Bank of America Corp DE Makes New $22.43 Million Investment in Magnite, Inc. $MGNI

Key Points

• Bank of America initiated a $22.43 million position in Magnite during the second quarter, acquiring 1.18 million shares and holding approximately 0.82% of the company. Institutional investors collectively own 73.4% of Magnite.
• Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $29.36. Recent targets range from $22 to $40.
• Magnite exceeded quarterly expectations, reporting $0.26 in adjusted EPS versus $0.24 expected and revenue of $192.82 million, up 11.3% year over year. However, insiders sold $17.86 million worth of shares during the last quarter.

Bank of America Corp DE bought a new stake in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 1,181,832 shares of the company's stock, valued at approximately $22,431,000. Bank of America Corp DE owned approximately 0.82% of Magnite as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. BlackRock Inc. purchased a new position in Magnite during the second quarter valued at approximately $241,296,000. Capital Research Global Investors raised its position in shares of Magnite by 85.0% in the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company's stock worth $209,696,000 after buying an additional 5,937,428 shares in the last quarter. Canada Pension Plan Investment Board purchased a new stake in shares of Magnite in the second quarter worth $56,847,000. Dimensional Fund Advisors LP boosted its stake in Magnite by 10.2% during the first quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company's stock valued at $47,322,000 after buying an additional 367,854 shares during the period. Finally, 325 Capital LLC boosted its stake in Magnite by 208.5% during the fourth quarter. 325 Capital LLC now owns 2,005,387 shares of the company's stock valued at $32,547,000 after buying an additional 1,355,326 shares during the period. 73.40% of the stock is currently owned by institutional investors.

Insider Transactions at Magnite

In related news, Director Douglas S. Knopper sold 37,337 shares of Magnite stock in a transaction on Thursday, September 17th. The shares were sold at an average price of $26.28, for a total value of $981,216.36. Following the transaction, the director owned 51,136 shares in the company, valued at $1,343,854.08. This trade represents a 42.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert F. Spillane sold 10,363 shares of the business's stock in a transaction on Monday, September 14th. The stock was sold at an average price of $23.76, for a total transaction of $246,224.88. Following the completion of the sale, the director directly owned 57,715 shares of the company's stock, valued at $1,371,308.40. This represents a 15.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 777,592 shares of company stock worth $17,860,513. Corporate insiders own 3.20% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on MGNI shares. Scotiabank restated an "outperform" rating and set a $27.00 target price on shares of Magnite in a research report on Thursday, August 6th. Rosenblatt Securities lifted their price target on Magnite from $39.00 to $40.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Wells Fargo & Company lifted their price target on Magnite from $21.00 to $22.00 and gave the company an "equal weight" rating in a research report on Friday, August 7th. Weiss Ratings reissued a "hold (c)" rating on shares of Magnite in a report on Friday, August 7th. Finally, Royal Bank Of Canada upped their price objective on shares of Magnite from $20.00 to $27.00 and gave the stock an "outperform" rating in a research report on Thursday, August 6th. Ten analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $29.36.

Magnite Trading Down 3.0%

NASDAQ MGNI opened at $24.06 on Thursday. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. The stock's 50-day simple moving average is $22.67 and its two-hundred day simple moving average is $17.51. Magnite, Inc. has a twelve month low of $10.82 and a twelve month high of $26.84. The company has a market capitalization of $3.45 billion, a price-to-earnings ratio of 22.07, a PEG ratio of 1.09 and a beta of 2.30.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.24 by $0.02. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The firm had revenue of $192.82 million during the quarter, compared to analysts' expectations of $179.15 million. During the same period in the prior year, the business earned $0.20 EPS. The company's revenue for the quarter was up 11.3% compared to the same quarter last year. Research analysts forecast that Magnite, Inc. will post 0.61 EPS for the current fiscal year.

About Magnite

Magnite, Inc is an independent sell-side advertising technology company that operates a global platform for digital media owners and app developers. Its technology helps publishers and media companies manage, package, sell and optimize advertising inventory across connected television (CTV), online video, mobile, desktop, audio and digital out-of-home channels.

Magnite's platform connects publishers with agencies, brands and demand-side platforms, supporting automated, data-driven programmatic advertising transactions.

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