PNC Financial Services Group Inc. Lowers Stock Position in Magnite, Inc. (NASDAQ:MGNI)

PNC Financial Services Group Inc. reduced its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 78.5% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,348 shares of the company’s stock after selling 12,226 shares during the period. PNC Financial Services Group Inc.’s holdings in Magnite were worth $113,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of MGNI. Nuveen Asset Management LLC lifted its position in shares of Magnite by 639.1% during the 1st quarter. Nuveen Asset Management LLC now owns 7,075,585 shares of the company’s stock valued at $294,416,000 after buying an additional 6,118,242 shares in the last quarter. Allianz Asset Management GmbH raised its stake in Magnite by 46.0% during the 1st quarter. Allianz Asset Management GmbH now owns 6,982,548 shares of the company’s stock valued at $290,544,000 after purchasing an additional 2,201,574 shares during the period. Renaissance Technologies LLC raised its stake in Magnite by 415.2% during the 1st quarter. Renaissance Technologies LLC now owns 2,023,313 shares of the company’s stock valued at $84,190,000 after purchasing an additional 1,630,559 shares during the period. Truxt Investmentos Ltda. bought a new stake in Magnite during the 2nd quarter valued at approximately $22,518,000. Finally, BlackRock Inc. raised its stake in Magnite by 8.0% during the 1st quarter. BlackRock Inc. now owns 8,674,069 shares of the company’s stock valued at $360,927,000 after purchasing an additional 644,039 shares during the period. 64.77% of the stock is currently owned by hedge funds and other institutional investors.

In related news, General Counsel Aaron Saltz sold 5,000 shares of the business’s stock in a transaction on Monday, August 9th. The stock was sold at an average price of $33.81, for a total transaction of $169,050.00. Following the completion of the transaction, the general counsel now owns 264,897 shares in the company, valued at approximately $8,956,167.57. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CRO Joseph R. Prusz sold 3,014 shares of the business’s stock in a transaction on Monday, August 16th. The shares were sold at an average price of $26.82, for a total value of $80,835.48. Following the transaction, the executive now owns 327,296 shares of the company’s stock, valued at approximately $8,778,078.72. The disclosure for this sale can be found here. In the last three months, insiders have sold 215,072 shares of company stock worth $6,293,514. Corporate insiders own 4.10% of the company’s stock.

Several analysts recently issued reports on MGNI shares. Needham & Company LLC reissued a “buy” rating and set a $70.00 target price on shares of Magnite in a research note on Thursday, September 16th. Zacks Investment Research downgraded Magnite from a “hold” rating to a “sell” rating in a research note on Friday, September 10th. Macquarie started coverage on Magnite in a research note on Tuesday, August 31st. They set an “outperform” rating and a $39.00 target price on the stock. Royal Bank of Canada started coverage on Magnite in a research note on Monday, August 9th. They issued an “outperform” rating and a $40.00 price objective on the stock. Finally, Truist raised Magnite from a “hold” rating to a “buy” rating and set a $37.00 price objective on the stock in a research note on Monday, June 7th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Magnite presently has a consensus rating of “Buy” and a consensus target price of $42.09.

NASDAQ MGNI opened at $28.07 on Tuesday. The company has a market cap of $3.68 billion, a P/E ratio of 280.73 and a beta of 2.31. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.15 and a current ratio of 1.15. The business’s 50 day moving average price is $29.70 and its 200-day moving average price is $33.81. Magnite, Inc. has a fifty-two week low of $5.88 and a fifty-two week high of $64.39.

Magnite (NASDAQ:MGNI) last released its earnings results on Thursday, August 5th. The company reported $0.11 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.05 by $0.06. The firm had revenue of $114.54 million for the quarter, compared to the consensus estimate of $95.00 million. Magnite had a return on equity of 4.17% and a net margin of 6.07%. As a group, equities analysts predict that Magnite, Inc. will post 0.31 EPS for the current year.

About Magnite

Magnite, Inc provides a technology solution to automate the purchase and sale of digital advertising inventory for buyers and sellers. It features applications and services for digital advertising sellers including websites, mobile applications, and other digital media properties. The company was founded by Frank Addante, Duc Chau, Craig Roah, Julie Mattern and Brian D.

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Institutional Ownership by Quarter for Magnite (NASDAQ:MGNI)

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