Bank of America Corp DE lifted its stake in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 72.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,125,196 shares of the company's stock after buying an additional 473,243 shares during the period. Bank of America Corp DE owned approximately 0.79% of Magnite worth $13,367,000 at the end of the most recent quarter.

• Roku's Ad Business Is Growing—These 3 Stocks Could Be Next

Other hedge funds have also recently made changes to their positions in the company. US Bancorp DE increased its holdings in shares of Magnite by 75.8% in the third quarter. US Bancorp DE now owns 1,596 shares of the company's stock valued at $35,000 after purchasing an additional 688 shares during the period. PNC Financial Services Group Inc. lifted its holdings in shares of Magnite by 106.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company's stock valued at $45,000 after buying an additional 1,949 shares during the period. Smartleaf Asset Management LLC boosted its stake in shares of Magnite by 98.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 3,678 shares of the company's stock worth $61,000 after buying an additional 1,824 shares during the last quarter. Rachor Investment Advisory Services LLC purchased a new stake in shares of Magnite in the fourth quarter worth about $68,000. Finally, State of Wyoming grew its holdings in Magnite by 159.3% during the fourth quarter. State of Wyoming now owns 4,600 shares of the company's stock worth $75,000 after acquiring an additional 2,826 shares during the period. 73.40% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Magnite

In other Magnite news, Director Rachel Lam sold 10,000 shares of Magnite stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $24.16, for a total transaction of $241,600.00. Following the transaction, the director directly owned 230,620 shares of the company's stock, valued at $5,571,779.20. The trade was a 4.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Brian Gephart sold 12,479 shares of the stock in a transaction on Monday, August 10th. The shares were sold at an average price of $24.68, for a total value of $307,981.72. Following the completion of the sale, the chief accounting officer owned 106,117 shares of the company's stock, valued at approximately $2,618,967.56. This represents a 10.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 935,251 shares of company stock worth $19,046,675 in the last quarter. Insiders own 3.20% of the company's stock.

Analysts Set New Price Targets

• As Digital Ad Spend Hits a High, These Firms Could Reap Rewards

MGNI has been the topic of several research analyst reports. Susquehanna lifted their target price on shares of Magnite from $22.00 to $30.00 and gave the company a "positive" rating in a research report on Thursday, August 6th. Wells Fargo & Company upped their price target on shares of Magnite from $21.00 to $22.00 and gave the stock an "equal weight" rating in a research report on Friday, August 7th. Scotiabank reaffirmed an "outperform" rating and issued a $27.00 price target on shares of Magnite in a research note on Thursday, August 6th. Benchmark upped their target price on shares of Magnite from $30.00 to $33.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Finally, Rosenblatt Securities increased their target price on shares of Magnite from $39.00 to $40.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, Magnite presently has a consensus rating of "Moderate Buy" and a consensus price target of $28.30.

View Our Latest Stock Report on Magnite

Magnite Price Performance

• 3 Stocks Offering Strong Value and Stability

MGNI stock opened at $23.50 on Friday. The business has a 50 day moving average price of $20.46 and a 200 day moving average price of $15.59. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. The stock has a market cap of $3.37 billion, a price-to-earnings ratio of 21.56, a PEG ratio of 1.02 and a beta of 2.26. Magnite, Inc. has a fifty-two week low of $10.82 and a fifty-two week high of $26.65.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.24 by $0.02. The firm had revenue of $192.82 million for the quarter, compared to analyst estimates of $179.15 million. Magnite had a net margin of 22.49% and a return on equity of 9.33%. Magnite's revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period last year, the business earned $0.20 EPS. Equities research analysts anticipate that Magnite, Inc. will post 0.61 earnings per share for the current fiscal year.

Magnite Profile

(Free Report)

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).

Read More

• Five stocks we like better than Magnite
• Blueprint for a Boom: SEC Clears the Crypto Runway
• Ross Stores Just Flipped the Off-Price Retail Story After TJX's Marmaxx Miss
• Advance Auto Parts Plunged, But Its Turnaround Is Still Working
• Is Palo Alto Networks Priced for Perfection Again as AI Security Demand Accelerates?

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Should You Invest $1,000 in Magnite Right Now?

Before you consider Magnite, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Magnite wasn't on the list.

While Magnite currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here