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

Intrust Bank NA acquired a new position in shares of Magnite, Inc. (NASDAQ:MGNI) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 13,240 shares of the company’s stock, valued at approximately $211,000.

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

Insider Buying and Selling

In other Magnite news, Director James Rossman sold 149,936 shares of the business’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $19.46, for a total transaction of $2,917,754.56. Following the completion of the transaction, the director now owns 219,920 shares of the company’s stock, valued at $4,279,643.20. The trade was a 40.54 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Adam Lee Soroca sold 15,499 shares of the firm’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 in the company, valued at approximately $7,219,579.50. This represents a 3.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 258,250 shares of company stock valued at $4,945,720. Company insiders own 4.30% of the company’s stock.

Magnite Trading Down 5.7 %

Magnite stock opened at $11.60 on Monday. Magnite, Inc. has a one year low of $8.38 and a one year high of $21.29. The company’s fifty day moving average price is $16.08 and its two-hundred day moving average price is $15.21. The company has a market capitalization of $1.66 billion, a price-to-earnings ratio of 193.33, a PEG ratio of 1.00 and a beta of 2.79. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11.

Magnite (NASDAQ:MGNI) last posted its 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 company had revenue of $180.20 million during the quarter, compared to analyst estimates of $183.90 million. On average, analysts forecast that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

MGNI has been the topic of several recent analyst reports. Benchmark reissued a “buy” rating and set a $25.00 price target on shares of Magnite in a research report on Monday, March 10th. Royal Bank of Canada upped their target price on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Wolfe Research increased their price target on shares of Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Wells Fargo & Company boosted their price objective on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $20.00 target price on shares of Magnite in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Magnite presently has a consensus rating of “Moderate Buy” and an average target price of $19.27.

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.