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

Thrivent Financial for Lutherans decreased its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 28.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 102,931 shares of the company’s stock after selling 41,546 shares during the period. Thrivent Financial for Lutherans’ holdings in Magnite were worth $1,639,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of MGNI. Wellington Management Group LLP boosted its holdings in Magnite by 125.3% in the third quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock worth $91,128,000 after purchasing an additional 3,659,759 shares during the period. Nomura Asset Management Co. Ltd. acquired a new position in shares of Magnite in the 3rd quarter valued at about $23,917,000. Stephens Investment Management Group LLC boosted its holdings in shares of Magnite by 146.8% in the 4th quarter. Stephens Investment Management Group LLC now owns 996,644 shares of the company’s stock valued at $15,867,000 after buying an additional 592,853 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Magnite during the 4th quarter valued at about $8,685,000. Finally, First Eagle Investment Management LLC acquired a new stake in Magnite during the fourth quarter worth about $5,845,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Paul Caine sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $20.35, for a total value of $101,750.00. Following the sale, the director now directly owns 182,837 shares in the company, valued at $3,720,732.95. The trade was a 2.66 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Brian Gephart sold 6,250 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $16.00, for a total transaction of $100,000.00. Following the sale, the chief accounting officer now owns 132,909 shares of the company’s stock, valued at $2,126,544. The trade was a 4.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 258,250 shares of company stock worth $4,945,720 over the last 90 days. 4.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

MGNI has been the subject of several recent research reports. Wolfe Research upped their target price on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Royal Bank of Canada upped their price objective on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Wells Fargo & Company increased their target price on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. Susquehanna boosted their price target on shares of Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a report on Thursday, February 27th. Finally, Scotiabank initiated coverage on shares of Magnite in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, Magnite presently has an average rating of “Moderate Buy” and a consensus price target of $19.27.

Magnite Trading Down 5.7 %

Shares of NASDAQ:MGNI opened at $11.60 on Monday. The company has a 50 day moving average of $16.08 and a 200-day moving average of $15.21. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The firm 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. Magnite, Inc. has a twelve month low of $8.38 and a twelve month high of $21.29.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.14). Magnite had a return on equity of 4.64% and a net margin of 2.62%. The firm had revenue of $180.20 million during the quarter, compared to analyst estimates of $183.90 million. As a group, analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

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.