Assenagon Asset Management S.A. Boosts Stock Holdings in Magnite, Inc. (NASDAQ:MGNI)

Assenagon Asset Management S.A. lifted its position in Magnite, Inc. (NASDAQ:MGNI) by 187.7% during the 3rd quarter, HoldingsChannel reports. The firm owned 409,340 shares of the company’s stock after acquiring an additional 267,057 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Magnite were worth $5,669,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in MGNI. Vanguard Group Inc. increased its holdings in shares of Magnite by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 12,651,675 shares of the company’s stock worth $118,167,000 after buying an additional 209,771 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in Magnite in the first quarter worth about $340,000. Capstone Investment Advisors LLC grew its position in Magnite by 20.9% in the first quarter. Capstone Investment Advisors LLC now owns 51,221 shares of the company’s stock worth $551,000 after acquiring an additional 8,872 shares in the last quarter. Iridian Asset Management LLC CT bought a new stake in Magnite during the first quarter worth approximately $198,000. Finally, Empowered Funds LLC raised its position in Magnite by 9.1% during the first quarter. Empowered Funds LLC now owns 42,761 shares of the company’s stock valued at $460,000 after purchasing an additional 3,560 shares during the period. Institutional investors own 73.40% of the company’s stock.

Analyst Ratings Changes

MGNI has been the topic of several analyst reports. Wells Fargo & Company assumed coverage on Magnite in a research report on Monday. They set an “equal weight” rating and a $13.00 target price on the stock. Royal Bank of Canada reiterated an “outperform” rating and set a $19.00 price objective on shares of Magnite in a research report on Friday, September 27th. Needham & Company LLC restated a “buy” rating and issued a $15.00 target price on shares of Magnite in a report on Wednesday, October 2nd. Craig Hallum reaffirmed a “buy” rating and set a $20.00 price target on shares of Magnite in a research note on Wednesday, August 21st. Finally, Bank of America increased their price objective on shares of Magnite from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $16.86.

Insider Activity at Magnite

In other Magnite news, CEO Michael G. Barrett sold 75,000 shares of the 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 transaction, the chief executive officer now directly owns 944,552 shares in the company, valued at $11,929,691.76. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CRO Sean Patrick Buckley sold 2,623 shares of Magnite stock in a transaction on Monday, August 19th. The stock was sold at an average price of $12.53, for a total value of $32,866.19. Following the transaction, the executive now directly owns 331,742 shares in the company, valued at approximately $4,156,727.26. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Michael G. Barrett sold 75,000 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $12.63, for a total value of $947,250.00. Following the sale, the chief executive officer now owns 944,552 shares of the company’s stock, valued at $11,929,691.76. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 95,533 shares of company stock worth $1,206,203 over the last three months. 4.30% of the stock is owned by corporate insiders.

Magnite Stock Performance

Shares of NASDAQ:MGNI opened at $12.52 on Wednesday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.10 and a current ratio of 1.10. The firm has a market cap of $1.77 billion, a PE ratio of -19.56, a price-to-earnings-growth ratio of 1.09 and a beta of 2.41. The firm’s 50 day simple moving average is $12.95 and its 200-day simple moving average is $12.49. Magnite, Inc. has a one year low of $6.41 and a one year high of $15.92.

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

Magnite 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.