Bank of New York Mellon Corp decreased its holdings in shares of Magnite, Inc. (NASDAQ:MGNI – Free Report) by 3.8% in the 1st quarter, Holdings Channel reports. The firm owned 1,138,217 shares of the company’s stock after selling 45,101 shares during the quarter. Bank of New York Mellon Corp’s holdings in Magnite were worth $13,522,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Magnite by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,847 shares of the company’s stock worth $854,000 after buying an additional 3,267 shares during the last quarter. Millennium Management LLC lifted its stake in Magnite by 113.7% in the first quarter. Millennium Management LLC now owns 434,479 shares of the company’s stock valued at $4,957,000 after buying an additional 231,213 shares during the last quarter. Jones Financial Companies Lllp lifted its stake in Magnite by 24.3% in the first quarter. Jones Financial Companies Lllp now owns 7,276 shares of the company’s stock valued at $83,000 after buying an additional 1,423 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Magnite by 9.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 404,717 shares of the company’s stock valued at $4,618,000 after acquiring an additional 36,097 shares during the period. Finally, Intech Investment Management LLC boosted its holdings in shares of Magnite by 103.6% during the first quarter. Intech Investment Management LLC now owns 109,992 shares of the company’s stock valued at $1,255,000 after acquiring an additional 55,971 shares during the period. 73.40% of the stock is owned by institutional investors and hedge funds.
Magnite Price Performance
Shares of NASDAQ:MGNI opened at $19.30 on Friday. The company has a market capitalization of $2.76 billion, a PE ratio of 18.56, a price-to-earnings-growth ratio of 0.99 and a beta of 2.25. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a fifty day moving average of $17.86 and a 200-day moving average of $14.70. Magnite, Inc. has a one year low of $10.82 and a one year high of $26.65.
Analyst Ratings Changes
MGNI has been the subject of several recent analyst reports. Wells Fargo & Company upped their target price on shares of Magnite from $15.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Friday, July 17th. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 price target on shares of Magnite in a report on Thursday, April 16th. Evercore reiterated an “outperform” rating and set a $21.00 price objective on shares of Magnite in a research report on Thursday, May 7th. Scotiabank increased their price objective on Magnite from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a report on Thursday, May 7th. Finally, Royal Bank Of Canada restated an “outperform” rating on shares of Magnite in a research report on Thursday, May 28th. Eight 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 company has an average rating of “Moderate Buy” and an average price target of $24.56.
View Our Latest Report on MGNI
Insider Buying and Selling at Magnite
In other Magnite news, CEO Michael G. Barrett sold 75,000 shares of Magnite stock in a transaction on Monday, June 29th. The shares were sold at an average price of $19.50, for a total transaction of $1,462,500.00. Following the completion of the sale, the chief executive officer owned 403,074 shares of the company’s stock, valued at $7,859,943. This trade represents a 15.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CTO David Buonasera sold 1,224 shares of Magnite stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $21.00, for a total value of $25,704.00. Following the sale, the chief technology officer directly owned 268,485 shares of the company’s stock, valued at approximately $5,638,185. The trade was a 0.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 491,639 shares of company stock valued at $8,676,734 in the last 90 days. Corporate insiders own 3.20% of the company’s stock.
Magnite Company 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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