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

Smithfield Trust Co reduced its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 26.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,110 shares of the company’s stock after selling 1,880 shares during the period. Smithfield Trust Co’s holdings in Magnite were worth $71,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its stake in Magnite by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 12,818,197 shares of the company’s stock valued at $137,796,000 after purchasing an additional 166,522 shares during the period. Marshall Wace LLP raised its holdings in shares of Magnite by 59.0% in the 2nd quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock worth $20,726,000 after purchasing an additional 578,678 shares in the last quarter. Royce & Associates LP lifted its position in shares of Magnite by 5.2% in the 3rd quarter. Royce & Associates LP now owns 1,488,301 shares of the company’s stock valued at $20,613,000 after acquiring an additional 73,555 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Magnite by 2.9% in the 3rd quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company’s stock valued at $18,569,000 after acquiring an additional 37,601 shares in the last quarter. Finally, Meros Investment Management LP increased its stake in Magnite by 1.3% in the 2nd quarter. Meros Investment Management LP now owns 1,044,209 shares of the company’s stock valued at $13,878,000 after buying an additional 13,570 shares during the period. 73.40% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MGNI has been the topic of several analyst reports. Needham & Company LLC restated a “buy” rating and set a $15.00 price target on shares of Magnite in a research note on Wednesday, October 2nd. Lake Street Capital started coverage on shares of Magnite in a report on Thursday, July 25th. They set a “buy” rating and a $21.00 price objective for the company. Macquarie reissued an “outperform” rating and issued a $18.00 price target on shares of Magnite in a report on Friday, November 8th. Bank of America increased their price target on shares of Magnite from $15.00 to $17.00 and gave the company a “buy” rating in a report on Monday, July 29th. Finally, Wells Fargo & Company started coverage on shares of Magnite in a report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price target for the company. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, Magnite presently has an average rating of “Moderate Buy” and a consensus price target of $16.96.

Insider Buying and Selling

In related news, CAO Brian Gephart sold 2,156 shares of the business’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $15.60, for a total transaction of $33,633.60. Following the transaction, the chief accounting officer now directly owns 112,795 shares in the company, valued at approximately $1,759,602. The trade was a 1.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Aaron Saltz sold 5,112 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $13.50, for a total transaction of $69,012.00. Following the completion of the transaction, the insider now owns 307,745 shares in the company, valued at approximately $4,154,557.50. This represents a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 127,551 shares of company stock valued at $2,031,814 in the last 90 days. 4.30% of the stock is owned by insiders.

Magnite Stock Up 3.6 %

Shares of NASDAQ:MGNI opened at $16.61 on Friday. The company has a 50 day moving average of $13.33 and a 200-day moving average of $13.11. Magnite, Inc. has a one year low of $7.97 and a one year high of $17.00. The stock has a market cap of $2.34 billion, a price-to-earnings ratio of 276.75, a P/E/G ratio of 1.33 and a beta of 2.43. 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 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.