Moody National Bank Trust Division Increases Stock Position in Magnite, Inc. $MGNI

Moody National Bank Trust Division boosted its position in Magnite, Inc. (NASDAQ:MGNI) by 82.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 97,202 shares of the company’s stock after acquiring an additional 43,887 shares during the period. Moody National Bank Trust Division owned 0.07% of Magnite worth $1,845,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. US Bancorp DE boosted its holdings in shares of Magnite by 75.8% during 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. PNC Financial Services Group Inc. increased its holdings in Magnite by 106.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock valued at $45,000 after purchasing an additional 1,949 shares during the period. Smartleaf Asset Management LLC increased its holdings in Magnite by 98.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,678 shares of the company’s stock valued at $61,000 after purchasing an additional 1,824 shares during the period. Optiver Holding B.V. raised its position in Magnite by 2,746.4% during the 1st quarter. Optiver Holding B.V. now owns 5,579 shares of the company’s stock valued at $66,000 after purchasing an additional 5,383 shares during the last quarter. Finally, Rachor Investment Advisory Services LLC bought a new position in Magnite during the 4th quarter valued at approximately $68,000. 73.40% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on MGNI shares. Weiss Ratings upgraded Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Evercore restated an “outperform” rating and set a $21.00 target price on shares of Magnite in a report on Thursday, May 7th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Magnite in a research note on Thursday, May 28th. Scotiabank lifted their price target on shares of Magnite from $16.00 to $17.00 and gave the company a “sector outperform” rating in a report on Thursday, May 7th. Finally, Wells Fargo & Company boosted their price objective on shares of Magnite from $15.00 to $21.00 and gave the company an “equal weight” rating in a research report on Friday, July 17th. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Magnite has an average rating of “Moderate Buy” and an average target price of $24.56.

Insider Transactions at Magnite

In other Magnite news, insider Sean Patrick Buckley sold 19,233 shares of Magnite stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $21.03, for a total transaction of $404,469.99. Following the completion of the transaction, the insider owned 354,281 shares in the company, valued at approximately $7,450,529.43. The trade was a 5.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO David Buonasera sold 1,224 shares of the stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $21.00, for a total value of $25,704.00. Following the completion of the sale, the chief technology officer directly owned 268,485 shares in the company, valued at approximately $5,638,185. This represents a 0.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 491,639 shares of company stock worth $8,676,734. Company insiders own 3.20% of the company’s stock.

Magnite Trading Up 6.6%

Shares of NASDAQ MGNI opened at $20.86 on Wednesday. Magnite, Inc. has a 1 year low of $10.82 and a 1 year high of $26.65. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a 50-day moving average of $18.14 and a 200 day moving average of $14.76. The stock has a market cap of $2.99 billion, a P/E ratio of 20.06, a price-to-earnings-growth ratio of 1.00 and a beta of 2.26.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The business had revenue of $164.37 million for the quarter, compared to analysts’ expectations of $159.24 million. During the same quarter in the prior year, the company earned $0.12 earnings per share. The business’s revenue was up 5.5% compared to the same quarter last year. As a group, sell-side analysts expect that Magnite, Inc. will post 0.55 EPS for the current fiscal year.

Magnite Company Profile

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).