Bank of New York Mellon Corp Cuts Stock Holdings in Magnite, Inc. (NASDAQ:MGNI)

Bank of New York Mellon Corp lowered its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 3.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,302,309 shares of the company’s stock after selling 102,792 shares during the period. Bank of New York Mellon Corp’s holdings in Magnite were worth $43,888,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the company. Cape Investment Advisory Inc. purchased a new stake in Magnite during the 4th quarter valued at $25,000. Blue Trust Inc. bought a new stake in Magnite in the 2nd quarter worth about $56,000. Dynamic Technology Lab Private Ltd bought a new stake in Magnite in the 4th quarter worth about $99,000. O Shaughnessy Asset Management LLC purchased a new position in Magnite in the 1st quarter worth about $108,000. Finally, HCR Wealth Advisors purchased a new stake in shares of Magnite during the 4th quarter valued at about $121,000. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Magnite Stock Performance

NASDAQ:MGNI opened at $13.79 on Monday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.10 and a current ratio of 1.10. The stock has a 50-day simple moving average of $13.70 and a two-hundred day simple moving average of $11.84. The firm has a market capitalization of $1.95 billion, a PE ratio of -21.55, a P/E/G ratio of 1.20 and a beta of 2.35. Magnite, Inc. has a 52-week low of $6.28 and a 52-week high of $15.92.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The company had revenue of $162.88 million for the quarter, compared to the consensus estimate of $144.04 million. During the same quarter last year, the firm posted ($0.04) earnings per share. The company’s revenue was up 6.8% compared to the same quarter last year. Analysts forecast that Magnite, Inc. will post 0.31 EPS for the current year.

Insiders Place Their Bets

In other news, CRO Sean Patrick Buckley sold 2,623 shares of the firm’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $12.53, for a total transaction of $32,866.19. Following the sale, the executive now directly owns 331,742 shares in the company, valued at approximately $4,156,727.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Magnite news, CEO Michael G. Barrett sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $15.00, for a total value of $1,500,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,052,493 shares in the company, valued at approximately $15,787,395. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Sean Patrick Buckley sold 2,623 shares of the stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $12.53, for a total transaction of $32,866.19. Following the sale, the executive now directly owns 331,742 shares of the company’s stock, valued at $4,156,727.26. The disclosure for this sale can be found here. Insiders sold a total of 316,001 shares of company stock worth $4,408,998 over the last three months. 4.30% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on MGNI shares. Bank of America lifted their price target on shares of Magnite from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Wolfe Research started coverage on shares of Magnite in a research note on Tuesday, July 16th. They set an “outperform” rating and a $16.00 target price for the company. Craig Hallum reissued a “buy” rating and set a $20.00 price target on shares of Magnite in a report on Wednesday, August 21st. Benchmark reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Magnite in a report on Tuesday, August 20th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $15.00 target price on shares of Magnite in a report on Tuesday, July 9th. Ten equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Magnite presently has an average rating of “Buy” and an average target price of $17.25.

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.