Smithfield Trust Co Trims Stock Holdings in Magnite, Inc. (NASDAQ:MGNI)

Smithfield Trust Co lowered its position in Magnite, Inc. (NASDAQ:MGNI) by 26.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,110 shares of the company’s stock after selling 1,880 shares during the quarter. Smithfield Trust Co’s holdings in Magnite were worth $71,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of MGNI. UMB Bank n.a. raised its stake in shares of Magnite by 111.8% during the 2nd quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock valued at $30,000 after buying an additional 1,188 shares during the last quarter. Asset Dedication LLC purchased a new stake in Magnite in the second quarter valued at approximately $52,000. Blue Trust Inc. purchased a new stake in Magnite in the second quarter valued at approximately $56,000. Benjamin F. Edwards & Company Inc. grew its stake in shares of Magnite by 973.5% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock worth $58,000 after acquiring an additional 3,972 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new position in shares of Magnite during the second quarter worth $93,000. Institutional investors own 73.40% of the company’s stock.

Insider Buying and Selling

In other news, insider Aaron Saltz sold 5,112 shares of the firm’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $13.50, for a total value of $69,012.00. Following the transaction, the insider now owns 307,745 shares of the company’s stock, valued at approximately $4,154,557.50. This trade represents a 1.63 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Brian Gephart sold 2,156 shares of the firm’s stock in a transaction on Monday, November 18th. The shares were sold at an average price of $15.60, for a total transaction of $33,633.60. Following the completion of the transaction, the chief accounting officer now directly owns 112,795 shares in the company, valued at approximately $1,759,602. This represents a 1.88 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 127,551 shares of company stock worth $2,031,814. 4.30% of the stock is owned by insiders.

Analysts Set New Price Targets

MGNI has been the subject of several research analyst reports. Royal Bank of Canada restated an “outperform” rating and issued a $19.00 price objective on shares of Magnite in a research note on Friday, September 27th. Craig Hallum restated a “buy” rating and issued a $20.00 price objective on shares of Magnite in a research note on Wednesday, August 21st. Wells Fargo & Company initiated coverage on shares of Magnite in a research note on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price objective for the company. Benchmark restated a “buy” rating and issued a $21.00 price objective on shares of Magnite in a research note on Wednesday, October 2nd. Finally, Lake Street Capital started coverage on shares of Magnite in a report on Thursday, July 25th. They issued a “buy” rating and a $21.00 target price for the company. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, Magnite currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.96.

Magnite Stock Up 3.6 %

Shares of NASDAQ MGNI opened at $16.61 on Friday. Magnite, Inc. has a 1 year low of $7.97 and a 1 year high of $17.00. The firm’s 50 day moving average price is $13.33 and its 200 day moving average price is $13.11. The firm has a market cap of $2.34 billion, a P/E ratio of 276.75, a price-to-earnings-growth ratio of 1.33 and a beta of 2.43. 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 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.