Smithfield Trust Co Reduces Holdings in Magnite, Inc. (NASDAQ:MGNI)

Smithfield Trust Co cut its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 16.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,270 shares of the company’s stock after selling 840 shares during the quarter. Smithfield Trust Co’s holdings in Magnite were worth $68,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the stock. Truist Financial Corp boosted its holdings in Magnite by 2.0% during the 4th quarter. Truist Financial Corp now owns 34,242 shares of the company’s stock valued at $545,000 after acquiring an additional 674 shares during the period. Verdence Capital Advisors LLC lifted its holdings in Magnite by 4.8% in the 3rd quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company’s stock worth $268,000 after buying an additional 892 shares during the period. Jones Financial Companies Lllp lifted its holdings in Magnite by 20.6% in the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock worth $93,000 after buying an additional 1,000 shares during the period. Mount Yale Investment Advisors LLC lifted its holdings in Magnite by 4.7% in the 4th quarter. Mount Yale Investment Advisors LLC now owns 25,377 shares of the company’s stock worth $404,000 after buying an additional 1,148 shares during the period. Finally, SBI Securities Co. Ltd. purchased a new stake in Magnite in the 4th quarter worth approximately $25,000. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Magnite Stock Down 1.1 %

Shares of NASDAQ:MGNI opened at $14.49 on Thursday. The stock has a fifty day simple moving average of $17.20 and a two-hundred day simple moving average of $15.27. The stock has a market capitalization of $2.07 billion, a price-to-earnings ratio of 241.50, a PEG ratio of 1.00 and a beta of 2.79. Magnite, Inc. has a 12-month low of $8.38 and a 12-month high of $21.29. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.14). Magnite had a return on equity of 4.64% and a net margin of 2.62%. The business had revenue of $180.20 million during the quarter, compared to analysts’ expectations of $183.90 million. On average, research analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Insider Transactions at Magnite

In other news, CAO Brian Gephart sold 6,250 shares of the business’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $16.00, for a total value of $100,000.00. Following the completion of the transaction, the chief accounting officer now owns 132,909 shares in the company, valued at $2,126,544. The trade was a 4.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO David Buonasera sold 1,969 shares of Magnite stock in a transaction on Friday, December 13th. The stock was sold at an average price of $16.31, for a total value of $32,114.39. Following the completion of the sale, the chief technology officer now directly owns 223,795 shares of the company’s stock, valued at $3,650,096.45. The trade was a 0.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 271,863 shares of company stock worth $5,169,262 over the last quarter. 4.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms have weighed in on MGNI. Royal Bank of Canada increased their price objective on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Scotiabank began coverage on Magnite in a report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price objective for the company. Susquehanna increased their price objective on Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a report on Thursday, February 27th. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 price objective on shares of Magnite in a report on Thursday, February 27th. Finally, Benchmark increased their target price on Magnite from $21.00 to $25.00 and gave the stock a “buy” rating in a research report on Thursday, February 27th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $19.27.

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.