Griffin Asset Management Inc. Lowers Stock Position in Magnite, Inc. $MGNI

Griffin Asset Management Inc. lessened its holdings in Magnite, Inc. (NASDAQ:MGNI) by 35.2% during the second quarter, Holdings Channel.com reports. The firm owned 19,935 shares of the company’s stock after selling 10,820 shares during the quarter. Griffin Asset Management Inc.’s holdings in Magnite were worth $481,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. MCF Advisors LLC boosted its holdings in Magnite by 2,100.0% in the 1st quarter. MCF Advisors LLC now owns 2,200 shares of the company’s stock valued at $25,000 after purchasing an additional 2,100 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Magnite by 74.9% during the 1st quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company’s stock worth $33,000 after acquiring an additional 1,203 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Magnite by 355.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,517 shares of the company’s stock worth $37,000 after acquiring an additional 1,184 shares in the last quarter. AllSquare Wealth Management LLC boosted its stake in shares of Magnite by 76.8% during the 1st quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company’s stock worth $41,000 after acquiring an additional 1,555 shares in the last quarter. Finally, CWM LLC boosted its stake in shares of Magnite by 133.6% during the 2nd quarter. CWM LLC now owns 1,775 shares of the company’s stock worth $43,000 after acquiring an additional 1,015 shares in the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Magnite Trading Down 5.7%

Shares of Magnite stock opened at $17.50 on Monday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.00 and a quick ratio of 1.00. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $26.65. The company has a market capitalization of $2.49 billion, a P/E ratio of 60.35, a P/E/G ratio of 1.20 and a beta of 3.02. The business has a 50 day moving average price of $23.01 and a 200 day moving average price of $19.00.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.03. Magnite had a return on equity of 8.07% and a net margin of 6.30%.The firm had revenue of $162.00 million during the quarter, compared to the consensus estimate of $157.05 million. During the same period in the previous year, the firm posted $0.14 EPS. The company’s quarterly revenue was up 6.4% compared to the same quarter last year. Sell-side analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently commented on MGNI shares. Weiss Ratings reissued a “hold (c)” rating on shares of Magnite in a research note on Wednesday, October 8th. Royal Bank Of Canada boosted their price target on Magnite from $19.00 to $27.00 and gave the stock an “outperform” rating in a research note on Thursday, July 31st. Scotiabank reissued an “outperform” rating and set a $30.00 price target (up previously from $22.00) on shares of Magnite in a research note on Thursday, August 7th. Rosenblatt Securities reissued a “buy” rating and set a $39.00 price target on shares of Magnite in a research note on Friday, September 26th. Finally, Wells Fargo & Company decreased their price target on Magnite from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Monday, October 6th. Ten investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.64.

Insider Activity

In other Magnite news, CAO Brian Gephart sold 27,671 shares of the business’s stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $24.71, for a total value of $683,750.41. Following the completion of the transaction, the chief accounting officer directly owned 92,898 shares in the company, valued at approximately $2,295,509.58. The trade was a 22.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Michael G. Barrett sold 70,900 shares of the business’s stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $23.27, for a total value of $1,649,843.00. Following the completion of the transaction, the chief executive officer owned 285,808 shares of the company’s stock, valued at $6,650,752.16. This trade represents a 19.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 394,175 shares of company stock worth $9,527,619. 4.30% of the stock is owned by corporate insiders.

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.