Dana Investment Advisors Inc. Sells 15,839 Shares of Magnite, Inc. (NASDAQ:MGNI)

Dana Investment Advisors Inc. lessened its stake in Magnite, Inc. (NASDAQ:MGNI) by 3.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 473,625 shares of the company’s stock after selling 15,839 shares during the period. Dana Investment Advisors Inc. owned approximately 0.34% of Magnite worth $7,540,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Arizona State Retirement System boosted its stake in shares of Magnite by 1.5% in the 4th quarter. Arizona State Retirement System now owns 36,846 shares of the company’s stock worth $587,000 after buying an additional 559 shares during the last quarter. M&T Bank Corp purchased a new stake in shares of Magnite during the 4th quarter valued at about $230,000. Charles Schwab Investment Management Inc. increased its position in shares of Magnite by 1.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,049,412 shares of the company’s stock valued at $16,707,000 after purchasing an additional 16,308 shares during the last quarter. SBI Securities Co. Ltd. bought a new position in shares of Magnite in the 4th quarter worth approximately $25,000. Finally, Jones Financial Companies Lllp boosted its holdings in shares of Magnite by 20.6% in the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock worth $93,000 after buying an additional 1,000 shares during the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Magnite Price Performance

Shares of NASDAQ:MGNI opened at $14.49 on Thursday. The firm has a fifty day moving average price of $17.20 and a 200 day moving average price of $15.27. Magnite, Inc. has a fifty-two week low of $8.38 and a fifty-two week high of $21.29. The firm has a market cap of $2.07 billion, a price-to-earnings ratio of 241.50, a P/E/G ratio of 1.00 and a beta of 2.79. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.14). The company had revenue of $180.20 million for the quarter, compared to analysts’ expectations of $183.90 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. As a group, sell-side analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on MGNI. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 target price on shares of Magnite in a report on Thursday, February 27th. Scotiabank initiated coverage on Magnite in a research note on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price objective for the company. Macquarie reaffirmed an “outperform” rating and issued a $18.00 target price on shares of Magnite in a report on Friday, November 8th. Wolfe Research boosted their price target on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Finally, Royal Bank of Canada raised their price objective on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $19.27.

Insider Buying and Selling

In related news, insider Adam Lee Soroca sold 15,499 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $15.75, for a total transaction of $244,109.25. Following the transaction, the insider now directly owns 458,386 shares in the company, valued at approximately $7,219,579.50. This represents a 3.27 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Brian Gephart sold 6,250 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $16.00, for a total transaction of $100,000.00. Following the completion of the sale, the chief accounting officer now directly owns 132,909 shares of the company’s stock, valued at approximately $2,126,544. The trade was a 4.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 271,863 shares of company stock worth $5,169,262 over the last three months. 4.30% of the stock is owned by insiders.

About Magnite

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.