Truist Financial Corp Has $908,000 Position in Magnite, Inc. (NASDAQ:MGNI)

Truist Financial Corp grew its stake in Magnite, Inc. (NASDAQ:MGNI) by 42.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 68,307 shares of the company’s stock after buying an additional 20,517 shares during the period. Truist Financial Corp’s holdings in Magnite were worth $908,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in MGNI. UMB Bank n.a. increased its position in shares of Magnite by 111.8% during the second quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock worth $30,000 after acquiring an additional 1,188 shares in the last quarter. Asset Dedication LLC purchased a new stake in shares of Magnite in the second quarter worth approximately $52,000. Blue Trust Inc. bought a new position in shares of Magnite in the second quarter valued at approximately $56,000. Benjamin F. Edwards & Company Inc. boosted its position in shares of Magnite by 973.5% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock valued at $58,000 after buying an additional 3,972 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new stake in Magnite during the second quarter worth $93,000. 73.40% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Magnite

In other Magnite news, CEO Michael G. Barrett sold 75,000 shares of Magnite stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $12.63, for a total transaction of $947,250.00. Following the completion of the transaction, the chief executive officer now owns 944,552 shares in the company, valued at approximately $11,929,691.76. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Magnite news, CEO Michael G. Barrett sold 75,000 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $12.63, for a total transaction of $947,250.00. Following the completion of the sale, the chief executive officer now directly owns 944,552 shares in the company, valued at approximately $11,929,691.76. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CRO Sean Patrick Buckley sold 2,623 shares of Magnite stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $12.53, for a total transaction of $32,866.19. Following the completion of the transaction, the executive now directly owns 331,742 shares of the company’s stock, valued at $4,156,727.26. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 95,533 shares of company stock valued at $1,206,203. 4.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

MGNI has been the subject of a number of recent analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $19.00 price objective on shares of Magnite in a research report on Friday, September 27th. Lake Street Capital assumed coverage on Magnite in a research report on Thursday, July 25th. They set a “buy” rating and a $21.00 price target for the company. Benchmark reissued a “buy” rating and issued a $21.00 price objective on shares of Magnite in a research report on Wednesday, October 2nd. Craig Hallum reaffirmed a “buy” rating and set a $20.00 target price on shares of Magnite in a research report on Wednesday, August 21st. Finally, Wolfe Research initiated coverage on Magnite in a research note on Tuesday, July 16th. They set an “outperform” rating and a $16.00 target price on the stock. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $17.25.

Magnite Price Performance

MGNI opened at $12.40 on Tuesday. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.10 and a quick ratio of 1.10. The stock’s 50 day simple moving average is $13.04 and its 200 day simple moving average is $12.30. The firm has a market cap of $1.75 billion, a price-to-earnings ratio of -112.73, a PEG ratio of 1.05 and a beta of 2.41. Magnite, Inc. has a 1 year low of $6.28 and a 1 year high of $15.92.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). The company had revenue of $162.88 million for the quarter, compared to analysts’ expectations of $144.04 million. Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The firm’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.04) earnings per share. As a group, analysts predict that Magnite, Inc. will post 0.31 earnings per share for the current year.

Magnite Company 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.