Fulton Bank N.A. Purchases 1,653 Shares of Magnite, Inc. (NASDAQ:MGNI)

Fulton Bank N.A. lifted its holdings in Magnite, Inc. (NASDAQ:MGNI) by 8.1% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 22,003 shares of the company’s stock after purchasing an additional 1,653 shares during the period. Fulton Bank N.A.’s holdings in Magnite were worth $237,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in MGNI. NBC Securities Inc. raised its stake in Magnite by 4.2% during the 4th quarter. NBC Securities Inc. now owns 27,485 shares of the company’s stock worth $256,000 after acquiring an additional 1,108 shares during the period. Advisory Services Network LLC raised its position in shares of Magnite by 1.9% during the 4th quarter. Advisory Services Network LLC now owns 127,106 shares of the company’s stock valued at $1,187,000 after purchasing an additional 2,377 shares during the period. Cape Investment Advisory Inc. bought a new stake in shares of Magnite during the 4th quarter valued at $25,000. Valeo Financial Advisors LLC lifted its stake in shares of Magnite by 22.5% during the 4th quarter. Valeo Financial Advisors LLC now owns 18,192 shares of the company’s stock valued at $170,000 after buying an additional 3,340 shares in the last quarter. Finally, HighTower Advisors LLC boosted its holdings in Magnite by 4.0% in the 3rd quarter. HighTower Advisors LLC now owns 106,414 shares of the company’s stock worth $795,000 after buying an additional 4,140 shares during the period. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Magnite Stock Performance

MGNI stock opened at $13.02 on Friday. The company has a fifty day simple moving average of $11.02 and a two-hundred day simple moving average of $10.22. Magnite, Inc. has a 52 week low of $6.28 and a 52 week high of $15.73. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.79.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, May 8th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.05. Magnite had a positive return on equity of 3.23% and a negative net margin of 12.24%. The company had revenue of $130.55 million during the quarter, compared to analyst estimates of $123.77 million. Research analysts predict that Magnite, Inc. will post 0.38 EPS for the current fiscal year.

Insider Activity

In related news, CFO David Day sold 21,299 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $14.01, for a total value of $298,398.99. Following the completion of the sale, the chief financial officer now directly owns 449,832 shares in the company, valued at $6,302,146.32. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CFO David Day sold 21,299 shares of the stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $14.01, for a total value of $298,398.99. Following the sale, the chief financial officer now owns 449,832 shares of the company’s stock, valued at $6,302,146.32. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CRO Sean Patrick Buckley sold 2,682 shares of Magnite stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $12.50, for a total transaction of $33,525.00. Following the transaction, the executive now directly owns 404,875 shares of the company’s stock, valued at $5,060,937.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 99,629 shares of company stock valued at $1,323,232. 4.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have commented on MGNI. Craig Hallum raised their price target on Magnite from $18.00 to $20.00 and gave the company a “buy” rating in a report on Thursday, May 16th. Benchmark reissued a “buy” rating and set a $18.00 target price on shares of Magnite in a research note on Monday, June 17th. Needham & Company LLC restated a “buy” rating and issued a $15.00 price target on shares of Magnite in a research note on Thursday, May 16th. Evercore ISI increased their price objective on shares of Magnite from $13.00 to $15.00 and gave the company an “outperform” rating in a report on Monday, June 3rd. Finally, Bank of America raised shares of Magnite from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $13.00 to $15.00 in a report on Friday, May 24th. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Magnite has a consensus rating of “Buy” and an average target price of $15.65.

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.