Citizens Financial Group Inc. RI Sells 54,942 Shares of Magnite, Inc. $MGNI

Key Points

• Citizens Financial Group reduced its Magnite position by 66.7% in the third quarter, selling 54,942 shares and retaining 27,441 shares valued at approximately $693,000. Institutional investors collectively own 73.4% of Magnite.
• Magnite reported quarterly revenue of $192.82 million and adjusted earnings of $0.26 per share, exceeding analyst expectations, while revenue increased 11.3% year over year.
• Analysts remain broadly bullish, with 11 Buy ratings and one Hold rating. The stock has an average price target of $29.36, compared with a recent share price of $22.43.

Citizens Financial Group Inc. RI decreased its holdings in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 66.7% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 27,441 shares of the company's stock after selling 54,942 shares during the period. Citizens Financial Group Inc. RI's holdings in Magnite were worth $693,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. Meros Investment Management LP bought a new stake in Magnite in the second quarter worth $18,815,538. Jupiter Topco LLC purchased a new stake in Magnite during the second quarter valued at about $1,109,000. Manatuck Hill Partners LLC bought a new position in shares of Magnite during the second quarter valued at about $8,541,000. WINTON GROUP Ltd bought a new position in shares of Magnite during the second quarter valued at about $2,314,000. Finally, Norwood Investment Partners LP bought a new position in shares of Magnite during the second quarter valued at about $4,460,300. Hedge funds and other institutional investors own 73.40% of the company's stock.

Magnite Stock Up 3.0%

Shares of Magnite stock opened at $22.43 on Friday. The company has a current ratio of 1.02, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. The company's fifty day simple moving average is $24.02 and its two-hundred day simple moving average is $17.60. The company has a market cap of $3.22 billion, a P/E ratio of 39.58, a PEG ratio of 0.71 and a beta of 2.33. Magnite, Inc. has a 12-month low of $10.82 and a 12-month high of $26.84.

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

Analysts Set New Price Targets

A number of research firms have recently weighed in on MGNI. B. Riley Financial increased their price objective on Magnite from $27.00 to $30.00 and gave the company a "buy" rating in a research note on Friday, September 18th. Scotiabank reaffirmed an "outperform" rating and issued a $27.00 target price on shares of Magnite in a research note on Thursday, August 6th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $40.00 target price on shares of Magnite in a research note on Friday, October 2nd. BTIG Research reiterated a "buy" rating and set a $27.00 price target on shares of Magnite in a report on Wednesday, September 9th. Finally, Benchmark increased their price target on shares of Magnite from $30.00 to $33.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Eleven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $29.36.

Insider Buying and Selling at Magnite

In other Magnite news, CTO David Buonasera sold 1,165 shares of the company's stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $24.00, for a total transaction of $27,960.00. Following the transaction, the chief technology officer owned 245,155 shares in the company, valued at approximately $5,883,720. This represents a 0.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas Knopper sold 37,337 shares of the stock in a transaction that occurred on Thursday, September 17th. The stock was sold at an average price of $26.28, for a total value of $981,216.36. Following the completion of the transaction, the director directly owned 51,136 shares of the company's stock, valued at $1,343,854.08. This represents a 42.20% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 680,259 shares of company stock worth $15,993,244. Insiders own 3.20% of the company's stock.

Magnite Profile

Magnite, Inc operates an independent omnichannel sell-side advertising platform that helps publishers and digital media owners monetize their content while enabling advertisers to reach audiences across multiple channels. Its platform supports the buying and selling of digital advertising inventory through automated auctions and direct transactions.

The company's solutions serve connected television and streaming video, online display and mobile advertising, audio, and digital out-of-home media.

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