Nordea Investment Management AB Acquires 116,423 Shares of Magnite, Inc. $MGNI

Nordea Investment Management AB boosted its holdings in Magnite, Inc. (NASDAQ:MGNI) by 35.2% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 447,340 shares of the company’s stock after buying an additional 116,423 shares during the quarter. Nordea Investment Management AB owned approximately 0.31% of Magnite worth $9,694,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of MGNI. GAMMA Investing LLC lifted its holdings in shares of Magnite by 355.6% in the second quarter. GAMMA Investing LLC now owns 1,517 shares of the company’s stock worth $37,000 after acquiring an additional 1,184 shares during the last quarter. CWM LLC increased its position in Magnite by 133.6% during the 2nd quarter. CWM LLC now owns 1,775 shares of the company’s stock worth $43,000 after purchasing an additional 1,015 shares in the last quarter. USA Financial Formulas bought a new position in Magnite in the 3rd quarter valued at approximately $40,000. MTM Investment Management LLC bought a new position in Magnite in the 2nd quarter valued at approximately $58,000. Finally, Nisa Investment Advisors LLC boosted its position in Magnite by 66.0% in the second quarter. Nisa Investment Advisors LLC now owns 2,780 shares of the company’s stock valued at $67,000 after buying an additional 1,105 shares in the last quarter. Institutional investors own 73.40% of the company’s stock.

Magnite Stock Down 3.5%

Shares of MGNI opened at $14.38 on Friday. The company has a market capitalization of $2.07 billion, a PE ratio of 37.84, a PEG ratio of 0.81 and a beta of 2.35. Magnite, Inc. has a 12 month low of $8.22 and a 12 month high of $26.65. The stock’s 50-day moving average price is $15.40 and its two-hundred day moving average price is $19.77. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.43.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.20 earnings per share for the quarter, meeting the consensus estimate of $0.20. Magnite had a return on equity of 8.74% and a net margin of 8.25%.The company had revenue of $179.49 million during the quarter, compared to analysts’ expectations of $163.29 million. During the same quarter in the prior year, the firm posted $0.17 earnings per share. The business’s quarterly revenue was up 11.6% on a year-over-year basis. On average, analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current year.

Insider Activity

In other news, insider Sean Patrick Buckley sold 4,426 shares of the company’s stock in a transaction on Tuesday, November 18th. The shares were sold at an average price of $13.36, for a total value of $59,131.36. Following the sale, the insider directly owned 271,125 shares of the company’s stock, valued at approximately $3,622,230. This represents a 1.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Paul Caine sold 5,000 shares of the stock in a transaction on Friday, October 24th. The stock was sold at an average price of $20.00, for a total transaction of $100,000.00. Following the sale, the director owned 153,603 shares of the company’s stock, valued at approximately $3,072,060. This trade represents a 3.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 49,439 shares of company stock worth $763,671. 3.80% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have recently issued reports on MGNI. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a report on Wednesday, October 8th. Wall Street Zen cut Magnite from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Benchmark reiterated a “buy” rating on shares of Magnite in a research report on Monday. Wells Fargo & Company cut their price target on Magnite from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Friday, November 7th. Finally, Rosenblatt Securities restated a “buy” rating and set a $39.00 price target on shares of Magnite in a report on Thursday, November 6th. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $27.00.

Magnite Profile

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).