Harbor Capital Advisors Inc. Boosts Stock Position in Magnite, Inc. (NASDAQ:MGNI)

Harbor Capital Advisors Inc. lifted its position in Magnite, Inc. (NASDAQ:MGNI) by 136.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 921,531 shares of the company’s stock after purchasing an additional 531,069 shares during the quarter. Harbor Capital Advisors Inc. owned about 0.65% of Magnite worth $12,763,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. UMB Bank n.a. raised its holdings in shares of Magnite by 111.8% during the second quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock worth $30,000 after purchasing an additional 1,188 shares during the last quarter. Asset Dedication LLC purchased a new stake in Magnite in the second quarter valued at $52,000. Blue Trust Inc. purchased a new stake in Magnite in the second quarter valued at $56,000. Benjamin F. Edwards & Company Inc. boosted its holdings in Magnite by 973.5% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock valued at $58,000 after purchasing an additional 3,972 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale purchased a new stake in Magnite in the second quarter valued at $93,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Stock Down 0.6 %

MGNI stock opened at $12.41 on Friday. The firm has a market cap of $1.75 billion, a PE ratio of -112.82, a PEG ratio of 1.09 and a beta of 2.43. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.10 and a current ratio of 1.10. The firm’s 50 day moving average price is $12.88 and its 200-day moving average price is $12.54. Magnite, Inc. has a one year low of $6.55 and a one year high of $15.92.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.14 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.01). The firm had revenue of $162.88 million for the quarter, compared to analysts’ expectations of $144.04 million. Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.04) EPS. On average, equities research analysts anticipate that Magnite, Inc. will post 0.31 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Benchmark reissued a “buy” rating and set a $21.00 target price on shares of Magnite in a research note on Wednesday, October 2nd. Wolfe Research assumed coverage on shares of Magnite in a research note on Tuesday, July 16th. They set an “outperform” rating and a $16.00 target price on the stock. Lake Street Capital assumed coverage on shares of Magnite in a research note on Thursday, July 25th. They set a “buy” rating and a $21.00 target price on the stock. Needham & Company LLC reissued a “buy” rating and set a $15.00 target price on shares of Magnite in a research note on Wednesday, October 2nd. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $19.00 target price on shares of Magnite in a research note on Friday, September 27th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $16.86.

Insider Buying and Selling at Magnite

In other Magnite news, CEO Michael G. Barrett sold 75,000 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $12.63, for a total value of $947,250.00. Following the completion of the transaction, the chief executive officer now owns 944,552 shares in the company, valued at $11,929,691.76. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CEO Michael G. Barrett sold 75,000 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $12.63, for a total transaction of $947,250.00. Following the completion of the transaction, the chief executive officer now owns 944,552 shares in the company, valued at approximately $11,929,691.76. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CRO Sean Patrick Buckley sold 2,623 shares of the business’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $12.53, for a total transaction of $32,866.19. Following the transaction, the executive now owns 331,742 shares of the company’s stock, valued at approximately $4,156,727.26. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 95,533 shares of company stock valued at $1,206,203 over the last quarter. 4.30% of the stock is owned by company insiders.

Magnite Company 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.