Magnite, Inc. $MGNI Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 3.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,138,217 shares of the company’s stock after selling 45,101 shares during the period. Bank of New York Mellon Corp owned approximately 0.79% of Magnite worth $13,522,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of MGNI. US Bancorp DE raised its holdings in Magnite by 75.8% in the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after buying an additional 688 shares during the period. PNC Financial Services Group Inc. boosted its stake in Magnite by 45.1% during the third quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock worth $53,000 after buying an additional 755 shares during the period. Smartleaf Asset Management LLC increased its position in shares of Magnite by 98.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 3,678 shares of the company’s stock valued at $61,000 after acquiring an additional 1,824 shares during the last quarter. Rachor Investment Advisory Services LLC acquired a new stake in shares of Magnite during the fourth quarter valued at about $68,000. Finally, State of Wyoming raised its stake in shares of Magnite by 159.3% in the 4th quarter. State of Wyoming now owns 4,600 shares of the company’s stock valued at $75,000 after acquiring an additional 2,826 shares during the period. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Magnite Price Performance

Shares of NASDAQ MGNI opened at $19.30 on Friday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02. Magnite, Inc. has a fifty-two week low of $10.82 and a fifty-two week high of $26.65. The firm has a market capitalization of $2.76 billion, a PE ratio of 18.56, a price-to-earnings-growth ratio of 0.99 and a beta of 2.25. The stock’s 50-day simple moving average is $17.86 and its 200-day simple moving average is $14.70.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.11 by $0.02. The company had revenue of $164.37 million for the quarter, compared to analyst estimates of $159.24 million. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The firm’s revenue was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.12 earnings per share. As a group, equities research analysts forecast that Magnite, Inc. will post 0.55 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CTO David Buonasera sold 11,233 shares of the firm’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $18.00, for a total value of $202,194.00. Following the transaction, the chief technology officer owned 280,494 shares of the company’s stock, valued at approximately $5,048,892. This trade represents a 3.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David T. Pearson sold 10,766 shares of the company’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $15.65, for a total value of $168,487.90. Following the completion of the sale, the director directly owned 79,001 shares of the company’s stock, valued at $1,236,365.65. The trade was a 11.99% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 491,639 shares of company stock valued at $8,676,734. Company insiders own 3.20% of the company’s stock.

Analysts Set New Price Targets

MGNI has been the subject of several research analyst reports. Royal Bank Of Canada restated an “outperform” rating on shares of Magnite in a research report on Thursday, May 28th. Weiss Ratings upgraded Magnite from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Evercore reissued an “outperform” rating and set a $21.00 target price on shares of Magnite in a research note on Thursday, May 7th. Needham & Company LLC reissued a “buy” rating and set a $25.00 target price on shares of Magnite in a research note on Thursday, April 16th. Finally, BTIG Research started coverage on Magnite in a report on Tuesday, June 9th. They set a “buy” rating and a $20.00 target price for the company. Eight analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $24.56.

Magnite Company Profile

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).