Magnite, Inc. (NASDAQ:MGNI) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans reduced its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 28.8% in the 4th quarter, according to its most recent 13F filing with the Securities and 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 approximately 0.07% of Magnite worth $1,639,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MGNI. SBI Securities Co. Ltd. acquired a new position in Magnite in the 4th quarter valued at about $25,000. Larson Financial Group LLC grew its holdings in shares of Magnite by 179.2% during the fourth quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock worth $58,000 after buying an additional 2,341 shares in the last quarter. Quarry LP raised its position in shares of Magnite by 446.8% in the third quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after buying an additional 4,508 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in shares of Magnite by 20.6% during the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock valued at $93,000 after buying an additional 1,000 shares during the period. Finally, KBC Group NV boosted its position in Magnite by 66.5% during the fourth quarter. KBC Group NV now owns 5,943 shares of the company’s stock worth $95,000 after acquiring an additional 2,374 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Insider Activity

In other Magnite news, insider Adam Lee Soroca sold 15,499 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $15.75, for a total value of $244,109.25. Following the transaction, the insider now owns 458,386 shares in the company, valued at $7,219,579.50. The trade was a 3.27 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Sean Patrick Buckley sold 18,693 shares of the firm’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $20.00, for a total value of $373,860.00. Following the sale, the insider now owns 408,529 shares of the company’s stock, valued at $8,170,580. This represents a 4.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 258,250 shares of company stock worth $4,945,720. 4.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

MGNI has been the subject of several analyst reports. Royal Bank of Canada boosted their price target on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Wells Fargo & Company upped their target price on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note 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 Thursday, February 27th. Benchmark reaffirmed a “buy” rating and set a $25.00 price objective on shares of Magnite in a research note on Monday, March 10th. Finally, Susquehanna increased their price objective on shares of Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a report on Thursday, February 27th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $19.27.

Magnite Price Performance

MGNI opened at $11.60 on Monday. Magnite, Inc. has a 52-week low of $8.38 and a 52-week high of $21.29. The company has a 50 day moving average of $16.08 and a two-hundred day moving average of $15.21. The company has a market cap of $1.66 billion, a P/E ratio of 193.33, a P/E/G ratio of 1.00 and a beta of 2.79. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76.

Magnite (NASDAQ:MGNI) last posted its 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 business had revenue of $180.20 million for the quarter, compared to analyst estimates of $183.90 million. On average, analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current 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.