Griffin Asset Management Inc. Sells 8,655 Shares of Magnite, Inc. (NASDAQ:MGNI)

Griffin Asset Management Inc. trimmed its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 10.5% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 73,710 shares of the company’s stock after selling 8,655 shares during the quarter. Griffin Asset Management Inc.’s holdings in Magnite were worth $792,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. NBC Securities Inc. increased its stake in shares of Magnite by 4.2% in the 4th quarter. NBC Securities Inc. now owns 27,485 shares of the company’s stock valued at $256,000 after buying an additional 1,108 shares during the period. Fulton Bank N.A. raised its position in shares of Magnite by 8.1% during the 1st quarter. Fulton Bank N.A. now owns 22,003 shares of the company’s stock valued at $237,000 after acquiring an additional 1,653 shares during the last quarter. Advisory Services Network LLC lifted its stake in shares of Magnite by 1.9% in the 4th quarter. Advisory Services Network LLC now owns 127,106 shares of the company’s stock valued at $1,187,000 after purchasing an additional 2,377 shares during the period. Cape Investment Advisory Inc. acquired a new stake in shares of Magnite during the fourth quarter worth $25,000. Finally, Valeo Financial Advisors LLC lifted its stake in Magnite by 22.5% in the fourth quarter. Valeo Financial Advisors LLC now owns 18,192 shares of the company’s stock valued at $170,000 after buying an additional 3,340 shares during the period. Institutional investors and hedge funds own 73.40% of the company’s stock.

Insiders Place Their Bets

In other news, insider Aaron Saltz sold 4,778 shares of the stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $13.65, for a total value of $65,219.70. Following the completion of the sale, the insider now owns 317,010 shares of the company’s stock, valued at approximately $4,327,186.50. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Aaron Saltz sold 4,778 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $13.65, for a total value of $65,219.70. Following the sale, the insider now directly owns 317,010 shares of the company’s stock, valued at approximately $4,327,186.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CRO Sean Patrick Buckley sold 2,682 shares of the firm’s stock in a transaction dated Friday, May 24th. The shares were 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 owns 404,875 shares of the company’s stock, valued at $5,060,937.50. The disclosure for this sale can be found here. Insiders have sold 99,629 shares of company stock valued at $1,323,232 in the last 90 days. 4.30% of the stock is currently owned by insiders.

Magnite Stock Performance

Magnite stock opened at $13.29 on Friday. 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, Inc. has a 1-year low of $6.28 and a 1-year high of $15.73. The company has a fifty day simple moving average of $11.46 and a 200 day simple moving average of $10.38.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, May 8th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.05. The company had revenue of $130.55 million during the quarter, compared to the consensus estimate of $123.77 million. Magnite had a negative net margin of 12.24% and a positive return on equity of 3.23%. Sell-side analysts expect that Magnite, Inc. will post 0.38 EPS for the current fiscal year.

Wall Street Analyst Weigh In

MGNI has been the topic of a number of analyst reports. B. Riley began coverage on shares of Magnite in a research report on Friday, April 19th. They issued a “buy” rating and a $14.50 price target on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $15.00 target price on shares of Magnite in a report on Thursday, May 16th. Craig Hallum boosted their price target on shares of Magnite from $18.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, May 16th. Royal Bank of Canada lifted their target price on Magnite from $17.00 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, June 5th. Finally, Benchmark reaffirmed a “buy” rating and set a $18.00 price target on shares of Magnite in a research report on Monday, June 17th. Ten research analysts have rated the stock with a buy rating, According to MarketBeat.com, Magnite presently has a consensus rating of “Buy” and a consensus target price of $15.65.

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.