Osaic Holdings Inc. Lowers Holdings in Magnite, Inc. $MGNI

Osaic Holdings Inc. reduced its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 49.7% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 51,271 shares of the company’s stock after selling 50,616 shares during the quarter. Osaic Holdings Inc.’s holdings in Magnite were worth $1,237,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the company. GAMMA Investing LLC grew its position in shares of Magnite by 355.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,517 shares of the company’s stock worth $37,000 after buying an additional 1,184 shares in the last quarter. CWM LLC grew its holdings 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 acquiring an additional 1,015 shares in the last quarter. MTM Investment Management LLC bought a new position in Magnite during the 2nd quarter worth about $58,000. Nisa Investment Advisors LLC increased its position 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 during the period. Finally, Smartleaf Asset Management LLC raised its holdings in shares of Magnite by 20.5% in the 2nd quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company’s stock valued at $82,000 after purchasing an additional 577 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Magnite Stock Performance

Shares of MGNI stock opened at $16.23 on Friday. Magnite, Inc. has a 12-month low of $8.22 and a 12-month high of $26.65. The business’s fifty day simple moving average is $15.78 and its 200-day simple moving average is $20.07. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.43. The company has a market cap of $2.33 billion, a PE ratio of 42.71, a PEG ratio of 1.23 and a beta of 2.35.

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 firm had revenue of $179.49 million for the quarter, compared to the consensus estimate of $163.29 million. Magnite had a return on equity of 8.74% and a net margin of 8.25%.The firm’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.17 EPS. Analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a research note on Wednesday, October 8th. Rosenblatt Securities reaffirmed a “buy” rating and set a $39.00 target price on shares of Magnite in a research report on Thursday, November 6th. Wells Fargo & Company reduced their price target on Magnite from $22.00 to $20.00 and set an “equal weight” rating for the company in a research report on Friday, November 7th. Finally, Wall Street Zen downgraded Magnite from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $26.20.

Insider Activity at Magnite

In related news, Director Robert F. Spillane sold 12,500 shares of Magnite stock in a transaction that occurred 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 sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Sean Patrick Buckley sold 4,426 shares of the company’s stock in a transaction that occurred on Tuesday, November 18th. The shares were sold at an average price of $13.36, for a total transaction of $59,131.36. Following the transaction, the insider owned 271,125 shares in the company, valued at $3,622,230. The trade was a 1.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 49,439 shares of company stock valued at $763,671. Company insiders own 3.80% of the company’s stock.

About Magnite

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).