M&T Bank Corp Purchases 4,537 Shares of Magnite, Inc. (NASDAQ:MGNI)

M&T Bank Corp boosted its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 31.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 18,960 shares of the company’s stock after acquiring an additional 4,537 shares during the period. M&T Bank Corp’s holdings in Magnite were worth $216,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MGNI. GAMMA Investing LLC raised its stake in Magnite by 10,170.3% during the 1st quarter. GAMMA Investing LLC now owns 3,800 shares of the company’s stock worth $43,000 after acquiring an additional 3,763 shares during the period. Farther Finance Advisors LLC grew its holdings in Magnite by 7,043.0% during the 1st quarter. Farther Finance Advisors LLC now owns 6,643 shares of the company’s stock valued at $76,000 after buying an additional 6,550 shares in the last quarter. Quantbot Technologies LP purchased a new stake in Magnite during the 4th quarter valued at approximately $87,000. 1620 Investment Advisors Inc. purchased a new stake in Magnite during the 4th quarter valued at approximately $103,000. Finally, Murphy & Mullick Capital Management Corp purchased a new stake in Magnite during the 4th quarter valued at approximately $116,000. Institutional investors own 73.40% of the company’s stock.

Insider Buying and Selling at Magnite

In other news, Director James Rossman sold 137,007 shares of Magnite stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $18.78, for a total transaction of $2,572,991.46. Following the completion of the sale, the director directly owned 93,679 shares in the company, valued at approximately $1,759,291.62. This trade represents a 59.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO David Day sold 36,000 shares of Magnite stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $20.95, for a total value of $754,200.00. Following the sale, the chief financial officer owned 443,528 shares of the company’s stock, valued at approximately $9,291,911.60. This trade represents a 7.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 959,227 shares of company stock valued at $18,854,021. 3.80% of the stock is owned by company insiders.

Analysts Set New Price Targets

MGNI has been the subject of a number of research analyst reports. Lake Street Capital cut their price objective on shares of Magnite from $21.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, May 8th. Wall Street Zen raised shares of Magnite from a “hold” rating to a “buy” rating in a report on Sunday, July 13th. Royal Bank Of Canada cut their target price on shares of Magnite from $22.00 to $19.00 and set an “outperform” rating for the company in a report on Friday, May 2nd. Benchmark cut their target price on shares of Magnite from $25.00 to $24.00 and set a “buy” rating for the company in a report on Thursday, May 8th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $18.00 target price on shares of Magnite in a report on Thursday, May 8th. One 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 stock has an average rating of “Moderate Buy” and a consensus price target of $20.33.

Magnite Stock Up 0.9%

Shares of MGNI opened at $24.48 on Friday. The company has a market cap of $3.45 billion, a PE ratio of 122.41, a P/E/G ratio of 1.98 and a beta of 2.96. The business has a fifty day moving average of $19.30 and a 200 day moving average of $16.12. Magnite, Inc. has a 52-week low of $8.22 and a 52-week high of $25.27. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.47.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.06. The company had revenue of $145.85 million during the quarter, compared to the consensus estimate of $142.18 million. Magnite had a return on equity of 6.71% and a net margin of 4.58%. Magnite’s revenue was up 4.3% on a year-over-year basis. During the same period last year, the company earned $0.05 earnings per share. On average, sell-side analysts expect that Magnite, Inc. will post 0.33 EPS for the current year.

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.