Dana Investment Advisors Inc. Sells 176,794 Shares of Magnite, Inc. $MGNI

Dana Investment Advisors Inc. decreased its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 30.2% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 409,121 shares of the company’s stock after selling 176,794 shares during the period. Dana Investment Advisors Inc.’s holdings in Magnite were worth $8,911,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the business. State of Wyoming bought a new position in Magnite in the third quarter valued at approximately $39,000. USA Financial Formulas acquired a new position in shares of Magnite in the 3rd quarter valued at $40,000. CWM LLC lifted its stake in shares of Magnite by 133.6% in 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 during the period. PNC Financial Services Group Inc. boosted its position in shares of 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 purchasing an additional 755 shares during the last quarter. Finally, Westfuller Advisors LLC acquired a new stake in shares of Magnite during the third quarter worth $56,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Magnite news, insider Adam Lee Soroca sold 21,529 shares of Magnite stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $12.00, for a total value of $258,348.00. Following the sale, the insider owned 388,425 shares of the company’s stock, valued at $4,661,100. This trade represents a 5.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 4.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

MGNI has been the topic of several analyst reports. Weiss Ratings reissued a “hold (c)” rating on shares of Magnite in a research note on Thursday, January 22nd. Rosenblatt Securities reiterated a “buy” rating and issued a $39.00 price target on shares of Magnite in a research report on Thursday, November 6th. Wall Street Zen cut shares of Magnite from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Benchmark reiterated a “buy” rating on shares of Magnite in a report on Monday, January 12th. Finally, Wells Fargo & Company decreased their price target 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. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $27.00.

Magnite Trading Down 7.4%

Shares of NASDAQ:MGNI opened at $11.32 on Tuesday. The firm has a market cap of $1.63 billion, a price-to-earnings ratio of 29.79, a PEG 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 fifty day simple moving average is $14.56 and its 200 day simple moving average is $17.82. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.43.

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).