Capital Research Global Investors Reduces Holdings in Magnite, Inc. $MGNI

Capital Research Global Investors lowered its position in Magnite, Inc. (NASDAQ:MGNI) by 46.0% in the 3rd quarter, HoldingsChannel reports. The fund owned 6,982,861 shares of the company’s stock after selling 5,937,209 shares during the period. Capital Research Global Investors’ holdings in Magnite were worth $152,087,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. American Century Companies Inc. raised its position in shares of Magnite by 63.1% in the second quarter. American Century Companies Inc. now owns 4,829,197 shares of the company’s stock valued at $116,480,000 after purchasing an additional 1,868,188 shares during the period. Frontier Capital Management Co. LLC boosted its holdings in Magnite by 419.4% in the 2nd quarter. Frontier Capital Management Co. LLC now owns 1,793,830 shares of the company’s stock worth $43,267,000 after buying an additional 1,448,456 shares during the period. Vanguard Group Inc. boosted its holdings in Magnite by 8.1% in the 3rd quarter. Vanguard Group Inc. now owns 14,654,432 shares of the company’s stock worth $319,174,000 after buying an additional 1,092,147 shares during the period. Dilation Capital Management LP purchased a new position in Magnite in the 2nd quarter valued at approximately $8,074,000. Finally, Boston Partners raised its holdings in Magnite by 5.7% during the 2nd quarter. Boston Partners now owns 5,574,604 shares of the company’s stock valued at $133,037,000 after acquiring an additional 298,248 shares during the period. 73.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on MGNI. Rosenblatt Securities reaffirmed a “buy” rating and issued a $39.00 price target on shares of Magnite in a report on Thursday, February 26th. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a research note on Thursday, January 22nd. Wells Fargo & Company cut their target price on Magnite from $20.00 to $13.00 and set an “equal weight” rating for the company in a research note on Friday, February 27th. Evercore reaffirmed an “outperform” rating and set a $20.00 target price on shares of Magnite in a report on Thursday, February 26th. Finally, Scotiabank decreased their price target on Magnite from $30.00 to $16.00 and set a “sector outperform” rating on the stock in a research report on Thursday, February 26th. Nine investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $24.10.

Insider Transactions at Magnite

In other news, insider Adam Lee Soroca sold 21,529 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The shares were 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 in the company, valued at approximately $4,661,100. The trade was a 5.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 3.80% of the stock is currently owned by corporate insiders.

Magnite Trading Up 0.2%

NASDAQ MGNI opened at $13.03 on Thursday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. The stock’s 50-day simple moving average is $13.81 and its two-hundred day simple moving average is $17.05. Magnite, Inc. has a twelve month low of $8.22 and a twelve month high of $26.65. The company has a market capitalization of $1.88 billion, a price-to-earnings ratio of 13.86, a PEG ratio of 0.70 and a beta of 2.34.

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).