Smithfield Trust Co Sells 840 Shares of Magnite, Inc. (NASDAQ:MGNI)

Smithfield Trust Co lowered its position in Magnite, Inc. (NASDAQ:MGNI) by 16.4% in the 4th quarter, HoldingsChannel.com reports. The fund owned 4,270 shares of the company’s stock after selling 840 shares during the quarter. Smithfield Trust Co’s holdings in Magnite were worth $68,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of MGNI. Greenwood Capital Associates LLC grew its holdings in Magnite by 14.3% during the third quarter. Greenwood Capital Associates LLC now owns 74,760 shares of the company’s stock valued at $1,035,000 after purchasing an additional 9,368 shares during the period. Principal Financial Group Inc. grew its holdings in Magnite by 552.2% during the third quarter. Principal Financial Group Inc. now owns 107,515 shares of the company’s stock valued at $1,489,000 after purchasing an additional 91,031 shares during the period. Winthrop Advisory Group LLC bought a new stake in Magnite during the third quarter valued at about $179,000. Verdence Capital Advisors LLC grew its holdings in Magnite by 4.8% during the third quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company’s stock valued at $268,000 after purchasing an additional 892 shares during the period. Finally, Versor Investments LP grew its holdings in Magnite by 61.5% during the third quarter. Versor Investments LP now owns 19,700 shares of the company’s stock valued at $273,000 after purchasing an additional 7,500 shares during the period. Institutional investors own 73.40% of the company’s stock.

Magnite Price Performance

NASDAQ:MGNI opened at $14.49 on Thursday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $2.07 billion, a P/E ratio of 241.50, a P/E/G ratio of 1.00 and a beta of 2.79. Magnite, Inc. has a 12 month low of $8.38 and a 12 month high of $21.29. The business’s 50-day moving average is $17.20 and its 200 day moving average is $15.27.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, February 26th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.14). Magnite had a net margin of 2.62% and a return on equity of 4.64%. The company had revenue of $180.20 million for the quarter, compared to analysts’ expectations of $183.90 million. On average, equities research analysts forecast that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Insider Buying and Selling at Magnite

In other Magnite news, CTO David Buonasera sold 1,969 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $16.31, for a total transaction of $32,114.39. Following the sale, the chief technology officer now directly owns 223,795 shares in the company, valued at $3,650,096.45. This represents a 0.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Brian Gephart sold 6,250 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $16.00, for a total value of $100,000.00. Following the sale, the chief accounting officer now owns 132,909 shares in the company, valued at approximately $2,126,544. This trade represents a 4.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 271,863 shares of company stock worth $5,169,262 over the last ninety days. Company insiders own 4.30% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on MGNI. Wells Fargo & Company boosted their price target on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. Macquarie reaffirmed an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a research note on Friday, November 8th. Scotiabank started coverage on Magnite in a research note on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price objective for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Magnite in a research note on Thursday, February 27th. Finally, Susquehanna upped their price objective on Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a research note on Thursday, February 27th. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average 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.