Nomura Asset Management Co. Ltd. Has $10.11 Million Stock Holdings in Magnite, Inc. $MGNI

Nomura Asset Management Co. Ltd. cut its holdings in Magnite, Inc. (NASDAQ:MGNI) by 53.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 622,700 shares of the company’s stock after selling 717,065 shares during the quarter. Nomura Asset Management Co. Ltd. owned approximately 0.43% of Magnite worth $10,106,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Neo Ivy Capital Management acquired a new stake in shares of Magnite in the third quarter valued at $27,000. US Bancorp DE increased its position in Magnite by 75.8% in the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after purchasing an additional 688 shares during the period. State of Wyoming acquired a new stake in Magnite in the third quarter worth about $39,000. Strategic Advocates LLC acquired a new stake in Magnite in the third quarter worth about $42,000. Finally, PNC Financial Services Group Inc. increased its position in Magnite by 45.1% in the third 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 period. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Magnite Price Performance

Shares of MGNI opened at $14.85 on Wednesday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. Magnite, Inc. has a 1 year low of $10.82 and a 1 year high of $26.65. The stock has a market cap of $2.13 billion, a P/E ratio of 14.28, a price-to-earnings-growth ratio of 0.73 and a beta of 2.32. The stock’s 50-day moving average price is $12.90 and its two-hundred day moving average price is $13.78.

Magnite (NASDAQ:MGNI) last issued its earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The firm had revenue of $164.37 million for the quarter, compared to analysts’ expectations of $159.24 million. During the same quarter last year, the business earned $0.12 earnings per share. The company’s revenue was up 5.5% compared to the same quarter last year. On average, equities analysts predict that Magnite, Inc. will post 0.6 earnings per share for the current year.

Insider Transactions at Magnite

In other Magnite news, Director Robert F. Spillane sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $13.33, for a total transaction of $133,300.00. Following the transaction, the director owned 43,917 shares in the company, valued at approximately $585,413.61. This trade represents a 18.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 4.30% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on MGNI shares. Needham & Company LLC reiterated a “buy” rating and issued a $25.00 price objective on shares of Magnite in a research report on Thursday, April 16th. Weiss Ratings upgraded Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Wells Fargo & Company lifted their price objective on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Friday, May 8th. Scotiabank lifted their price objective on Magnite from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a research report on Thursday, May 7th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $39.00 price objective on shares of Magnite in a research report on Thursday, February 26th. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $24.38.

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).