Voya Investment Management LLC Lowers Stake in Magnite, Inc. $MGNI

Voya Investment Management LLC lessened its stake in Magnite, Inc. (NASDAQ:MGNI) by 18.1% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 188,092 shares of the company’s stock after selling 41,536 shares during the period. Voya Investment Management LLC’s holdings in Magnite were worth $4,097,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. American Century Companies Inc. grew its stake 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 buying an additional 1,868,188 shares in the last quarter. Frontier Capital Management Co. LLC boosted its holdings in Magnite by 419.4% during the 2nd quarter. Frontier Capital Management Co. LLC now owns 1,793,830 shares of the company’s stock valued at $43,267,000 after acquiring an additional 1,448,456 shares during the period. Stephens Investment Management Group LLC grew its position in Magnite by 42.0% in the 2nd quarter. Stephens Investment Management Group LLC now owns 1,350,096 shares of the company’s stock valued at $32,564,000 after acquiring an additional 399,440 shares in the last quarter. Armistice Capital LLC purchased a new stake in Magnite during the first quarter worth about $4,438,000. Finally, Maestria Partners LLC lifted its position in shares of Magnite by 36.3% during the second quarter. Maestria Partners LLC now owns 1,434,317 shares of the company’s stock worth $34,596,000 after purchasing an additional 382,000 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Magnite Trading Down 1.4%

NASDAQ MGNI opened at $16.27 on Friday. Magnite, Inc. has a 52 week low of $8.22 and a 52 week high of $26.65. The firm has a 50 day moving average of $16.01 and a two-hundred day moving average of $20.11. 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 stock has a market capitalization of $2.34 billion, a PE ratio of 42.82, a price-to-earnings-growth ratio of 1.25 and a beta of 2.49.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, November 5th. The company reported $0.20 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.20. The business had revenue of $179.49 million during the quarter, compared to analysts’ expectations of $163.29 million. Magnite had a net margin of 8.25% and a return on equity of 8.74%. The company’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.17 EPS. As a group, research analysts expect that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Wells Fargo & Company dropped their price objective 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. Weiss Ratings restated a “hold (c)” rating on shares of Magnite in a research note on Wednesday, October 8th. Wall Street Zen lowered Magnite from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $39.00 price objective on shares of Magnite in a research note on Thursday, November 6th. Nine investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $26.20.

Insiders Place Their Bets

In related news, insider Sean Patrick Buckley sold 4,426 shares of the business’s stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $13.36, for a total transaction of $59,131.36. Following the completion of the sale, the insider owned 271,125 shares in the company, valued at $3,622,230. The trade was a 1.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert F. Spillane sold 12,500 shares of the company’s 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 transaction, the director directly owned 53,917 shares of the company’s stock, valued at $766,699.74. This trade represents a 18.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 49,439 shares of company stock valued at $763,671 over the last quarter. Corporate insiders own 3.80% of the company’s stock.

Magnite 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).