Pictet Asset Management Holding SA Boosts Stock Position in Magnite, Inc. (NASDAQ:MGNI)

Pictet Asset Management Holding SA increased its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 27.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,403 shares of the company’s stock after buying an additional 4,379 shares during the period. Pictet Asset Management Holding SA’s holdings in Magnite were worth $325,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Magnite by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 13,605,104 shares of the company’s stock worth $216,593,000 after acquiring an additional 257,032 shares during the period. Boston Partners increased its stake in shares of Magnite by 39.1% during the fourth quarter. Boston Partners now owns 4,756,323 shares of the company’s stock worth $76,061,000 after purchasing an additional 1,336,458 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Magnite by 2.2% during the 3rd quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company’s stock worth $41,118,000 after purchasing an additional 63,545 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its stake in Magnite by 8.5% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 1,873,835 shares of the company’s stock valued at $29,831,000 after buying an additional 146,974 shares in the last quarter. Finally, Royce & Associates LP boosted its holdings in Magnite by 7.4% in the 4th quarter. Royce & Associates LP now owns 1,597,896 shares of the company’s stock worth $25,439,000 after buying an additional 109,595 shares during the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on MGNI. Susquehanna increased their target price on Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a report on Thursday, February 27th. Royal Bank of Canada increased their price objective on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Benchmark reaffirmed a “buy” rating and set a $25.00 target price on shares of Magnite in a research note on Monday, March 10th. Wells Fargo & Company increased their target price on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Finally, Wolfe Research raised their price target on shares of Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.27.

Insider Buying and Selling

In related news, Director Paul Caine sold 5,000 shares of Magnite stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $20.35, for a total value of $101,750.00. Following the completion of the sale, the director now owns 182,837 shares in the company, valued at approximately $3,720,732.95. This trade represents a 2.66 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Sean Patrick Buckley sold 18,693 shares of the company’s stock in a transaction on Friday, February 7th. The stock was sold at an average price of $20.00, for a total value of $373,860.00. Following the transaction, the insider now owns 408,529 shares in the company, valued at $8,170,580. This trade represents a 4.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 244,905 shares of company stock valued at $4,718,855. 4.30% of the stock is currently owned by insiders.

Magnite Price Performance

Shares of MGNI stock opened at $9.74 on Friday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The company has a market capitalization of $1.39 billion, a PE ratio of 162.33, a price-to-earnings-growth ratio of 1.00 and a beta of 2.69. The firm’s 50-day moving average is $14.59 and its two-hundred day moving average is $14.93. Magnite, Inc. has a 12 month low of $8.22 and a 12 month high of $21.29.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, February 26th. The company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.14). The firm 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%. Analysts predict that Magnite, Inc. will post 0.33 earnings per share for the current year.

Magnite Profile

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.