Harbor Capital Advisors Inc. Acquires 531,069 Shares of Magnite, Inc. (NASDAQ:MGNI)

Harbor Capital Advisors Inc. raised its position in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 136.0% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 921,531 shares of the company's stock after acquiring an additional 531,069 shares during the period. 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 hedge funds also recently modified their holdings of MGNI. Vanguard Group Inc. boosted its stake in Magnite by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 12,651,675 shares of the company's stock worth $118,167,000 after buying an additional 209,771 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in Magnite in the first quarter valued at about $340,000. Capstone Investment Advisors LLC grew its stake in Magnite by 20.9% during the first quarter. Capstone Investment Advisors LLC now owns 51,221 shares of the company's stock worth $551,000 after buying an additional 8,872 shares during the last quarter. Empowered Funds LLC grew its stake in Magnite by 9.1% during the first quarter. Empowered Funds LLC now owns 42,761 shares of the company's stock worth $460,000 after buying an additional 3,560 shares during the last quarter. Finally, SG Americas Securities LLC increased its holdings in shares of Magnite by 26.9% during the first quarter. SG Americas Securities LLC now owns 61,337 shares of the company's stock worth $659,000 after buying an additional 12,987 shares in the last quarter. Institutional investors own 73.40% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Wells Fargo & Company began coverage on Magnite in a research report on Monday, October 28th. They set an "equal weight" rating and a $13.00 price target on the stock. Needham & Company LLC restated a "buy" rating and set a $15.00 target price on shares of Magnite in a report on Wednesday, October 2nd. Wolfe Research initiated coverage on Magnite in a report on Tuesday, July 16th. They issued an "outperform" rating and a $16.00 price target for the company. Lake Street Capital assumed coverage on shares of Magnite in a research report on Thursday, July 25th. They set a "buy" rating and a $21.00 price target on the stock. Finally, Bank of America raised their price objective on shares of Magnite from $15.00 to $17.00 and gave the company a "buy" rating in a research report on Monday, July 29th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $16.86.

Magnite Stock Down 0.6 %

NASDAQ MGNI traded down $0.07 during trading hours on Friday, reaching $12.41. 1,126,304 shares of the company's stock were exchanged, compared to its average volume of 1,370,825. The company has a market capitalization of $1.75 billion, a price-to-earnings ratio of -112.82, a price-to-earnings-growth ratio of 1.09 and a beta of 2.43. Magnite, Inc. has a one year low of $6.55 and a one year high of $15.92. 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 company's 50-day moving average is $12.88 and its two-hundred day moving average is $12.57.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share for the quarter, missing analysts' consensus estimates of $0.15 by ($0.01). Magnite had a positive return on equity of 3.74% and a negative net margin of 0.83%. The company had revenue of $162.88 million during the quarter, compared to analyst estimates of $144.04 million. During the same period in the previous year, the company posted ($0.04) earnings per share. Magnite's revenue for the quarter was up 6.8% on a year-over-year basis. On average, analysts forecast that Magnite, Inc. will post 0.31 EPS for the current fiscal year.

Insider Buying and Selling

In other Magnite news, insider Adam Lee Soroca sold 7,910 shares of the business's stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $12.59, for a total value of $99,586.90. Following the sale, the insider now owns 436,001 shares in the company, valued at approximately $5,489,252.59. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CRO Sean Patrick Buckley sold 2,623 shares of the firm's stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $12.53, for a total value of $32,866.19. Following the completion of the transaction, the executive now owns 331,742 shares in the company, valued at $4,156,727.26. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Adam Lee Soroca sold 7,910 shares of the company's stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $12.59, for a total value of $99,586.90. Following the sale, the insider now owns 436,001 shares in the company, valued at approximately $5,489,252.59. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 95,533 shares of company stock worth $1,206,203. 4.30% of the stock is owned by corporate 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.