Magnite, Inc. $MGNI Stake Trimmed by Dana Investment Advisors Inc.

Dana Investment Advisors Inc. cut its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 30.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 409,121 shares of the company’s stock after selling 176,794 shares during the quarter. Dana Investment Advisors Inc. owned 0.28% of Magnite worth $8,911,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the company. State of Wyoming acquired a new position in Magnite during the third quarter valued at $39,000. CWM LLC lifted its stake in shares of Magnite by 133.6% in the second quarter. CWM LLC now owns 1,775 shares of the company’s stock worth $43,000 after buying an additional 1,015 shares during the last quarter. USA Financial Formulas bought a new stake in Magnite during the third quarter valued at about $40,000. MTM Investment Management LLC bought a new stake in Magnite during the 2nd quarter valued at approximately $58,000. Finally, PNC Financial Services Group Inc. increased its position in Magnite by 45.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock worth $53,000 after buying an additional 755 shares during the period. 73.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Benchmark restated a “buy” rating on shares of Magnite in a research note on Monday, January 12th. Wells Fargo & Company decreased their price target on shares of Magnite from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Friday, November 7th. Wall Street Zen downgraded shares of Magnite from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Rosenblatt Securities reaffirmed a “buy” rating and set a $39.00 price objective on shares of Magnite in a research report on Thursday, November 6th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Magnite in a research report on Thursday, January 22nd. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Magnite currently has a consensus rating of “Moderate Buy” and a consensus price target of $27.00.

Insider Buying and Selling

In other news, insider Adam Lee Soroca sold 21,529 shares of Magnite stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $12.00, for a total value of $258,348.00. Following the completion of the sale, the insider directly owned 388,425 shares of the company’s stock, valued at approximately $4,661,100. This trade represents a 5.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 4.30% of the company’s stock.

Magnite Stock Down 7.4%

Shares of NASDAQ:MGNI opened at $11.32 on Tuesday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.43. The firm has a market cap of $1.63 billion, a P/E ratio of 29.79, a P/E/G ratio of 0.67 and a beta of 2.39. Magnite, Inc. has a 12 month low of $8.22 and a 12 month high of $26.65. The company’s 50-day moving average price is $14.56 and its two-hundred day moving average price is $17.82.

Magnite Company 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).