Allspring Global Investments Holdings LLC Has $403,000 Stock Position in Magnite, Inc. (NASDAQ:MGNI)

Allspring Global Investments Holdings LLC reduced its holdings in Magnite, Inc. (NASDAQ:MGNI) by 6.9% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 29,117 shares of the company’s stock after selling 2,158 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Magnite were worth $403,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. New Century Financial Group LLC acquired a new position in Magnite in the 2nd quarter valued at approximately $640,000. Commonwealth Equity Services LLC increased its position in shares of Magnite by 668.3% during the second quarter. Commonwealth Equity Services LLC now owns 81,573 shares of the company’s stock worth $1,084,000 after buying an additional 70,956 shares during the period. Tidal Investments LLC increased its position in shares of Magnite by 212.8% during the first quarter. Tidal Investments LLC now owns 69,388 shares of the company’s stock worth $746,000 after buying an additional 47,205 shares during the period. Baader Bank Aktiengesellschaft acquired a new stake in shares of Magnite during the second quarter worth $671,000. Finally, Lisanti Capital Growth LLC acquired a new stake in shares of Magnite during the first quarter worth $3,063,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Magnite

In related news, CRO Sean Patrick Buckley sold 2,623 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $12.53, for a total transaction of $32,866.19. Following the transaction, the executive now directly owns 331,742 shares of the company’s stock, valued at $4,156,727.26. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Michael G. Barrett sold 75,000 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $12.63, for a total transaction of $947,250.00. Following the completion of the sale, the chief executive officer now owns 944,552 shares in the company, valued at approximately $11,929,691.76. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CRO Sean Patrick Buckley sold 2,623 shares of the firm’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $12.53, for a total transaction of $32,866.19. Following the sale, the executive now owns 331,742 shares of the company’s stock, valued at $4,156,727.26. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 95,533 shares of company stock valued at $1,206,203 over the last ninety days. Corporate insiders own 4.30% of the company’s stock.

Magnite Stock Down 0.6 %

MGNI opened at $12.41 on Friday. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.10 and a quick ratio of 1.10. The company’s 50-day moving average is $12.88 and its 200 day moving average is $12.54. Magnite, Inc. has a fifty-two week low of $6.55 and a fifty-two week high of $15.92. The firm has a market capitalization of $1.75 billion, a P/E ratio of -112.82, a PEG ratio of 1.09 and a beta of 2.43.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The firm had revenue of $162.88 million for the quarter, compared to the consensus estimate of $144.04 million. During the same period in the previous year, the business earned ($0.04) earnings per share. The firm’s revenue for the quarter was up 6.8% on a year-over-year basis. Research analysts expect that Magnite, Inc. will post 0.31 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on MGNI shares. Lake Street Capital started coverage on shares of Magnite in a research report on Thursday, July 25th. They set a “buy” rating and a $21.00 price objective for the company. Wells Fargo & Company started coverage on shares of Magnite in a research note on Monday, October 28th. They set an “equal weight” rating and a $13.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and set a $15.00 target price on shares of Magnite in a research note on Wednesday, October 2nd. Craig Hallum reissued a “buy” rating and set a $20.00 target price on shares of Magnite in a research note on Wednesday, August 21st. Finally, Benchmark reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Magnite in a research note on Wednesday, October 2nd. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Magnite has a consensus rating of “Moderate Buy” and a consensus price target of $16.86.

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.