Moody National Bank Trust Division Acquires 57,142 Shares of Magnite, Inc. $MGNI

Key Points

• Moody National Bank Trust Division increased its holdings in Magnite, Inc. by 54.8%, owning approximately $3.89 million worth of the company's stock after acquiring an additional 57,142 shares.
• Several institutional investors have also made significant moves regarding Magnite, including Wealth Enhancement Advisory Services LLC purchasing a new position valued at around $255,000.
• Analyst ratings for Magnite have been mostly positive, with ten analysts giving the stock a "Buy" rating and a consensus price target raised to $25.82.

Moody National Bank Trust Division increased its position in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 54.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 161,332 shares of the company's stock after purchasing an additional 57,142 shares during the period. Moody National Bank Trust Division owned 0.11% of Magnite worth $3,891,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. lifted its stake in shares of Magnite by 74.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 51,815 shares of the company's stock worth $591,000 after acquiring an additional 22,131 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Magnite by 54.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 44,947 shares of the company's stock valued at $513,000 after purchasing an additional 15,762 shares in the last quarter. Calamos Advisors LLC grew its position in Magnite by 85.7% in the first quarter. Calamos Advisors LLC now owns 65,275 shares of the company's stock worth $745,000 after acquiring an additional 30,132 shares during the period. Vanguard Group Inc. raised its stake in shares of Magnite by 1.0% in the first quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company's stock valued at $156,814,000 after acquiring an additional 138,417 shares in the last quarter. Finally, Brown Advisory Inc. purchased a new position in Magnite in the first quarter valued at $290,000. Institutional investors own 73.40% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on MGNI shares. Wall Street Zen cut shares of Magnite from a "buy" rating to a "hold" rating in a research note on Saturday. Needham & Company LLC upped their target price on shares of Magnite from $18.00 to $25.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Royal Bank Of Canada raised their target price on shares of Magnite from $19.00 to $27.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Wells Fargo & Company increased their target price on shares of Magnite from $13.00 to $24.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 8th. Finally, Rosenblatt Securities restated a "buy" rating and issued a $39.00 price target on shares of Magnite in a research report on Wednesday, September 17th. Ten analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $25.82.

Insider Activity

In other Magnite news, insider Aaron Saltz sold 8,522 shares of Magnite stock in a transaction on Friday, September 19th. The stock was sold at an average price of $24.50, for a total value of $208,789.00. Following the sale, the insider owned 215,079 shares in the company, valued at $5,269,435.50. The trade was a 3.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Brian Gephart sold 27,671 shares of the stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $24.71, for a total value of $683,750.41. Following the completion of the transaction, the chief accounting officer owned 92,898 shares in the company, valued at approximately $2,295,509.58. The trade was a 22.95% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 477,759 shares of company stock worth $11,464,069 over the last ninety days. 4.30% of the stock is currently owned by corporate insiders.

Magnite Price Performance

Shares of MGNI traded down $0.11 during midday trading on Tuesday, hitting $24.05. 883,250 shares of the company traded hands, compared to its average volume of 2,776,131. Magnite, Inc. has a one year low of $8.22 and a one year high of $26.65. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a market cap of $3.43 billion, a P/E ratio of 82.90, a PEG ratio of 1.78 and a beta of 3.05. The stock has a 50-day moving average of $23.77 and a 200-day moving average of $18.24.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.20 earnings per share for the quarter, beating analysts' consensus estimates of $0.17 by $0.03. The firm had revenue of $162.00 million during the quarter, compared to analyst estimates of $157.05 million. Magnite had a return on equity of 8.07% and a net margin of 6.30%.The business's quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.14 earnings per share. As a group, sell-side analysts predict that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

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.