Deutsche Bank AG Decreases Holdings in Magnite, Inc. $MGNI

Deutsche Bank AG decreased its holdings in Magnite, Inc. (NASDAQ:MGNI) by 23.2% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 131,670 shares of the company’s stock after selling 39,736 shares during the period. Deutsche Bank AG owned approximately 0.09% of Magnite worth $1,502,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in MGNI. Perkins Capital Management Inc. raised its position in Magnite by 0.9% in the 1st quarter. Perkins Capital Management Inc. now owns 145,125 shares of the company’s stock worth $1,656,000 after purchasing an additional 1,300 shares during the period. Principal Financial Group Inc. grew its stake in shares of Magnite by 1.2% during the first quarter. Principal Financial Group Inc. now owns 124,547 shares of the company’s stock valued at $1,421,000 after buying an additional 1,474 shares during the last quarter. AllSquare Wealth Management LLC grew its stake in shares of Magnite by 76.8% during the first quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company’s stock valued at $41,000 after buying an additional 1,555 shares during the last quarter. Smithfield Trust Co increased its holdings in shares of Magnite by 38.9% in the first quarter. Smithfield Trust Co now owns 5,930 shares of the company’s stock worth $67,000 after buying an additional 1,660 shares during the period. Finally, Greenwood Capital Associates LLC lifted its stake in shares of Magnite by 2.9% in the 1st quarter. Greenwood Capital Associates LLC now owns 66,221 shares of the company’s stock valued at $756,000 after acquiring an additional 1,852 shares during the last quarter. Institutional investors own 73.40% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Michael G. Barrett sold 300,000 shares of the business’s stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $20.01, for a total transaction of $6,003,000.00. Following the transaction, the chief executive officer owned 356,708 shares in the company, valued at $7,137,727.08. The trade was a 45.68% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James Rossman sold 137,007 shares of the firm’s stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $18.78, for a total transaction of $2,572,991.46. Following the completion of the sale, the director owned 93,679 shares of the company’s stock, valued at $1,759,291.62. This trade represents a 59.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,070,563 shares of company stock worth $21,771,456. Company insiders own 3.80% of the company’s stock.

Magnite Price Performance

Shares of MGNI stock opened at $24.16 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.00. Magnite, Inc. has a fifty-two week low of $8.22 and a fifty-two week high of $25.27. The firm has a market cap of $3.44 billion, a P/E ratio of 83.31, a P/E/G ratio of 1.55 and a beta of 3.05. The business’s 50 day moving average price is $22.50 and its 200-day moving average price is $17.22.

Magnite (NASDAQ:MGNI) last announced its earnings results on Wednesday, August 6th. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.03. The company had revenue of $162.00 million during the quarter, compared to the consensus estimate of $157.05 million. Magnite had a return on equity of 8.07% and a net margin of 6.30%.The firm’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.14 earnings per share. On average, equities research analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Craig Hallum set a $24.00 price target on Magnite and gave the stock a “buy” rating in a research report on Tuesday, May 20th. Lake Street Capital dropped their price objective on Magnite from $21.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. Wells Fargo & Company raised their target price on shares of Magnite from $13.00 to $24.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 8th. Susquehanna lifted their target price on shares of Magnite from $22.00 to $28.00 and gave the stock a “positive” rating in a research note on Thursday, August 7th. Finally, Scotiabank reiterated an “outperform” rating and set a $30.00 price target (up from $22.00) on shares of Magnite in a report on Thursday, August 7th. Ten research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Magnite presently has a consensus rating of “Moderate Buy” and an average price target of $25.82.

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.