Citizens Financial Group Inc. RI Sells 54,942 Shares of Magnite, Inc. $MGNI

Citizens Financial Group Inc. RI reduced its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 66.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 27,441 shares of the company’s stock after selling 54,942 shares during the period. Citizens Financial Group Inc. RI’s holdings in Magnite were worth $693,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of MGNI. Sterling Capital Management LLC grew its holdings in Magnite by 163.7% in the third quarter. Sterling Capital Management LLC now owns 3,977 shares of the company’s stock worth $100,000 after purchasing an additional 2,469 shares during the period. Reyes Financial Architecture Inc. bought a new position in shares of Magnite during the third quarter valued at approximately $54,000. Pinnacle Associates Ltd. increased its stake in shares of Magnite by 1.2% during the third quarter. Pinnacle Associates Ltd. now owns 68,742 shares of the company’s stock valued at $1,736,000 after purchasing an additional 825 shares in the last quarter. State of Alaska Department of Revenue lifted its holdings in shares of Magnite by 19.4% during the third quarter. State of Alaska Department of Revenue now owns 36,206 shares of the company’s stock valued at $914,000 after purchasing an additional 5,872 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of Magnite by 32.1% during the third quarter. GAMMA Investing LLC now owns 2,916 shares of the company’s stock valued at $74,000 after purchasing an additional 708 shares during the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Magnite news, insider Sean Buckley sold 67,179 shares of Magnite stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $24.49, for a total value of $1,645,213.71. Following the completion of the sale, the insider owned 315,805 shares of the company’s stock, valued at approximately $7,734,064.45. This trade represents a 17.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael Barrett sold 293,968 shares of Magnite stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $22.72, for a total value of $6,678,952.96. Following the completion of the sale, the chief executive officer directly owned 403,074 shares of the company’s stock, valued at approximately $9,157,841.28. The trade was a 42.17% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 680,259 shares of company stock worth $15,993,244 in the last three months. Corporate insiders own 3.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on MGNI. Evercore reissued an “outperform” rating and issued a $25.00 price target on shares of Magnite in a research report on Thursday, August 6th. Scotiabank reaffirmed an “outperform” rating and set a $27.00 price objective on shares of Magnite in a research report on Thursday, August 6th. Wells Fargo & Company lifted their price objective on Magnite from $21.00 to $22.00 and gave the company an “equal weight” rating in a research note on Friday, August 7th. Royal Bank Of Canada lifted their price objective on Magnite from $20.00 to $27.00 and gave the company an “outperform” rating in a research note on Thursday, August 6th. Finally, BTIG Research reissued a “buy” rating and issued a $27.00 target price on shares of Magnite in a research note on Wednesday, September 9th. Eleven equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.36.

Magnite Stock Up 3.0%

Shares of Magnite stock opened at $22.43 on Friday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.02. The stock has a market capitalization of $3.22 billion, a PE ratio of 39.58, a price-to-earnings-growth ratio of 0.71 and a beta of 2.33. Magnite, Inc. has a 52-week low of $10.82 and a 52-week high of $26.84. The company has a 50-day simple moving average of $24.02 and a two-hundred day simple moving average of $17.60.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02. The firm had revenue of $192.82 million for the quarter, compared to analysts’ expectations of $179.15 million. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.20 earnings per share. On average, analysts anticipate that Magnite, Inc. will post 0.61 EPS for the current fiscal year.

Magnite Profile

Magnite, Inc operates an independent omnichannel sell-side advertising platform that helps publishers and digital media owners monetize their content while enabling advertisers to reach audiences across multiple channels. Its platform supports the buying and selling of digital advertising inventory through automated auctions and direct transactions.

The company’s solutions serve connected television and streaming video, online display and mobile advertising, audio, and digital out-of-home media.