Griffin Asset Management Inc. Sells 1,330 Shares of Magnite, Inc. (NASDAQ:MGNI)

Griffin Asset Management Inc. decreased its position in Magnite, Inc. (NASDAQ:MGNI) by 4.1% during the 4th quarter, HoldingsChannel reports. The fund owned 30,755 shares of the company’s stock after selling 1,330 shares during the quarter. Griffin Asset Management Inc.’s holdings in Magnite were worth $490,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the company. New Century Financial Group LLC bought a new position in Magnite in the second quarter valued at $640,000. Victory Capital Management Inc. grew its holdings in shares of Magnite by 2.9% in the 3rd quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company’s stock valued at $18,569,000 after acquiring an additional 37,601 shares in the last quarter. Merit Financial Group LLC bought a new position in shares of Magnite in the 4th quarter valued at about $586,000. Principal Financial Group Inc. increased its position in shares of Magnite by 552.2% in the third quarter. Principal Financial Group Inc. now owns 107,515 shares of the company’s stock valued at $1,489,000 after acquiring an additional 91,031 shares during the last quarter. Finally, Intech Investment Management LLC bought a new stake in shares of Magnite during the 3rd quarter worth approximately $649,000. Institutional investors own 73.40% of the company’s stock.

Magnite Price Performance

Magnite stock opened at $17.65 on Wednesday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a market capitalization of $2.48 billion, a P/E ratio of 294.17, a price-to-earnings-growth ratio of 0.84 and a beta of 2.51. Magnite, Inc. has a 52 week low of $8.38 and a 52 week high of $18.38. The stock has a fifty day moving average of $16.46 and a 200-day moving average of $14.49.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.09). The company had revenue of $162.00 million for the quarter, compared to analyst estimates of $147.94 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. During the same quarter last year, the company posted $0.02 earnings per share. On average, sell-side analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on MGNI. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 target price on shares of Magnite in a report on Friday, January 17th. Royal Bank of Canada lifted their price target on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Benchmark reiterated a “buy” rating and issued a $21.00 price objective on shares of Magnite in a research note on Wednesday, October 2nd. Macquarie restated an “outperform” rating and set a $18.00 target price on shares of Magnite in a research report on Friday, November 8th. Finally, Wells Fargo & Company boosted their price target on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $18.35.

Insider Activity

In other Magnite news, insider Adam Lee Soroca sold 7,849 shares of Magnite stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $15.60, for a total transaction of $122,444.40. Following the transaction, the insider now directly owns 421,347 shares of the company’s stock, valued at approximately $6,573,013.20. The trade was a 1.83 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Aaron Saltz sold 5,112 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $13.50, for a total value of $69,012.00. Following the completion of the sale, the insider now owns 307,745 shares in the company, valued at $4,154,557.50. This trade represents a 1.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 366,097 shares of company stock valued at $6,165,147 over the last quarter. 4.30% of the stock is owned by company insiders.

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.