B. Riley Wealth Management Inc. Cuts Holdings in Magnite, Inc. (NASDAQ:MGNI)

B. Riley Wealth Management Inc. trimmed its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 10.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,047 shares of the company’s stock after selling 1,854 shares during the quarter. B. Riley Wealth Management Inc.’s holdings in Magnite were worth $543,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. lifted its holdings in shares of Magnite by 8.0% during the 1st quarter. BlackRock Inc. now owns 8,674,069 shares of the company’s stock valued at $360,927,000 after buying an additional 644,039 shares during the period. Nuveen Asset Management LLC lifted its holdings in shares of Magnite by 639.1% during the 1st quarter. Nuveen Asset Management LLC now owns 7,075,585 shares of the company’s stock valued at $294,416,000 after buying an additional 6,118,242 shares during the period. Allianz Asset Management GmbH lifted its holdings in shares of Magnite by 46.0% during the 1st quarter. Allianz Asset Management GmbH now owns 6,982,548 shares of the company’s stock valued at $290,544,000 after buying an additional 2,201,574 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of Magnite by 415.2% during the 1st quarter. Renaissance Technologies LLC now owns 2,023,313 shares of the company’s stock valued at $84,190,000 after buying an additional 1,630,559 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Magnite by 12.3% in the 1st quarter. Geode Capital Management LLC now owns 1,910,134 shares of the company’s stock worth $79,480,000 after purchasing an additional 208,493 shares during the period. 64.77% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities analysts recently commented on the company. Royal Bank of Canada assumed coverage on Magnite in a report on Monday, August 9th. They issued an “outperform” rating and a $40.00 target price on the stock. Berenberg Bank assumed coverage on Magnite in a report on Wednesday. They issued a “buy” rating and a $37.00 target price on the stock. Craig Hallum reaffirmed a “buy” rating and issued a $50.00 target price on shares of Magnite in a report on Friday, July 2nd. Truist Securities raised Magnite from a “hold” rating to a “buy” rating and set a $37.00 target price on the stock in a report on Monday, June 7th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $70.00 target price on shares of Magnite in a report on Thursday, September 16th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Magnite presently has a consensus rating of “Buy” and a consensus target price of $41.67.

In related news, General Counsel Aaron Saltz sold 40,004 shares of Magnite stock in a transaction dated Friday, September 10th. The stock was sold at an average price of $30.21, for a total value of $1,208,520.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael G. Barrett sold 81,341 shares of Magnite stock in a transaction dated Monday, August 16th. The stock was sold at an average price of $27.81, for a total value of $2,262,093.21. Following the completion of the transaction, the chief executive officer now owns 1,358,499 shares of the company’s stock, valued at approximately $37,779,857.19. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 215,072 shares of company stock valued at $6,293,514. Company insiders own 4.10% of the company’s stock.

NASDAQ:MGNI opened at $31.21 on Friday. The stock has a market cap of $4.10 billion, a PE ratio of 312.13 and a beta of 2.31. The business’s 50-day simple moving average is $29.78 and its two-hundred day simple moving average is $33.66. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.81. Magnite, Inc. has a 52 week low of $6.13 and a 52 week high of $64.39.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Thursday, August 5th. The company reported $0.11 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.05 by $0.06. The firm had revenue of $114.54 million during the quarter, compared to analyst estimates of $95.00 million. Magnite had a return on equity of 4.17% and a net margin of 6.07%. Sell-side analysts anticipate that Magnite, Inc. will post 0.31 earnings per share for the current fiscal year.

Magnite Company Profile

Magnite, Inc provides a technology solution to automate the purchase and sale of digital advertising inventory for buyers and sellers. It features applications and services for digital advertising sellers including websites, mobile applications, and other digital media properties. The company was founded by Frank Addante, Duc Chau, Craig Roah, Julie Mattern and Brian D.

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Institutional Ownership by Quarter for Magnite (NASDAQ:MGNI)

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