Bank of New York Mellon Corp Decreases Stake in Magnite, Inc. (NASDAQ:MGNI)

Bank of New York Mellon Corp decreased its holdings in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 12.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,520,890 shares of the company's stock after selling 343,243 shares during the quarter. Bank of New York Mellon Corp owned about 1.79% of Magnite worth $40,133,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Wellington Management Group LLP raised its stake in Magnite by 125.3% in the third quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company's stock valued at $91,128,000 after buying an additional 3,659,759 shares during the last quarter. Nomura Asset Management Co. Ltd. purchased a new position in shares of Magnite in the 3rd quarter valued at approximately $23,917,000. Stephens Investment Management Group LLC boosted its stake in Magnite by 146.8% in the 4th quarter. Stephens Investment Management Group LLC now owns 996,644 shares of the company's stock worth $15,867,000 after purchasing an additional 592,853 shares in the last quarter. Rice Hall James & Associates LLC acquired a new stake in Magnite in the 4th quarter worth approximately $3,000,000. Finally, Barclays PLC grew its position in Magnite by 352.9% during the 3rd quarter. Barclays PLC now owns 210,598 shares of the company's stock worth $2,917,000 after purchasing an additional 164,093 shares during the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on MGNI shares. Scotiabank began coverage on shares of Magnite in a research note on Thursday, December 5th. They set a "sector outperform" rating and a $22.00 price objective for the company. Benchmark reiterated a "buy" rating and set a $25.00 price target on shares of Magnite in a research note on Monday. Royal Bank of Canada increased their price objective on Magnite from $19.00 to $22.00 and gave the company an "outperform" rating in a report on Friday, January 3rd. Susquehanna lifted their target price on Magnite from $16.00 to $22.00 and gave the stock a "positive" rating in a report on Thursday, February 27th. Finally, Wolfe Research increased their price target on shares of Magnite from $14.00 to $19.00 and gave the stock an "outperform" rating in a report on Friday, January 3rd. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $19.27.

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Insider Buying and Selling at Magnite

In other Magnite news, CTO David Buonasera sold 1,969 shares of the stock in a transaction on Friday, December 13th. The shares were sold at an average price of $16.31, for a total transaction of $32,114.39. Following the transaction, the chief technology officer now directly owns 223,795 shares of the company's stock, valued at $3,650,096.45. This trade represents a 0.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Adam Lee Soroca sold 15,499 shares of the business's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $15.75, for a total transaction of $244,109.25. Following the sale, the insider now directly owns 458,386 shares of the company's stock, valued at $7,219,579.50. This represents a 3.27 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 271,863 shares of company stock valued at $5,169,262. Company insiders own 4.30% of the company's stock.

Magnite Stock Performance

Shares of NASDAQ:MGNI traded down $0.80 during trading on Monday, hitting $12.30. 4,093,163 shares of the stock traded hands, compared to its average volume of 2,592,280. The company has a fifty day moving average price of $17.07 and a two-hundred day moving average price of $15.28. Magnite, Inc. has a 52-week low of $8.38 and a 52-week high of $21.29. The company has a market cap of $1.76 billion, a price-to-earnings ratio of 205.00, a P/E/G ratio of 1.00 and a beta of 2.79. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.14). Magnite had a return on equity of 4.64% and a net margin of 2.62%. The firm had revenue of $180.20 million for the quarter, compared to analysts' expectations of $183.90 million. As a group, equities analysts predict that Magnite, Inc. will post 0.33 EPS for the current year.

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.