Fifth Third Bancorp Invests $699,000 in Magnite, Inc. $MGNI

Fifth Third Bancorp acquired a new stake in Magnite, Inc. (NASDAQ:MGNI) in the 1st quarter, Holdings Channel reports. The fund acquired 58,823 shares of the company’s stock, valued at approximately $699,000.

A number of other hedge funds have also made changes to their positions in the stock. Money Concepts Capital Corp bought a new stake in Magnite during the first quarter worth approximately $139,000. Elevation Point Wealth Partners LLC bought a new position in Magnite during the 1st quarter valued at $281,000. Pictet Asset Management Holding SA boosted its stake in Magnite by 13.8% during the 1st quarter. Pictet Asset Management Holding SA now owns 25,755 shares of the company’s stock valued at $306,000 after purchasing an additional 3,114 shares in the last quarter. Penbrook Management LLC boosted its stake in Magnite by 260.6% during the 1st quarter. Penbrook Management LLC now owns 112,190 shares of the company’s stock valued at $1,333,000 after purchasing an additional 81,075 shares in the last quarter. Finally, Cardinal Point Capital Management ULC increased its position in shares of Magnite by 38.6% during the 1st quarter. Cardinal Point Capital Management ULC now owns 94,950 shares of the company’s stock valued at $1,128,000 after purchasing an additional 26,425 shares during the period. Institutional investors and hedge funds own 73.40% of the company’s stock.

Insider Activity at Magnite

In other Magnite news, insider Sean Patrick Buckley sold 19,233 shares of the business’s stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $21.03, for a total transaction of $404,469.99. Following the sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Michael G. Barrett sold 75,000 shares of the company’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $19.50, for a total transaction of $1,462,500.00. Following the sale, the chief executive officer directly owned 403,074 shares of the company’s stock, valued at $7,859,943. This represents a 15.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 491,639 shares of company stock valued at $8,676,734 over the last ninety days. Company insiders own 3.20% of the company’s stock.

Magnite Trading Up 3.1%

Magnite stock opened at $19.09 on Tuesday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02. The firm has a market cap of $2.73 billion, a price-to-earnings ratio of 18.36, a price-to-earnings-growth ratio of 0.94 and a beta of 2.25. Magnite, Inc. has a 1 year low of $10.82 and a 1 year high of $26.65. The firm’s 50 day moving average price is $17.35 and its two-hundred day moving average price is $14.61.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, beating 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 company had revenue of $164.37 million during the quarter, compared to the consensus estimate of $159.24 million. During the same quarter in the prior year, the firm earned $0.12 EPS. The company’s quarterly revenue was up 5.5% compared to the same quarter last year. On average, research analysts predict that Magnite, Inc. will post 0.55 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Scotiabank boosted their price objective on Magnite from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a research note on Thursday, May 7th. Evercore reaffirmed an “outperform” rating and set a $21.00 target price on shares of Magnite in a research note on Thursday, May 7th. BTIG Research started coverage on Magnite in a report on Tuesday, June 9th. They set a “buy” rating and a $20.00 target price on the stock. Weiss Ratings upgraded shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Finally, Royal Bank Of Canada reissued an “outperform” rating on shares of Magnite in a report on Thursday, May 28th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $24.56.

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).