Bank of New York Mellon Corp Sells 723,728 Shares of Magnite, Inc. (NASDAQ:MGNI)

Bank of New York Mellon Corp trimmed its holdings in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 28.7% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 1,797,162 shares of the company's stock after selling 723,728 shares during the quarter. Bank of New York Mellon Corp owned 1.27% of Magnite worth $20,506,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Magnite by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 13,605,104 shares of the company's stock worth $216,593,000 after buying an additional 257,032 shares during the period. Capital Research Global Investors purchased a new position in shares of Magnite in the fourth quarter worth $122,986,000. Wellington Management Group LLP increased its stake in shares of Magnite by 6.8% in the fourth quarter. Wellington Management Group LLP now owns 7,030,011 shares of the company's stock worth $111,918,000 after buying an additional 450,341 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Magnite by 3.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,524,643 shares of the company's stock worth $87,957,000 after buying an additional 170,532 shares during the period. Finally, Boston Partners increased its stake in shares of Magnite by 39.1% in the fourth quarter. Boston Partners now owns 4,756,323 shares of the company's stock worth $76,061,000 after buying an additional 1,336,458 shares during the period. 73.40% of the stock is owned by hedge funds and other institutional investors.

Magnite Stock Down 0.2%

NASDAQ MGNI traded down $0.06 during trading hours on Monday, reaching $24.42. 1,727,622 shares of the company's stock traded hands, compared to its average volume of 2,273,135. Magnite, Inc. has a 52-week low of $8.22 and a 52-week high of $25.27. The firm has a market cap of $3.45 billion, a PE ratio of 122.11, a PEG ratio of 2.00 and a beta of 2.96. The firm has a 50-day simple moving average of $19.30 and a 200 day simple moving average of $16.12. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.98.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.06 by $0.06. Magnite had a net margin of 4.58% and a return on equity of 6.71%. The company had revenue of $145.85 million during the quarter, compared to analysts' expectations of $142.18 million. During the same period last year, the company posted $0.05 EPS. Magnite's revenue was up 4.3% on a year-over-year basis. Sell-side analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Rosenblatt Securities reaffirmed a "buy" rating and issued a $18.00 target price on shares of Magnite in a research note on Thursday, May 8th. Needham & Company LLC boosted their price objective on shares of Magnite from $14.00 to $18.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Benchmark reduced their price objective on shares of Magnite from $25.00 to $24.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Wall Street Zen raised shares of Magnite from a "hold" rating to a "buy" rating in a research report on Sunday, July 13th. Finally, Royal Bank Of Canada reduced their price objective on shares of Magnite from $22.00 to $19.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $20.33.

Insider Activity at Magnite

In related news, insider Adam Lee Soroca sold 42,584 shares of the stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $25.00, for a total transaction of $1,064,600.00. Following the sale, the insider directly owned 366,672 shares of the company's stock, valued at approximately $9,166,800. This represents a 10.41% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael G. Barrett sold 70,900 shares of the stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $23.27, for a total transaction of $1,649,843.00. Following the sale, the chief executive officer directly owned 285,808 shares in the company, valued at $6,650,752.16. This trade represents a 19.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 959,227 shares of company stock worth $18,854,021 in the last ninety days. 4.30% of the stock is currently owned by company insiders.

Magnite 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.