Magnite, Inc. (NASDAQ:MGNI) Shares Bought by Parkside Financial Bank & Trust

Parkside Financial Bank & Trust raised its stake in Magnite, Inc. (NASDAQ:MGNI) by 42.9% in the 4th quarter, Holdings Channel.com reports. The firm owned 9,886 shares of the company’s stock after acquiring an additional 2,968 shares during the period. Parkside Financial Bank & Trust’s holdings in Magnite were worth $157,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Quarry LP grew its stake in Magnite by 446.8% in the third quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after purchasing an additional 4,508 shares in the last quarter. KBC Group NV grew its position in shares of Magnite by 66.5% in the 4th quarter. KBC Group NV now owns 5,943 shares of the company’s stock worth $95,000 after acquiring an additional 2,374 shares in the last quarter. Lebenthal Global Advisors LLC bought a new stake in shares of Magnite in the 3rd quarter valued at approximately $141,000. Seelaus Asset Management LLC acquired a new stake in shares of Magnite during the 3rd quarter valued at approximately $175,000. Finally, Parametrica Management Ltd bought a new position in Magnite during the third quarter worth $177,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Trading Down 4.7 %

NASDAQ MGNI opened at $15.77 on Friday. The firm’s 50 day moving average price is $17.30 and its two-hundred day moving average price is $15.22. The stock has a market cap of $2.22 billion, a price-to-earnings ratio of 262.83, a PEG ratio of 1.00 and a beta of 2.52. Magnite, Inc. has a twelve month low of $8.38 and a twelve month high of $21.29. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.14). The business had revenue of $180.20 million for the quarter, compared to analyst estimates of $183.90 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. Equities analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current year.

Insider Activity

In related news, CTO David Buonasera sold 1,969 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $16.31, for a total transaction of $32,114.39. Following the transaction, the chief technology officer now directly owns 223,795 shares of the company’s stock, valued at approximately $3,650,096.45. The trade was a 0.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director James Rossman sold 149,936 shares of the company’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $19.46, for a total transaction of $2,917,754.56. Following the completion of the transaction, the director now owns 219,920 shares in the company, valued at approximately $4,279,643.20. This represents a 40.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 398,110 shares of company stock worth $7,418,043 in the last 90 days. Company insiders own 4.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Susquehanna boosted their target price on shares of Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a research note on Thursday. Scotiabank initiated coverage on shares of Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price objective for the company. Benchmark raised their target price on shares of Magnite from $21.00 to $25.00 and gave the stock a “buy” rating in a report on Thursday. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 target price on shares of Magnite in a report on Thursday. Finally, Wolfe Research raised their price target on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.27.

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.