Magnite, Inc. (NASDAQ:MGNI) Shares Sold by Verdence Capital Advisors LLC

Verdence Capital Advisors LLC reduced its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 23.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 13,199 shares of the company’s stock after selling 4,134 shares during the quarter. Verdence Capital Advisors LLC’s holdings in Magnite were worth $123,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Guinness Atkinson Asset Management Inc increased its stake in Magnite by 59.1% in the third quarter. Guinness Atkinson Asset Management Inc now owns 4,824 shares of the company’s stock valued at $36,000 after purchasing an additional 1,792 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Magnite by 17.0% during the third quarter. Principal Financial Group Inc. now owns 17,424 shares of the company’s stock worth $131,000 after purchasing an additional 2,526 shares in the last quarter. Valeo Financial Advisors LLC lifted its holdings in shares of Magnite by 22.5% in the 4th quarter. Valeo Financial Advisors LLC now owns 18,192 shares of the company’s stock valued at $170,000 after purchasing an additional 3,340 shares during the last quarter. HighTower Advisors LLC boosted its position in shares of Magnite by 4.0% in the 3rd quarter. HighTower Advisors LLC now owns 106,414 shares of the company’s stock valued at $795,000 after purchasing an additional 4,140 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Magnite by 21.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,835 shares of the company’s stock worth $187,000 after buying an additional 4,413 shares during the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Magnite Stock Performance

Shares of MGNI opened at $8.84 on Wednesday. The stock’s 50 day moving average is $10.30 and its two-hundred day moving average is $9.06. Magnite, Inc. has a twelve month low of $6.28 and a twelve month high of $15.73. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.76.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, February 28th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.13. The firm had revenue of $165.28 million for the quarter, compared to the consensus estimate of $160.24 million. Magnite had a positive return on equity of 2.52% and a negative net margin of 25.69%. On average, equities analysts expect that Magnite, Inc. will post 0.47 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on MGNI. Benchmark reiterated a “buy” rating and issued a $18.00 price objective on shares of Magnite in a research note on Monday, March 25th. Royal Bank of Canada reiterated an “outperform” rating and set a $15.00 price target on shares of Magnite in a research note on Thursday, March 7th. Bank of America lifted their price objective on shares of Magnite from $11.00 to $13.00 and gave the company a “neutral” rating in a research note on Thursday, February 29th. B. Riley assumed coverage on shares of Magnite in a research note on Friday, April 19th. They set a “buy” rating and a $14.50 target price for the company. Finally, Needham & Company LLC restated a “buy” rating and issued a $15.00 price target on shares of Magnite in a research report on Thursday, March 21st. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.39.

Insider Activity at Magnite

In other Magnite news, CEO Michael G. Barrett sold 75,000 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $11.21, for a total transaction of $840,750.00. Following the transaction, the chief executive officer now directly owns 1,234,662 shares in the company, valued at $13,840,561.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 4.30% of the company’s stock.

Magnite Company 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.