13,240 Shares in Magnite, Inc. (NASDAQ:MGNI) Bought by Intrust Bank NA

Intrust Bank NA acquired a new stake in shares of Magnite, Inc. (NASDAQ:MGNI) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 13,240 shares of the company’s stock, valued at approximately $211,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. Pictet Asset Management Holding SA raised its stake in shares of Magnite by 27.3% in the 4th quarter. Pictet Asset Management Holding SA now owns 20,403 shares of the company’s stock valued at $325,000 after purchasing an additional 4,379 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its holdings in Magnite by 8.5% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 1,873,835 shares of the company’s stock valued at $29,831,000 after buying an additional 146,974 shares during the last quarter. Norges Bank acquired a new stake in Magnite during the fourth quarter valued at approximately $6,346,000. JPMorgan Chase & Co. lifted its holdings in Magnite by 5.9% during the 4th quarter. JPMorgan Chase & Co. now owns 1,511,439 shares of the company’s stock worth $24,062,000 after buying an additional 84,497 shares during the last quarter. Finally, Murphy & Mullick Capital Management Corp acquired a new position in shares of Magnite in the 4th quarter worth approximately $116,000. 73.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Wells Fargo & Company raised their price objective on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 16th. Benchmark reissued a “buy” rating and set a $25.00 target price on shares of Magnite in a report on Monday, March 10th. Royal Bank of Canada lifted their price target on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Susquehanna boosted their price objective on shares of Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a research report on Thursday, February 27th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $20.00 target price on shares of Magnite in a report on Thursday, February 27th. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $19.27.

Insider Activity at Magnite

In other Magnite news, insider Adam Lee Soroca sold 15,499 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $15.75, for a total value of $244,109.25. Following the completion of the sale, the insider now directly owns 458,386 shares of the company’s stock, valued at approximately $7,219,579.50. This represents a 3.27 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Sean Patrick Buckley sold 18,693 shares of the firm’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $20.00, for a total transaction of $373,860.00. Following the transaction, the insider now owns 408,529 shares of the company’s stock, valued at approximately $8,170,580. This trade represents a 4.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 258,250 shares of company stock worth $4,945,720 over the last quarter. 4.30% of the stock is currently owned by company insiders.

Magnite Stock Down 5.7 %

MGNI opened at $11.60 on Monday. The stock’s 50 day moving average price is $16.08 and its 200 day moving average price is $15.21. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market cap of $1.66 billion, a P/E ratio of 193.33, a P/E/G 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.

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

About Magnite

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.