Bank of New York Mellon Corp Makes New Investment in Magnite, Inc. $MGNI

Key Points

• Bank of New York Mellon initiated a Magnite position, buying 1.16 million shares valued at approximately $22.1 million, or about 0.81% of the company. Institutional investors collectively own 73.4% of Magnite.
• Magnite reported stronger-than-expected quarterly results, with earnings of $0.26 per share and revenue of $192.8 million, up 11.3% year over year. Analysts maintain a “Moderate Buy” consensus and an average price target of $28.30.
• Magnite shares opened at $23.70, near their 52-week high of $26.63, while insiders sold nearly 983,000 shares worth $20.2 million over the past three months.

Bank of New York Mellon Corp bought a new stake in Magnite, Inc. (NASDAQ:MGNI - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,162,198 shares of the company's stock, valued at approximately $22,059,000. Bank of New York Mellon Corp owned about 0.81% of Magnite at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Capital Research Global Investors raised its stake in Magnite by 85.0% during the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company's stock valued at $209,696,000 after acquiring an additional 5,937,428 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Magnite by 67.7% in the 4th quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company's stock valued at $140,053,000 after purchasing an additional 3,484,689 shares in the last quarter. Ophir Asset Management Pty Ltd acquired a new stake in shares of Magnite during the 4th quarter valued at approximately $38,695,000. 325 Capital LLC boosted its position in Magnite by 208.5% during the fourth quarter. 325 Capital LLC now owns 2,005,387 shares of the company's stock worth $32,547,000 after purchasing an additional 1,355,326 shares in the last quarter. Finally, Balyasny Asset Management L.P. grew its stake in Magnite by 6,775.7% in the 4th quarter. Balyasny Asset Management L.P. now owns 873,208 shares of the company's stock valued at $14,172,000 after acquiring an additional 860,508 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company's stock.

Insider Buying and Selling

In other news, CAO Brian Gephart sold 12,479 shares of Magnite stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $24.68, for a total transaction of $307,981.72. Following the sale, the chief accounting officer owned 106,117 shares in the company, valued at $2,618,967.56. This trade represents a 10.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Sarah Patricia Harden sold 18,436 shares of the business's stock in a transaction on Friday, August 28th. The stock was sold at an average price of $24.00, for a total transaction of $442,464.00. Following the completion of the transaction, the director owned 114,751 shares in the company, valued at $2,754,024. This represents a 13.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 982,828 shares of company stock valued at $20,180,124 over the last three months. Company insiders own 3.20% of the company's stock.

Magnite Price Performance

MGNI opened at $23.70 on Monday. Magnite, Inc. has a 1 year low of $10.82 and a 1 year high of $26.63. The firm has a 50 day moving average price of $21.04 and a 200 day moving average price of $16.02. The company has a market cap of $3.40 billion, a PE ratio of 21.74, a price-to-earnings-growth ratio of 1.03 and a beta of 2.26. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.02.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.02. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The business had revenue of $192.82 million for the quarter, compared to analyst estimates of $179.15 million. During the same quarter in the previous year, the business posted $0.20 EPS. The business's quarterly revenue was up 11.3% on a year-over-year basis. Sell-side analysts expect that Magnite, Inc. will post 0.61 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on MGNI shares. B. Riley Financial boosted their price target on Magnite from $20.00 to $27.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Benchmark raised their price target on shares of Magnite from $30.00 to $33.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. BTIG Research lifted their price target on shares of Magnite from $20.00 to $27.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Royal Bank Of Canada boosted their price objective on shares of Magnite from $20.00 to $27.00 and gave the company an "outperform" rating in a research report on Thursday, August 6th. Finally, Wells Fargo & Company upped their price objective on shares of Magnite from $21.00 to $22.00 and gave the company an "equal weight" rating in a research note on Friday, August 7th. Nine equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $28.30.

Magnite 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).

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