Harbor Capital Advisors Inc. Buys 42,080 Shares of Magnite, Inc. $MGNI

Harbor Capital Advisors Inc. lifted its stake in Magnite, Inc. (NASDAQ:MGNI) by 24.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 214,251 shares of the company’s stock after purchasing an additional 42,080 shares during the period. Harbor Capital Advisors Inc.’s holdings in Magnite were worth $3,477,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of MGNI. Stephens Inc. AR boosted its holdings in shares of Magnite by 0.6% in the third quarter. Stephens Inc. AR now owns 83,468 shares of the company’s stock valued at $1,818,000 after buying an additional 517 shares during the period. Smartleaf Asset Management LLC raised its holdings in shares of Magnite by 20.5% during the second quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company’s stock worth $82,000 after acquiring an additional 577 shares during the period. US Bancorp DE lifted its position in Magnite by 75.8% in the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after acquiring an additional 688 shares in the last quarter. PNC Financial Services Group Inc. lifted its position in Magnite by 45.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock valued at $53,000 after acquiring an additional 755 shares in the last quarter. Finally, AlphaQuest LLC boosted its stake in Magnite by 8.4% in the 3rd quarter. AlphaQuest LLC now owns 13,491 shares of the company’s stock worth $294,000 after purchasing an additional 1,044 shares during the period. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Price Performance

Shares of NASDAQ MGNI opened at $11.89 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02. The business has a 50-day moving average of $12.58 and a 200-day moving average of $15.59. The stock has a market capitalization of $1.72 billion, a price-to-earnings ratio of 12.65, a PEG ratio of 0.64 and a beta of 2.39. Magnite, Inc. has a fifty-two week low of $8.22 and a fifty-two week high of $26.65.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, February 25th. The company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.01). Magnite had a return on equity of 8.44% and a net margin of 20.25%.The company had revenue of $205.36 million for the quarter, compared to the consensus estimate of $193.87 million. During the same quarter in the previous year, the company posted $0.34 EPS. The business’s revenue was up 5.9% on a year-over-year basis. As a group, sell-side analysts predict that Magnite, Inc. will post 0.33 earnings per share for the current fiscal year.

Insider Buying and Selling at Magnite

In other news, insider Adam Lee Soroca sold 21,529 shares of the company’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $12.00, for a total transaction of $258,348.00. Following the sale, the insider owned 388,425 shares in the company, valued at $4,661,100. This represents a 5.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 3.80% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts have issued reports on the company. Evercore reissued an “outperform” rating and issued a $20.00 price target on shares of Magnite in a research note on Thursday, February 26th. Benchmark reduced their price objective on Magnite from $31.00 to $30.00 and set a “buy” rating for the company in a research report on Thursday, February 26th. Rosenblatt Securities reiterated a “buy” rating and set a $39.00 price objective on shares of Magnite in a report on Thursday, February 26th. Wells Fargo & Company dropped their target price on Magnite from $20.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Friday, February 27th. Finally, Scotiabank cut their target price on Magnite from $30.00 to $16.00 and set a “sector outperform” rating on the stock in a research note on Thursday, February 26th. Nine research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $24.10.

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).