Ardsley Advisory Partners LP Sells 36,000 Shares of Magnite, Inc. $MGNI

Ardsley Advisory Partners LP lowered its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 8.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 370,000 shares of the company’s stock after selling 36,000 shares during the quarter. Magnite comprises 1.2% of Ardsley Advisory Partners LP’s holdings, making the stock its 24th largest holding. Ardsley Advisory Partners LP owned 0.26% of Magnite worth $8,924,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Winthrop Advisory Group LLC boosted its position in shares of Magnite by 4.5% in the 2nd quarter. Winthrop Advisory Group LLC now owns 14,000 shares of the company’s stock worth $338,000 after purchasing an additional 600 shares in the last quarter. CWM LLC boosted its holdings in Magnite by 133.6% in the second quarter. CWM LLC now owns 1,775 shares of the company’s stock worth $43,000 after acquiring an additional 1,015 shares in the last quarter. Nisa Investment Advisors LLC increased its stake in Magnite by 66.0% during the 2nd quarter. Nisa Investment Advisors LLC now owns 2,780 shares of the company’s stock valued at $67,000 after purchasing an additional 1,105 shares in the last quarter. Ameritas Investment Partners Inc. raised its stake in Magnite by 8.6% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 14,299 shares of the company’s stock worth $345,000 after acquiring an additional 1,137 shares during the last quarter. Finally, Teacher Retirement System of Texas lifted its holdings in shares of Magnite by 5.7% during the second quarter. Teacher Retirement System of Texas now owns 21,603 shares of the company’s stock worth $521,000 after purchasing an additional 1,164 shares during the period. 73.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on MGNI shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a report on Wednesday, October 8th. Wells Fargo & Company cut their target price on shares of Magnite from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Friday, November 7th. Wall Street Zen cut shares of Magnite from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Rosenblatt Securities restated a “buy” rating and set a $39.00 price target on shares of Magnite in a research report on Thursday, November 6th. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Magnite currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.20.

Insider Activity

In related news, insider Aaron Saltz sold 8,522 shares of the firm’s stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $24.50, for a total value of $208,789.00. Following the sale, the insider owned 215,079 shares of the company’s stock, valued at $5,269,435.50. This trade represents a 3.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert F. Spillane sold 12,500 shares of the stock in a transaction on Friday, November 21st. The shares were sold at an average price of $14.22, for a total value of $177,750.00. Following the completion of the transaction, the director directly owned 53,917 shares in the company, valued at $766,699.74. This trade represents a 18.82% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 54,985 shares of company stock worth $1,024,758 over the last 90 days. Company insiders own 4.30% of the company’s stock.

Magnite Trading Up 4.0%

MGNI opened at $15.51 on Wednesday. The stock has a market capitalization of $2.23 billion, a PE ratio of 40.82, a P/E/G ratio of 1.13 and a beta of 2.49. Magnite, Inc. has a one year low of $8.22 and a one year high of $26.65. The business’s 50 day moving average price is $16.64 and its 200 day moving average price is $20.18. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.01 and a current ratio of 1.01.

Magnite (NASDAQ:MGNI) last announced its earnings results on Wednesday, November 5th. The company reported $0.20 earnings per share for the quarter, hitting the consensus estimate of $0.20. The company had revenue of $179.49 million during the quarter, compared to analyst estimates of $163.29 million. Magnite had a net margin of 8.25% and a return on equity of 8.74%. Magnite’s revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.17 earnings per share. As a group, equities research analysts expect that Magnite, Inc. will post 0.33 EPS for the current year.

Magnite 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.