Citigroup Inc. Purchases 158,179 Shares of Magnite, Inc. (NASDAQ:MGNI)

Citigroup Inc. raised its stake in Magnite, Inc. (NASDAQ:MGNI) by 222.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 229,306 shares of the company’s stock after buying an additional 158,179 shares during the period. Citigroup Inc. owned about 0.18% of Magnite worth $7,760,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MGNI. Beacon Investment Advisory Services Inc. lifted its stake in shares of Magnite by 4.2% in the 2nd quarter. Beacon Investment Advisory Services Inc. now owns 158,079 shares of the company’s stock valued at $5,349,000 after purchasing an additional 6,349 shares during the period. Swiss National Bank raised its stake in Magnite by 2.6% during the 1st quarter. Swiss National Bank now owns 243,000 shares of the company’s stock worth $10,111,000 after buying an additional 6,200 shares during the period. HCR Wealth Advisors acquired a new position in Magnite during the 1st quarter worth approximately $541,000. Oxbow Advisors LLC acquired a new position in Magnite during the 1st quarter worth approximately $444,000. Finally, Y Intercept Hong Kong Ltd acquired a new position in Magnite during the 1st quarter worth approximately $497,000. Hedge funds and other institutional investors own 64.77% of the company’s stock.

Shares of MGNI stock opened at $30.71 on Thursday. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.15 and a current ratio of 1.15. Magnite, Inc. has a 52-week low of $6.07 and a 52-week high of $64.39. The company has a market capitalization of $4.03 billion, a PE ratio of 307.13 and a beta of 2.31. The business’s fifty day moving average is $29.67 and its 200 day moving average is $33.71.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results 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. Magnite had a return on equity of 4.17% and a net margin of 6.07%. The business had revenue of $114.54 million for the quarter, compared to the consensus estimate of $95.00 million. On average, sell-side analysts forecast that Magnite, Inc. will post 0.31 EPS for the current fiscal year.

Several analysts have recently commented on MGNI shares. Macquarie started coverage on Magnite in a research note on Tuesday, August 31st. They issued an “outperform” rating and a $39.00 price objective for the company. Truist raised Magnite from a “hold” rating to a “buy” rating and set a $37.00 target price for the company in a report on Monday, June 7th. They noted that the move was a valuation call. Zacks Investment Research lowered Magnite from a “hold” rating to a “sell” rating in a report on Friday, September 10th. 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. Finally, Royal Bank of Canada began coverage on Magnite in a report on Monday, August 9th. They set an “outperform” rating and a $40.00 price objective for the company. One analyst has rated the stock with a sell rating, two have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Magnite currently has a consensus rating of “Buy” and a consensus target price of $41.67.

In related news, insider Adam Lee Soroca sold 3,396 shares of the firm’s stock in a transaction dated Monday, August 16th. The stock was sold at an average price of $26.82, for a total value of $91,080.72. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Paul Caine sold 15,000 shares of the firm’s stock in a transaction dated Monday, July 12th. The stock was sold at an average price of $31.45, for a total value of $471,750.00. The disclosure for this sale can be found here. Insiders have sold 215,072 shares of company stock worth $6,293,514 in the last 90 days. Company insiders own 4.10% of the company’s stock.

Magnite 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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