Griffin Asset Management Inc. Reduces Stock Position in Magnite, Inc. (NASDAQ:MGNI)

Griffin Asset Management Inc. reduced its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 10.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 73,710 shares of the company’s stock after selling 8,655 shares during the quarter. Griffin Asset Management Inc. owned 0.05% of Magnite worth $792,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of MGNI. Cape Investment Advisory Inc. acquired a new position in Magnite in the fourth quarter worth about $25,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Magnite during the fourth quarter worth $99,000. Legato Capital Management LLC acquired a new position in shares of Magnite in the 4th quarter valued at about $103,000. HCR Wealth Advisors bought a new stake in shares of Magnite during the 4th quarter valued at about $121,000. Finally, Twin Focus Capital Partners LLC acquired a new position in Magnite in the fourth quarter valued at approximately $143,000. Institutional investors own 73.40% of the company’s stock.

Insider Activity

In related news, insider Adam Lee Soroca sold 10,597 shares of the business’s stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $12.30, for a total value of $130,343.10. Following the sale, the insider now directly owns 450,655 shares in the company, valued at approximately $5,543,056.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CRO Sean Patrick Buckley sold 2,682 shares of the company’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $12.50, for a total transaction of $33,525.00. Following the completion of the sale, the executive now directly owns 404,875 shares of the company’s stock, valued at $5,060,937.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Adam Lee Soroca sold 10,597 shares of Magnite stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $12.30, for a total value of $130,343.10. Following the completion of the transaction, the insider now directly owns 450,655 shares in the company, valued at approximately $5,543,056.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 99,629 shares of company stock worth $1,323,232. Corporate insiders own 4.30% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on MGNI. Susquehanna reissued a “positive” rating and set a $14.00 price target on shares of Magnite in a report on Thursday, May 16th. B. Riley began coverage on shares of Magnite in a research note on Friday, April 19th. They set a “buy” rating and a $14.50 target price for the company. Craig Hallum raised their price target on shares of Magnite from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, May 16th. Benchmark reiterated a “buy” rating and set a $18.00 price objective on shares of Magnite in a research report on Monday, June 17th. Finally, Needham & Company LLC restated a “buy” rating and issued a $15.00 target price on shares of Magnite in a research report on Thursday, May 16th. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $15.65.

Magnite Stock Up 3.2 %

Shares of NASDAQ MGNI opened at $13.29 on Friday. Magnite, Inc. has a 1 year low of $6.28 and a 1 year high of $15.73. The stock has a fifty day moving average price of $11.46 and a two-hundred day moving average price of $10.38. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.79.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings data on Wednesday, May 8th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.05. The business had revenue of $130.55 million during the quarter, compared to analyst estimates of $123.77 million. Magnite had a positive return on equity of 3.23% and a negative net margin of 12.24%. As a group, equities analysts forecast that Magnite, Inc. will post 0.38 earnings per share for the current fiscal year.

Magnite Company 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.