Fifth Third Bancorp Invests $699,000 in Magnite, Inc. $MGNI

Key Points

• Fifth Third Bancorp bought a new Magnite position worth approximately $699,000, while several other institutional investors also increased their stakes. Institutions and hedge funds collectively own 73.4% of MGNI.
• Analysts remain broadly bullish, with eight Buy ratings and two Holds, a “Moderate Buy” consensus, and an average price target of $24.56. Magnite’s latest quarterly results also exceeded expectations, with $0.13 EPS and $164.37 million in revenue.
• Magnite shares opened at $19.09 and have risen above their 50-day and 200-day moving averages. However, insiders sold 491,639 shares worth approximately $8.7 million during the latest quarter.

Fifth Third Bancorp purchased a new position in Magnite, Inc. (NASDAQ:MGNI - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 58,823 shares of the company's stock, valued at approximately $699,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Money Concepts Capital Corp bought a new stake in shares of Magnite in the 1st quarter worth about $139,000. Elevation Point Wealth Partners LLC bought a new position in shares of Magnite during the first quarter worth about $281,000. Pictet Asset Management Holding SA grew its stake in Magnite by 13.8% in the first quarter. Pictet Asset Management Holding SA now owns 25,755 shares of the company's stock worth $306,000 after purchasing an additional 3,114 shares in the last quarter. Penbrook Management LLC increased its holdings in Magnite by 260.6% in the first quarter. Penbrook Management LLC now owns 112,190 shares of the company's stock valued at $1,333,000 after buying an additional 81,075 shares during the last quarter. Finally, Cardinal Point Capital Management ULC raised its stake in Magnite by 38.6% during the first quarter. Cardinal Point Capital Management ULC now owns 94,950 shares of the company's stock valued at $1,128,000 after buying an additional 26,425 shares in the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MGNI. Royal Bank Of Canada reiterated an "outperform" rating on shares of Magnite in a research report on Thursday, May 28th. Needham & Company LLC restated a "buy" rating and set a $25.00 price objective on shares of Magnite in a research note on Thursday, April 16th. Scotiabank lifted their price objective on shares of Magnite from $16.00 to $17.00 and gave the stock a "sector outperform" rating in a report on Thursday, May 7th. Weiss Ratings raised shares of Magnite from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, May 11th. Finally, Evercore restated an "outperform" rating and issued a $21.00 price target on shares of Magnite in a research report on Thursday, May 7th. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Magnite has an average rating of "Moderate Buy" and a consensus target price of $24.56.

Magnite Trading Up 3.1%

Magnite stock opened at $19.09 on Tuesday. Magnite, Inc. has a 52-week low of $10.82 and a 52-week high of $26.65. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $2.73 billion, a price-to-earnings ratio of 18.36, a PEG ratio of 0.94 and a beta of 2.25. The firm has a 50-day moving average price of $17.35 and a two-hundred day moving average price of $14.61.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.11 by $0.02. The company had revenue of $164.37 million for the quarter, compared to analyst estimates of $159.24 million. Magnite had a net margin of 21.96% and a return on equity of 8.40%. Magnite's revenue was up 5.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.12 earnings per share. Sell-side analysts expect that Magnite, Inc. will post 0.55 earnings per share for the current year.

Insider Transactions at Magnite

In other news, Director Douglas S. Knopper sold 37,337 shares of the stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $18.10, for a total value of $675,799.70. Following the completion of the transaction, the director owned 125,810 shares of the company's stock, valued at approximately $2,277,161. This represents a 22.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Paul Caine sold 5,000 shares of the firm's stock in a transaction on Friday, July 10th. The shares were sold at an average price of $20.64, for a total value of $103,200.00. Following the transaction, the director directly owned 162,401 shares in the company, valued at $3,351,956.64. This trade represents a 2.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 491,639 shares of company stock worth $8,676,734 over the last quarter. Insiders own 3.20% of the company's stock.

Magnite Company Profile

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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