Magnite, Inc. $MGNI Stock Position Raised by Principal Financial Group Inc.

Principal Financial Group Inc. lifted its position in Magnite, Inc. (NASDAQ:MGNI) by 51.8% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 162,440 shares of the company’s stock after buying an additional 55,425 shares during the quarter. Principal Financial Group Inc.’s holdings in Magnite were worth $3,538,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. USA Financial Formulas acquired a new stake in Magnite in the third quarter valued at approximately $40,000. CWM LLC raised its holdings in shares of Magnite by 133.6% during the 2nd quarter. CWM LLC now owns 1,775 shares of the company’s stock valued at $43,000 after purchasing an additional 1,015 shares in the last quarter. Westfuller Advisors LLC acquired a new stake in shares of Magnite in the 3rd quarter valued at $56,000. MTM Investment Management LLC bought a new stake in Magnite in the second quarter worth $58,000. Finally, Nisa Investment Advisors LLC increased its position in Magnite by 66.0% during the second quarter. Nisa Investment Advisors LLC now owns 2,780 shares of the company’s stock worth $67,000 after buying an additional 1,105 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Stock Up 4.5%

Shares of MGNI stock opened at $11.70 on Tuesday. Magnite, Inc. has a 12 month low of $8.22 and a 12 month high of $26.65. 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 $1.68 billion, a PE ratio of 30.79, a price-to-earnings-growth ratio of 0.64 and a beta of 2.39. The stock has a 50 day moving average of $14.96 and a 200-day moving average of $18.19.

Insider Buying and Selling at Magnite

In other Magnite news, insider Adam Lee Soroca sold 16,656 shares of the stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $17.00, for a total value of $283,152.00. Following the completion of the sale, the insider directly owned 326,114 shares of the company’s stock, valued at $5,543,938. This represents a 4.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Robert F. Spillane sold 12,500 shares of the firm’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $14.22, for a total transaction of $177,750.00. Following the completion of the sale, the director owned 53,917 shares in the company, valued at $766,699.74. This represents a 18.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 4.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

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

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).