Assenagon Asset Management S.A. Boosts Stock Position in Magnite, Inc. (NASDAQ:MGNI)

Assenagon Asset Management S.A. boosted its holdings in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 187.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 409,340 shares of the company's stock after acquiring an additional 267,057 shares during the quarter. Assenagon Asset Management S.A. owned about 0.29% of Magnite worth $5,669,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MGNI. New Century Financial Group LLC acquired a new stake in shares of Magnite during the 2nd quarter worth about $640,000. Commonwealth Equity Services LLC lifted its holdings in shares of Magnite by 668.3% in the 2nd quarter. Commonwealth Equity Services LLC now owns 81,573 shares of the company's stock worth $1,084,000 after acquiring an additional 70,956 shares during the last quarter. Tidal Investments LLC boosted its position in shares of Magnite by 212.8% during the 1st quarter. Tidal Investments LLC now owns 69,388 shares of the company's stock worth $746,000 after purchasing an additional 47,205 shares during the period. Baader Bank Aktiengesellschaft acquired a new stake in Magnite in the 2nd quarter valued at approximately $671,000. Finally, Lisanti Capital Growth LLC purchased a new stake in Magnite in the first quarter valued at approximately $3,063,000. Hedge funds and other institutional investors own 73.40% of the company's stock.

Magnite Stock Performance

NASDAQ MGNI traded up $0.30 during trading hours on Wednesday, hitting $12.82. The company had a trading volume of 598,613 shares, compared to its average volume of 1,579,811. The business has a 50 day moving average of $12.95 and a 200-day moving average of $12.49. 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 1-year low of $6.46 and a 1-year high of $15.92. The company has a market cap of $1.81 billion, a PE ratio of -19.56, a price-to-earnings-growth ratio of 1.09 and a beta of 2.41.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.15 by ($0.01). The firm had revenue of $162.88 million during the quarter, compared to analyst estimates of $144.04 million. Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The firm's revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period last year, the company earned ($0.04) earnings per share. As a group, equities research analysts expect that Magnite, Inc. will post 0.31 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have issued reports on MGNI. Needham & Company LLC reiterated a "buy" rating and set a $15.00 price target on shares of Magnite in a research note on Wednesday, October 2nd. Royal Bank of Canada reiterated an "outperform" rating and issued a $19.00 price objective on shares of Magnite in a research note on Friday, September 27th. Lake Street Capital began coverage on Magnite in a report on Thursday, July 25th. They set a "buy" rating and a $21.00 price target on the stock. Craig Hallum reissued a "buy" rating and set a $20.00 price objective on shares of Magnite in a research report on Wednesday, August 21st. Finally, Benchmark reaffirmed a "buy" rating and issued a $21.00 target price on shares of Magnite in a report on Wednesday, October 2nd. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $16.86.

Insider Activity at Magnite

In related news, CEO Michael G. Barrett sold 75,000 shares of the company's stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $12.63, for a total value of $947,250.00. Following the completion of the sale, the chief executive officer now directly owns 944,552 shares of the company's stock, valued at $11,929,691.76. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Magnite news, CRO Sean Patrick Buckley sold 2,623 shares of the company's stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $12.53, for a total transaction of $32,866.19. Following the completion of the sale, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael G. Barrett sold 75,000 shares of the company's stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $12.63, for a total value of $947,250.00. Following the sale, the chief executive officer now directly owns 944,552 shares of the company's stock, valued at approximately $11,929,691.76. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 95,533 shares of company stock valued at $1,206,203 in the last three months. 4.30% of the stock is currently owned by company insiders.

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.