Nomura Asset Management Co. Ltd. Sells 717,065 Shares of Magnite, Inc. $MGNI

Nomura Asset Management Co. Ltd. lessened its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 53.5% during the 4th quarter, HoldingsChannel reports. The firm owned 622,700 shares of the company’s stock after selling 717,065 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in Magnite were worth $10,106,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Neo Ivy Capital Management bought a new position in shares of Magnite during the 3rd quarter valued at about $27,000. US Bancorp DE lifted its holdings in shares of Magnite by 75.8% during the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after purchasing an additional 688 shares in the last quarter. State of Wyoming bought a new position in shares of Magnite during the 3rd quarter valued at about $39,000. Strategic Advocates LLC bought a new position in shares of Magnite during the 3rd quarter valued at about $42,000. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Magnite by 45.1% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock valued at $53,000 after purchasing an additional 755 shares in the last quarter. Institutional investors own 73.40% of the company’s stock.

Analyst Ratings Changes

MGNI has been the topic of several recent analyst reports. Rosenblatt Securities reiterated a “buy” rating and set a $39.00 price objective on shares of Magnite in a report on Thursday, February 26th. Royal Bank Of Canada reiterated an “outperform” rating on shares of Magnite in a report on Thursday, May 28th. Scotiabank lifted their price objective on Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a report on Thursday, May 7th. Needham & Company LLC restated a “buy” rating and issued a $25.00 target price on shares of Magnite in a research note on Thursday, April 16th. Finally, Wells Fargo & Company boosted their target price on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Friday, May 8th. Seven equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $24.38.

Insider Activity at Magnite

In other news, Director Robert F. Spillane sold 10,000 shares of the stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $13.33, for a total value of $133,300.00. Following the completion of the sale, the director owned 43,917 shares of the company’s stock, valued at approximately $585,413.61. This represents a 18.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 4.30% of the company’s stock.

Magnite Trading Down 3.4%

NASDAQ MGNI opened at $14.85 on Wednesday. The stock has a market capitalization of $2.13 billion, a price-to-earnings ratio of 14.28, a PEG ratio of 0.73 and a beta of 2.32. The stock’s 50 day moving average price is $12.90 and its two-hundred day moving average price is $13.78. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02. Magnite, Inc. has a 52 week low of $10.82 and a 52 week high of $26.65.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.11 by $0.02. The firm had revenue of $164.37 million for the quarter, compared to analysts’ expectations of $159.24 million. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The business’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.12 EPS. As a group, analysts anticipate that Magnite, Inc. will post 0.6 earnings per share for the current fiscal year.

About Magnite

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).