Nomura Asset Management Co. Ltd. Increases Stock Position in Magnite, Inc. (NASDAQ:MGNI)

Nomura Asset Management Co. Ltd. lifted its stake in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 8.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,873,835 shares of the company's stock after purchasing an additional 146,974 shares during the quarter. Nomura Asset Management Co. Ltd. owned about 1.33% of Magnite worth $29,831,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Arizona State Retirement System lifted its stake in shares of Magnite by 1.5% in the fourth quarter. Arizona State Retirement System now owns 36,846 shares of the company's stock worth $587,000 after buying an additional 559 shares in the last quarter. Truist Financial Corp lifted its position in Magnite by 2.0% in the 4th quarter. Truist Financial Corp now owns 34,242 shares of the company's stock valued at $545,000 after acquiring an additional 674 shares in the last quarter. ANTIPODES PARTNERS Ltd lifted its position in Magnite by 13.4% in the 4th quarter. ANTIPODES PARTNERS Ltd now owns 8,072 shares of the company's stock valued at $129,000 after acquiring an additional 956 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in Magnite by 20.6% during the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company's stock valued at $93,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Mount Yale Investment Advisors LLC increased its holdings in shares of Magnite by 4.7% in the 4th quarter. Mount Yale Investment Advisors LLC now owns 25,377 shares of the company's stock worth $404,000 after purchasing an additional 1,148 shares in the last quarter. Hedge funds and other institutional investors own 73.40% of the company's stock.

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Wall Street Analysts Forecast Growth

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

Magnite Stock Performance

Magnite stock traded down $1.63 during trading on Thursday, reaching $9.88. The company had a trading volume of 1,332,370 shares, compared to its average volume of 1,996,496. The firm has a market capitalization of $1.41 billion, a price-to-earnings ratio of 164.67, a price-to-earnings-growth ratio of 1.00 and a beta of 2.79. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The firm's 50-day simple moving average is $15.81 and its 200 day simple moving average is $15.15. Magnite, Inc. has a 52 week low of $8.38 and a 52 week high of $21.29.

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

Insider Buying and Selling at Magnite

In other news, CFO David Day sold 13,345 shares of the business's stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $17.00, for a total value of $226,865.00. Following the transaction, the chief financial officer now directly owns 374,014 shares in the company, valued at $6,358,238. The trade was a 3.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Brian Gephart sold 6,250 shares of the company's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $16.00, for a total value of $100,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 132,909 shares of the company's stock, 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 have sold 258,250 shares of company stock valued at $4,945,720 over the last 90 days. 4.30% of the stock is currently owned by corporate insiders.

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.