82,383 Shares in Magnite, Inc. $MGNI Bought by Citizens Financial Group Inc. RI

Citizens Financial Group Inc. RI purchased a new stake in Magnite, Inc. (NASDAQ:MGNI) during the second quarter, Holdings Channel reports. The firm purchased 82,383 shares of the company’s stock, valued at approximately $1,564,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. US Bancorp DE boosted its stake in Magnite by 75.8% in the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after acquiring an additional 688 shares in the last quarter. PNC Financial Services Group Inc. increased its position in shares of Magnite by 106.3% during the first quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock worth $45,000 after purchasing an additional 1,949 shares in the last quarter. Smartleaf Asset Management LLC lifted its holdings in shares of 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 last quarter. Harbor Investment Advisory LLC purchased a new stake in shares of Magnite during the 2nd quarter valued at $62,000. Finally, Optiver Holding B.V. boosted its position in shares of Magnite by 2,746.4% in the 1st quarter. Optiver Holding B.V. now owns 5,579 shares of the company’s stock worth $66,000 after purchasing an additional 5,383 shares in the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Analyst Ratings Changes

MGNI has been the topic of a number of research analyst reports. Evercore restated an “outperform” rating and set a $25.00 price target on shares of Magnite in a research note on Thursday, August 6th. Scotiabank reiterated an “outperform” rating and issued a $27.00 target price on shares of Magnite in a research note on Thursday, August 6th. Rosenblatt Securities boosted their target price on shares of Magnite from $39.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Susquehanna upped their price target on shares of Magnite from $22.00 to $30.00 and gave the company a “positive” rating in a research note on Thursday, August 6th. Finally, B. Riley Financial raised their price target on shares of Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Nine research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.30.

Insider Activity at Magnite

In related news, insider Sean Patrick Buckley sold 67,179 shares of the company’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $24.49, for a total value of $1,645,213.71. Following the completion of the sale, the insider directly owned 315,805 shares of the company’s stock, valued at $7,734,064.45. This represents a 17.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael G. Barrett sold 293,968 shares of the firm’s stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $22.72, for a total transaction of $6,678,952.96. Following the transaction, the chief executive officer owned 403,074 shares in the company, valued at approximately $9,157,841.28. This trade represents a 42.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 935,251 shares of company stock worth $19,046,675. Insiders own 3.20% of the company’s stock.

Magnite Stock Performance

NASDAQ:MGNI opened at $24.53 on Wednesday. The company has a fifty day simple moving average of $20.01 and a two-hundred day simple moving average of $15.41. The company has a market cap of $3.52 billion, a price-to-earnings ratio of 22.50, a price-to-earnings-growth ratio of 1.08 and a beta of 2.26. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. Magnite, Inc. has a 52 week low of $10.82 and a 52 week high of $26.65.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The business had revenue of $192.82 million during the quarter, compared to the consensus estimate of $179.15 million. During the same period in the previous year, the company posted $0.20 earnings per share. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. As a group, equities analysts anticipate that Magnite, Inc. will post 0.61 earnings per share 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).