Fulton Bank N.A. Boosts Stake in Magnite, Inc. (NASDAQ:MGNI)

Fulton Bank N.A. boosted its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 6.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 28,311 shares of the company’s stock after acquiring an additional 1,696 shares during the quarter. Fulton Bank N.A.’s holdings in Magnite were worth $392,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. UMB Bank n.a. grew its stake in Magnite by 111.8% in the second quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock worth $30,000 after purchasing an additional 1,188 shares in the last quarter. Asset Dedication LLC acquired a new position in shares of Magnite in the 2nd quarter valued at $52,000. Blue Trust Inc. acquired a new position in shares of Magnite in the 2nd quarter valued at $56,000. Benjamin F. Edwards & Company Inc. grew its position in Magnite by 973.5% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock worth $58,000 after purchasing an additional 3,972 shares during the period. Finally, DekaBank Deutsche Girozentrale acquired a new stake in Magnite during the 2nd quarter worth about $93,000. 73.40% of the stock is owned by institutional investors.

Magnite Stock Down 1.1 %

Shares of NASDAQ:MGNI opened at $12.08 on Thursday. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.77. The company has a fifty day simple moving average of $13.16 and a 200 day simple moving average of $12.25. The firm has a market cap of $1.71 billion, a PE ratio of -18.88, a price-to-earnings-growth ratio of 1.07 and a beta of 2.41. Magnite, Inc. has a 12-month low of $6.28 and a 12-month high of $15.92.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.01). Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The business had revenue of $162.88 million for the quarter, compared to the consensus estimate of $144.04 million. During the same quarter in the previous year, the firm earned ($0.04) EPS. The firm’s revenue for the quarter was up 6.8% on a year-over-year basis. On average, equities research analysts anticipate that Magnite, Inc. will post 0.31 EPS for the current fiscal year.

Wall Street Analyst Weigh In

MGNI has been the subject of a number of research analyst reports. Wolfe Research initiated coverage on shares of Magnite in a research report on Tuesday, July 16th. They set an “outperform” rating and a $16.00 price objective for the company. Benchmark reissued a “buy” rating and issued a $21.00 price objective on shares of Magnite in a report on Wednesday, October 2nd. Needham & Company LLC reaffirmed a “buy” rating and set a $15.00 target price on shares of Magnite in a research note on Wednesday, October 2nd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $19.00 target price on shares of Magnite in a research note on Friday, September 27th. Finally, Craig Hallum reissued a “buy” rating and issued a $20.00 price objective on shares of Magnite in a research note on Wednesday, August 21st. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $17.25.

Insiders Place Their Bets

In other news, CRO Sean Patrick Buckley sold 19,607 shares of Magnite stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $14.50, for a total value of $284,301.50. Following the transaction, the executive now owns 363,615 shares of the company’s stock, valued at $5,272,417.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CRO Sean Patrick Buckley sold 19,607 shares of Magnite stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $14.50, for a total value of $284,301.50. Following the transaction, the executive now directly owns 363,615 shares of the company’s stock, valued at $5,272,417.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Adam Lee Soroca sold 7,910 shares of Magnite stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $12.59, for a total transaction of $99,586.90. Following the completion of the transaction, the insider now directly owns 436,001 shares in the company, valued at approximately $5,489,252.59. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 250,383 shares of company stock worth $3,519,150. 4.30% of the stock is owned by corporate insiders.

About Magnite

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.