Citigroup Inc. Reduces Holdings in Magnite, Inc. (NASDAQ:MGNI)

Citigroup Inc. trimmed its stake in Magnite, Inc. (NASDAQ:MGNI – Get Rating) by 71.2% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 363,307 shares of the company’s stock after selling 896,875 shares during the period. Citigroup Inc.’s holdings in Magnite were worth $3,847,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Mercer Global Advisors Inc. ADV grew its position in shares of Magnite by 38.6% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 15,247 shares of the company’s stock valued at $161,000 after buying an additional 4,243 shares during the last quarter. UBS Group AG boosted its stake in Magnite by 219.3% during the 4th quarter. UBS Group AG now owns 80,732 shares of the company’s stock worth $855,000 after purchasing an additional 55,447 shares during the period. Swiss National Bank boosted its stake in Magnite by 3.0% during the 4th quarter. Swiss National Bank now owns 288,900 shares of the company’s stock worth $3,059,000 after purchasing an additional 8,500 shares during the period. Weil Company Inc. acquired a new stake in Magnite during the 4th quarter worth $213,000. Finally, Arizona State Retirement System boosted its stake in Magnite by 4.6% during the 4th quarter. Arizona State Retirement System now owns 33,760 shares of the company’s stock worth $358,000 after purchasing an additional 1,498 shares during the period. 77.37% of the stock is owned by hedge funds and other institutional investors.

Magnite Stock Performance

Shares of NASDAQ MGNI opened at $11.40 on Monday. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.96. Magnite, Inc. has a 52 week low of $5.59 and a 52 week high of $14.20. The firm has a 50-day moving average price of $9.39 and a 200 day moving average price of $10.31.

Magnite (NASDAQ:MGNI – Get Rating) last announced its quarterly earnings data on Wednesday, May 10th. The company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.32) by $0.22. Magnite had a negative net margin of 31.31% and a positive return on equity of 3.29%. The firm had revenue of $130.15 million during the quarter, compared to analysts’ expectations of $110.90 million. Research analysts predict that Magnite, Inc. will post -0.25 EPS for the current year.

Insider Activity at Magnite

In related news, CRO Sean Patrick Buckley sold 5,640 shares of the firm’s stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $10.88, for a total value of $61,363.20. Following the completion of the sale, the executive now owns 335,021 shares in the company, valued at $3,645,028.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CRO Sean Patrick Buckley sold 5,640 shares of the firm’s stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $10.88, for a total value of $61,363.20. Following the completion of the sale, the executive now owns 335,021 shares in the company, valued at $3,645,028.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Adam Lee Soroca sold 12,390 shares of the firm’s stock in a transaction dated Tuesday, May 16th. The shares were sold at an average price of $10.88, for a total transaction of $134,803.20. Following the completion of the sale, the insider now owns 432,277 shares of the company’s stock, valued at approximately $4,703,173.76. The disclosure for this sale can be found here. Insiders sold 69,021 shares of company stock worth $750,948 over the last 90 days. Company insiders own 3.40% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on MGNI shares. Susquehanna increased their price target on shares of Magnite from $13.00 to $15.00 and gave the stock a “positive” rating in a research note on Thursday, February 23rd. B. Riley started coverage on shares of Magnite in a research note on Wednesday, April 12th. They set a “buy” rating and a $15.00 price target for the company. Vertical Research cut shares of Magnite to a “neutral” rating in a research note on Tuesday, January 24th. Royal Bank of Canada increased their price target on shares of Magnite from $15.00 to $16.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 21st. Finally, Benchmark restated a “buy” rating and issued a $14.00 target price on shares of Magnite in a research note on Tuesday, February 21st. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $14.22.

Magnite Profile

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Magnite, Inc provides a technology solution to automate the purchase and sale of digital advertising inventory for buyers and sellers. It features applications and services for digital advertising sellers including websites, mobile applications, and other digital media properties. The company was founded by Frank Addante, Duc Chau, Craig Roah, Julie Mattern and Brian D.