Magnite, Inc. (NASDAQ:MGNI) Holdings Decreased by Bank of New York Mellon Corp

Bank of New York Mellon Corp cut its holdings in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 28.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor 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 about 1.27% of Magnite worth $20,506,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Capital Research Global Investors acquired a new position in Magnite in the fourth quarter worth approximately $122,986,000. Boston Partners lifted its holdings in shares of Magnite by 39.1% during the fourth quarter. Boston Partners now owns 4,756,323 shares of the company's stock valued at $76,061,000 after acquiring an additional 1,336,458 shares during the period. Maestria Partners LLC bought a new stake in Magnite during the 4th quarter worth about $15,161,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Magnite during the 4th quarter worth about $11,076,000. Finally, CenterBook Partners LP bought a new stake in shares of Magnite in the 4th quarter valued at about $9,962,000. Institutional investors and hedge funds own 73.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on MGNI shares. Craig Hallum set a $24.00 price target on Magnite and gave the stock a "buy" rating in a research report on Tuesday, May 20th. Lake Street Capital cut their price target on Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Benchmark lowered their target price on Magnite from $25.00 to $24.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Rosenblatt Securities restated a "buy" rating and set a $18.00 price objective on shares of Magnite in a report on Thursday, May 8th. Finally, Wells Fargo & Company upped their price objective on Magnite from $13.00 to $24.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Magnite currently has an average rating of "Moderate Buy" and an average target price of $20.33.

Insider Activity

In related news, insider Adam Lee Soroca sold 42,584 shares of the stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $25.00, for a total value of $1,064,600.00. Following the completion of the sale, the insider owned 366,672 shares of the company's stock, valued at approximately $9,166,800. This trade represents a 10.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael G. Barrett sold 70,900 shares of Magnite stock in a transaction that occurred on 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 completion of the sale, the chief executive officer owned 285,808 shares of the company's stock, valued at $6,650,752.16. This trade represents a 19.88% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 959,227 shares of company stock worth $18,854,021. Company insiders own 3.80% of the company's stock.

Magnite Price Performance

Shares of Magnite stock opened at $24.27 on Friday. The stock's 50-day simple moving average is $19.11 and its 200-day simple moving average is $16.06. Magnite, Inc. has a 52 week low of $8.22 and a 52 week high of $25.27. The company has a market capitalization of $3.42 billion, a price-to-earnings ratio of 121.36, a PEG ratio of 1.96 and a beta of 2.96. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.47.

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

About Magnite

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.

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