Magnite, Inc. (NASDAQ:MGNI) Shares Sold by Harbor Capital Advisors Inc.

Harbor Capital Advisors Inc. trimmed its position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 8.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 842,761 shares of the company's stock after selling 78,770 shares during the period. Harbor Capital Advisors Inc. owned approximately 0.60% of Magnite worth $13,417,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of MGNI. New Century Financial Group LLC bought a new position in Magnite during the second quarter valued at $640,000. Victory Capital Management Inc. raised its position in Magnite by 2.9% in the 3rd quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company's stock worth $18,569,000 after purchasing an additional 37,601 shares during the period. Commonwealth Equity Services LLC lifted its stake in Magnite by 668.3% in the second quarter. Commonwealth Equity Services LLC now owns 81,573 shares of the company's stock worth $1,084,000 after purchasing an additional 70,956 shares during the last quarter. Driehaus Capital Management LLC purchased a new position in shares of Magnite during the second quarter valued at approximately $9,938,000. Finally, Intech Investment Management LLC bought a new position in shares of Magnite during the third quarter valued at approximately $649,000. 73.40% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Wolfe Research lifted their target price on Magnite from $14.00 to $19.00 and gave the stock an "outperform" rating in a research report on Friday, January 3rd. Royal Bank of Canada increased their price objective on Magnite from $19.00 to $22.00 and gave the stock an "outperform" rating in a research note on Friday, January 3rd. Needham & Company LLC lifted their target price on Magnite from $17.00 to $20.00 and gave the company a "buy" rating in a research report on Thursday, December 5th. Scotiabank began coverage on Magnite in a report on Thursday, December 5th. They issued a "sector outperform" rating and a $22.00 target price for the company. Finally, Wells Fargo & Company assumed coverage on Magnite in a report on Monday, October 28th. They issued an "equal weight" rating and a $13.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $18.19.

Magnite Stock Performance

NASDAQ MGNI traded down $0.85 on Friday, hitting $15.61. 2,004,364 shares of the company's stock traded hands, compared to its average volume of 1,668,027. The firm's 50-day moving average price is $16.11 and its two-hundred day moving average price is $14.26. The firm has a market capitalization of $2.20 billion, a PE ratio of 260.17, a P/E/G ratio of 1.35 and a beta of 2.51. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite, Inc. has a 1-year low of $8.38 and a 1-year high of $18.38.

Insider Activity

In other Magnite news, CAO Brian Gephart sold 2,156 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $15.00, for a total transaction of $32,340.00. Following the transaction, the chief accounting officer now owns 116,982 shares in the company, valued at approximately $1,754,730. This represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Aaron Saltz sold 5,112 shares of the company's stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $13.50, for a total value of $69,012.00. Following the transaction, the insider now directly owns 307,745 shares of the company's stock, valued at approximately $4,154,557.50. The trade was a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 366,097 shares of company stock valued at $6,165,147 in the last quarter. 4.30% of the stock is currently owned by company insiders.

About Magnite

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.