Ameriprise Financial Inc. Sells 172,636 Shares of Magnite, Inc. (NASDAQ:MGNI)

Ameriprise Financial Inc. trimmed its stake in Magnite, Inc. (NASDAQ:MGNI) by 20.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 666,600 shares of the company’s stock after selling 172,636 shares during the period. Ameriprise Financial Inc. owned 0.47% of Magnite worth $10,612,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Merit Financial Group LLC bought a new position in Magnite in the 4th quarter worth $586,000. Rice Hall James & Associates LLC purchased a new position in shares of Magnite in the fourth quarter valued at about $3,000,000. Jennison Associates LLC bought a new position in shares of Magnite in the fourth quarter worth about $818,000. JPMorgan Chase & Co. boosted its stake in shares of Magnite by 5.9% in the fourth quarter. JPMorgan Chase & Co. now owns 1,511,439 shares of the company’s stock worth $24,062,000 after acquiring an additional 84,497 shares during the period. Finally, Penbrook Management LLC grew its position in shares of Magnite by 60.8% during the fourth quarter. Penbrook Management LLC now owns 38,480 shares of the company’s stock worth $613,000 after purchasing an additional 14,550 shares in the last quarter. 73.40% of the stock is owned by institutional investors.

Insider Activity at Magnite

In related news, insider Adam Lee Soroca sold 11,366 shares of the firm’s stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $15.73, for a total transaction of $178,787.18. Following the completion of the sale, the insider now directly owns 437,117 shares of the company’s stock, valued at approximately $6,875,850.41. This trade represents a 2.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Sean Patrick Buckley sold 10,527 shares of the company’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $19.13, for a total value of $201,381.51. Following the completion of the transaction, the insider now directly owns 370,558 shares in the company, valued at $7,088,774.54. This trade represents a 2.76% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 59,668 shares of company stock worth $979,091. Insiders own 3.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on MGNI shares. Rosenblatt Securities reissued a “buy” rating and issued a $18.00 price target on shares of Magnite in a report on Thursday, May 8th. Royal Bank of Canada lowered their target price on shares of Magnite from $22.00 to $19.00 and set an “outperform” rating on the stock in a report on Friday, May 2nd. Susquehanna upped their target price on shares of Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a research report on Thursday, February 27th. Lake Street Capital reduced their price target on shares of Magnite from $21.00 to $19.00 and set a “buy” rating on the stock in a report on Thursday, May 8th. Finally, Benchmark decreased their price target on shares of Magnite from $25.00 to $24.00 and set a “buy” rating on the stock in a research note on Thursday, May 8th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $18.92.

Magnite Trading Down 1.4%

MGNI opened at $15.32 on Tuesday. The stock has a 50-day moving average of $12.19 and a 200 day moving average of $15.01. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite, Inc. has a 12 month low of $8.22 and a 12 month high of $21.29. The firm has a market cap of $2.16 billion, a P/E ratio of 255.33, a P/E/G ratio of 1.00 and a beta of 2.73.

Magnite (NASDAQ:MGNI) last announced its earnings results on Wednesday, May 7th. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.06. Magnite had a return on equity of 4.64% and a net margin of 2.62%. The firm had revenue of $145.85 million during the quarter, compared to analysts’ expectations of $142.18 million. During the same quarter in the previous year, the business earned $0.05 EPS. The company’s quarterly revenue was up 4.3% on a year-over-year basis. As a group, research analysts forecast that Magnite, Inc. will post 0.33 EPS for the current year.

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.