Magnite, Inc. $MGNI Shares Sold by Moody National Bank Trust Division

Key Points

• Moody National Bank Trust Division trimmed its stake in Magnite by 51.4% in Q4, selling 101,608 shares and leaving it with 96,184 shares valued at about $1.56 million.
• Insider Adam Lee Soroca sold 21,529 shares at an average price of $12.00 on Feb. 18, a 5.25% reduction in his holdings; insiders own 4.30% of the company.
• Analysts maintain a consensus rating of Moderate Buy with an average target of $24.10 despite recent mixed price-target cuts; MGNI trades near $12 with a $1.74 billion market cap and a 1‑year range of $8.22–$26.65.

Moody National Bank Trust Division trimmed its holdings in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 51.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 96,184 shares of the company's stock after selling 101,608 shares during the quarter. Moody National Bank Trust Division owned 0.07% of Magnite worth $1,561,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the business. Neo Ivy Capital Management acquired a new stake in Magnite in the 3rd quarter worth approximately $27,000. US Bancorp DE increased its position in shares of Magnite by 75.8% in the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company's stock valued at $35,000 after acquiring an additional 688 shares during the period. State of Wyoming purchased a new position in Magnite in the 3rd quarter worth $39,000. USA Financial Formulas purchased a new stake in Magnite during the 3rd quarter valued at about $40,000. Finally, Central Pacific Bank Trust Division acquired a new position in shares of Magnite in the fourth quarter valued at about $41,000. Institutional investors and hedge funds own 73.40% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Evercore reaffirmed an "outperform" rating and set a $20.00 target price on shares of Magnite in a report on Thursday, February 26th. Benchmark dropped their price target on shares of Magnite from $31.00 to $30.00 and set a "buy" rating on the stock in a research report on Thursday, February 26th. Wells Fargo & Company decreased their price objective on shares of Magnite from $20.00 to $13.00 and set an "equal weight" rating for the company in a research report on Friday, February 27th. Scotiabank lowered their target price on shares of Magnite from $30.00 to $16.00 and set a "sector outperform" rating on the stock in a research note on Thursday, February 26th. Finally, Rosenblatt Securities restated a "buy" rating and issued a $39.00 price target on shares of Magnite in a research note on Thursday, February 26th. Nine investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Magnite presently has an average rating of "Moderate Buy" and a consensus target price of $24.10.

Insider Activity

In related news, insider Adam Lee Soroca sold 21,529 shares of Magnite stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $12.00, for a total value of $258,348.00. Following the completion of the transaction, the insider owned 388,425 shares in the company, valued at $4,661,100. The trade was a 5.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 4.30% of the company's stock.

Magnite Price Performance

MGNI stock opened at $12.03 on Wednesday. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $26.65. The firm has a market capitalization of $1.74 billion, a PE ratio of 12.80, a price-to-earnings-growth ratio of 0.67 and a beta of 2.34. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02. The business has a 50 day simple moving average of $13.06 and a 200-day simple moving average of $16.16.

Magnite 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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