Citizens Financial Group Inc. RI Buys Shares of 82,383 Magnite, Inc. $MGNI

Key Points

• Citizens Financial Group purchased 82,383 Magnite shares worth approximately $1.56 million, while institutional investors collectively own 73.4% of the company.
• Magnite beat quarterly expectations with adjusted EPS of $0.26 versus $0.24 expected and revenue of $192.82 million, up 11.3% year over year.
• Analysts maintain a Moderate Buy consensus with an average price target of $28.30, but insiders sold 935,251 shares worth about $19.05 million during the last quarter.

Citizens Financial Group Inc. RI bought a new position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 82,383 shares of the company's stock, valued at approximately $1,564,000. Citizens Financial Group Inc. RI owned about 0.06% of Magnite at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the business. Smartleaf Asset Management LLC lifted its position in shares of Magnite by 20.5% during the 2nd quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company's stock worth $82,000 after buying an additional 577 shares during the period. US Bancorp DE raised its stake in shares of Magnite by 75.8% in the third quarter. US Bancorp DE now owns 1,596 shares of the company's stock worth $35,000 after acquiring an additional 688 shares during the last quarter. PNC Financial Services Group Inc. raised its position in Magnite by 45.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company's stock worth $53,000 after purchasing an additional 755 shares during the last quarter. AYAL Capital Advisors Ltd raised its position in shares of Magnite by 0.5% during the fourth quarter. AYAL Capital Advisors Ltd now owns 200,000 shares of the company's stock worth $3,246,000 after acquiring an additional 1,000 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co raised its holdings in Magnite by 2.4% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 44,552 shares of the company's stock worth $992,000 after purchasing an additional 1,047 shares during the last quarter. 73.40% of the stock is owned by institutional investors.

Magnite Price Performance

Shares of Magnite stock opened at $24.53 on Wednesday. The company has a fifty day moving average of $20.01 and a 200-day moving average of $15.41. Magnite, Inc. has a 52-week low of $10.82 and a 52-week high of $26.65. The stock has a market capitalization of $3.52 billion, a price-to-earnings ratio of 22.50, a price-to-earnings-growth ratio of 1.08 and a beta of 2.26. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.02.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.02. The business had revenue of $192.82 million for the quarter, compared to analysts' expectations of $179.15 million. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The firm's revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.20 earnings per share. Equities research analysts expect that Magnite, Inc. will post 0.61 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Wells Fargo & Company increased their price target on shares of Magnite from $21.00 to $22.00 and gave the company an "equal weight" rating in a research report on Friday, August 7th. BTIG Research boosted their price objective on shares of Magnite from $20.00 to $27.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Weiss Ratings restated a "hold (c)" rating on shares of Magnite in a research note on Friday, August 7th. Evercore reiterated an "outperform" rating and set a $25.00 price target on shares of Magnite in a report on Thursday, August 6th. Finally, Scotiabank reissued an "outperform" rating and issued a $27.00 price objective on shares of Magnite in a research report on Thursday, August 6th. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $28.30.

Insiders Place Their Bets

In other news, Director Paul Caine sold 5,000 shares of Magnite stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $24.35, for a total value of $121,750.00. Following the completion of the sale, the director directly owned 157,401 shares in the company, valued at $3,832,714.35. The trade was a 3.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas S. Knopper sold 37,337 shares of the stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $22.72, for a total value of $848,296.64. Following the completion of the transaction, the director directly owned 88,473 shares in the company, valued at approximately $2,010,106.56. This represents a 29.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 935,251 shares of company stock worth $19,046,675. 3.20% of the stock is owned by corporate insiders.

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).

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