Harbor Capital Advisors Inc. Trims Stock Holdings in Magnite, Inc. $MGNI

Harbor Capital Advisors Inc. reduced its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 72.8% in the third quarter, according to its most recent filing with the SEC. The fund owned 172,171 shares of the company’s stock after selling 461,976 shares during the period. Harbor Capital Advisors Inc. owned about 0.12% of Magnite worth $3,750,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the business. Smartleaf Asset Management LLC increased its stake in Magnite by 74.9% in the first quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company’s stock worth $33,000 after purchasing an additional 1,203 shares during the period. GAMMA Investing LLC grew its holdings in shares of Magnite by 355.6% in the second quarter. GAMMA Investing LLC now owns 1,517 shares of the company’s stock worth $37,000 after purchasing an additional 1,184 shares during the last quarter. USA Financial Formulas bought a new position in shares of Magnite in the third quarter worth about $40,000. CWM LLC increased its stake in Magnite by 133.6% in the 2nd quarter. CWM LLC now owns 1,775 shares of the company’s stock worth $43,000 after buying an additional 1,015 shares during the period. Finally, MTM Investment Management LLC bought a new stake in Magnite during the 2nd quarter valued at about $58,000. Institutional investors own 73.40% of the company’s stock.

Insider Buying and Selling

In other Magnite news, insider Adam Lee Soroca sold 16,656 shares of Magnite stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $17.00, for a total value of $283,152.00. Following the transaction, the insider owned 326,114 shares in the company, valued at $5,543,938. The trade was a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sean Patrick Buckley sold 4,426 shares of the business’s stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $13.36, for a total transaction of $59,131.36. Following the completion of the transaction, the insider owned 271,125 shares of the company’s stock, valued at $3,622,230. This represents a 1.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 49,439 shares of company stock worth $763,671 in the last three months. 3.80% of the stock is owned by company insiders.

Magnite Price Performance

NASDAQ MGNI opened at $16.27 on Thursday. The company has a market cap of $2.34 billion, a PE ratio of 42.82, a P/E/G ratio of 1.25 and a beta of 2.49. The firm’s 50 day moving average price is $16.05 and its 200-day moving average price is $20.13. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.01 and a current ratio of 1.01. Magnite, Inc. has a 52-week low of $8.22 and a 52-week high of $26.65.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, November 5th. The company reported $0.20 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.20. The company had revenue of $179.49 million during the quarter, compared to analyst estimates of $163.29 million. Magnite had a return on equity of 8.74% and a net margin of 8.25%.Magnite’s revenue was up 11.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.17 earnings per share. Sell-side analysts forecast that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Wells Fargo & Company dropped their target price on shares of Magnite from $22.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Friday, November 7th. Rosenblatt Securities reissued a “buy” rating and issued a $39.00 price objective on shares of Magnite in a research note on Thursday, November 6th. Wall Street Zen downgraded Magnite from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a research report on Wednesday, October 8th. Nine investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $26.20.

Magnite 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).