rating in a report on Thursday, February 27th. Wells Fargo & Company increased their target price on shares of Magnite from $13.00 to $15.00 and gave the company an "equal weight" rating in a report on Thursday, January 16th. Needham & Company LLC reissued a "buy" rating and issued a $20.00 price target on shares of Magnite in a research note on Wednesday. Finally, Scotiabank began coverage on Magnite in a research note on Thursday, December 5th. They set a "sector outperform" rating and a $22.00 price objective on the stock. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $19.27.

Magnite Trading Down 15.7 %

NASDAQ MGNI traded down $1.81 on Thursday, hitting $9.70. The company's stock had a trading volume of 4,069,624 shares, compared to its average volume of 2,009,109. The firm has a market cap of $1.39 billion, a P/E ratio of 161.67, a PEG ratio of 1.00 and a beta of 2.69. Magnite, Inc. has a 52-week low of $8.38 and a 52-week high of $21.29. The company's 50-day simple moving average is $15.66 and its 200 day simple moving average is $15.11. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.14). Magnite had a net margin of 2.62% and a return on equity of 4.64%. The company had revenue of $180.20 million during the quarter, compared to the consensus estimate of $183.90 million. Research analysts predict that Magnite, Inc. will post 0.33 EPS for the current fiscal 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.