Moody National Bank Trust Division Acquires 43,887 Shares of Magnite, Inc. $MGNI

Moody National Bank Trust Division raised its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 82.3% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 97,202 shares of the company’s stock after acquiring an additional 43,887 shares during the quarter. Moody National Bank Trust Division’s holdings in Magnite were worth $1,845,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Stephens Investment Management Group LLC lifted its holdings in shares of Magnite by 17.0% during the fourth quarter. Stephens Investment Management Group LLC now owns 1,128,578 shares of the company’s stock valued at $18,317,000 after purchasing an additional 164,035 shares in the last quarter. Royce & Associates LP boosted its position in shares of Magnite by 19.5% during the fourth quarter. Royce & Associates LP now owns 1,166,469 shares of the company’s stock valued at $18,932,000 after buying an additional 190,318 shares during the last quarter. Meros Investment Management LP increased its holdings in Magnite by 34.5% in the 4th quarter. Meros Investment Management LP now owns 825,595 shares of the company’s stock worth $13,399,000 after buying an additional 211,767 shares in the last quarter. Capital Research Global Investors increased its holdings in Magnite by 85.0% in the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock worth $209,696,000 after buying an additional 5,937,428 shares in the last quarter. Finally, CenterBook Partners LP raised its position in Magnite by 137.1% in the 4th quarter. CenterBook Partners LP now owns 172,546 shares of the company’s stock worth $2,800,000 after buying an additional 99,760 shares during the last quarter. Institutional investors own 73.40% of the company’s stock.

Analyst Ratings Changes

MGNI has been the topic of several research analyst reports. Weiss Ratings upgraded shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Needham & Company LLC reiterated a “buy” rating and issued a $25.00 price target on shares of Magnite in a research note on Thursday, April 16th. 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 report on Friday, July 17th. Royal Bank Of Canada restated an “outperform” rating on shares of Magnite in a research report on Thursday, May 28th. Finally, Evercore restated an “outperform” rating and issued a $21.00 target price on shares of Magnite in a report on Thursday, May 7th. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $24.56.

Insider Activity at Magnite

In other Magnite news, Director David T. Pearson sold 10,766 shares of the company’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $15.65, for a total value of $168,487.90. Following the completion of the sale, the director owned 79,001 shares in the company, valued at $1,236,365.65. This represents a 11.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Douglas S. Knopper sold 37,337 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $18.10, for a total value of $675,799.70. Following the completion of the transaction, the director directly owned 125,810 shares in the company, valued at $2,277,161. This trade represents a 22.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 491,639 shares of company stock valued at $8,676,734 in the last ninety days. Corporate insiders own 3.20% of the company’s stock.

Magnite Stock Up 6.6%

MGNI opened at $20.86 on Wednesday. The firm’s 50 day simple moving average is $18.14 and its two-hundred day simple moving average is $14.76. The company has a market capitalization of $2.99 billion, a PE ratio of 20.06, a PEG ratio of 1.00 and a beta of 2.26. Magnite, Inc. has a 1-year low of $10.82 and a 1-year high of $26.65. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.11 by $0.02. The firm had revenue of $164.37 million during the quarter, compared to analyst estimates of $159.24 million. Magnite had a return on equity of 8.40% and a net margin of 21.96%.Magnite’s revenue was up 5.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.12 EPS. As a group, equities analysts forecast that Magnite, Inc. will post 0.55 EPS for the current year.

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).