M&T Bank Corp Acquires New Holdings in Magnite, Inc. (NASDAQ:MGNI)

M&T Bank Corp acquired a new stake in shares of Magnite, Inc. (NASDAQ:MGNI) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 14,423 shares of the company’s stock, valued at approximately $230,000.

A number of other institutional investors have also recently bought and sold shares of MGNI. Wellington Management Group LLP grew its holdings in Magnite by 125.3% during the third quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock valued at $91,128,000 after purchasing an additional 3,659,759 shares during the period. Nomura Asset Management Co. Ltd. acquired a new position in Magnite during the third quarter valued at approximately $23,917,000. Stephens Investment Management Group LLC lifted its stake in Magnite by 146.8% in the fourth quarter. Stephens Investment Management Group LLC now owns 996,644 shares of the company’s stock valued at $15,867,000 after buying an additional 592,853 shares in the last quarter. Rice Hall James & Associates LLC bought a new position in Magnite in the fourth quarter valued at approximately $3,000,000. Finally, Barclays PLC lifted its stake in Magnite by 352.9% in the third quarter. Barclays PLC now owns 210,598 shares of the company’s stock valued at $2,917,000 after buying an additional 164,093 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Stock Performance

NASDAQ MGNI opened at $12.60 on Friday. 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 firm’s fifty day moving average price is $16.69 and its two-hundred day moving average price is $15.22. Magnite, Inc. has a 1 year low of $8.38 and a 1 year high of $21.29. The firm has a market capitalization of $1.80 billion, a P/E ratio of 210.00, a price-to-earnings-growth ratio of 1.00 and a beta of 2.79.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, February 26th. The company reported $0.25 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $183.90 million. As a group, research analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current year.

Insider Buying and Selling at Magnite

In other Magnite news, insider Sean Patrick Buckley sold 18,693 shares of the company’s stock in a transaction on Friday, February 7th. The shares were sold at an average price of $20.00, for a total value of $373,860.00. Following the transaction, the insider now directly owns 408,529 shares in the company, valued at $8,170,580. The trade was a 4.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO David Day sold 11,644 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $16.44, for a total transaction of $191,427.36. Following the completion of the transaction, the chief financial officer now owns 400,859 shares in the company, valued at approximately $6,590,121.96. This represents a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 269,894 shares of company stock worth $5,137,148 over the last ninety days. Insiders own 4.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on MGNI shares. Susquehanna lifted their price target on shares of Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a research note on Thursday, February 27th. Scotiabank started coverage on shares of Magnite in a research note on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price target on the stock. Wolfe Research lifted their price target on shares of Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Wells Fargo & Company boosted their price objective on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. Finally, Benchmark reissued a “buy” rating and issued a $25.00 price objective on shares of Magnite in a research report on Monday, March 10th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average 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.