Greenwood Capital Associates LLC Decreases Holdings in Magnite, Inc. $MGNI

Key Points

• Greenwood Capital Associates LLC substantially reduced its stake in Magnite, Inc. by 39.3% during the second quarter, now holding 40,175 shares worth approximately $969,000.
• Various institutional investors, including Cambridge Investment Research Advisors Inc. and Calamos Advisors LLC, have increased their holdings in Magnite, indicating growing interest and confidence in the company.
• Equities research analysts have raised their price targets for Magnite, with Royal Bank of Canada setting a target of $27.00 and Needham & Company LLC recommending a "buy" rating with a target of $25.00, reflecting positive sentiment towards the stock.

Greenwood Capital Associates LLC trimmed its holdings in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 39.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 40,175 shares of the company's stock after selling 26,046 shares during the period. Greenwood Capital Associates LLC's holdings in Magnite were worth $969,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cambridge Investment Research Advisors Inc. raised its position in shares of Magnite by 74.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 51,815 shares of the company's stock worth $591,000 after acquiring an additional 22,131 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of Magnite by 54.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 44,947 shares of the company's stock valued at $513,000 after buying an additional 15,762 shares in the last quarter. Calamos Advisors LLC boosted its holdings in shares of Magnite by 85.7% in the 1st quarter. Calamos Advisors LLC now owns 65,275 shares of the company's stock valued at $745,000 after buying an additional 30,132 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Magnite by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company's stock valued at $156,814,000 after buying an additional 138,417 shares in the last quarter. Finally, Brown Advisory Inc. acquired a new position in shares of Magnite in the 1st quarter valued at $290,000. Institutional investors and hedge funds own 73.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on MGNI shares. Royal Bank Of Canada boosted their price target on shares of Magnite from $19.00 to $27.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. Susquehanna raised their price target on Magnite from $22.00 to $28.00 and gave the stock a "positive" rating in a research note on Thursday, August 7th. Needham & Company LLC raised their price target on Magnite from $18.00 to $25.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Weiss Ratings reissued a "hold (c)" rating on shares of Magnite in a report on Saturday, September 27th. Finally, Benchmark increased their price objective on Magnite from $30.00 to $31.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Ten equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $25.82.

Magnite Stock Performance

Shares of MGNI stock opened at $20.30 on Friday. The stock has a 50 day simple moving average of $23.42 and a 200-day simple moving average of $18.73. Magnite, Inc. has a 12-month low of $8.22 and a 12-month high of $26.65. The company has a market cap of $2.89 billion, a price-to-earnings ratio of 70.00, a price-to-earnings-growth ratio of 1.38 and a beta of 3.02. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.20 earnings per share for the quarter, topping analysts' consensus estimates of $0.17 by $0.03. The firm had revenue of $162.00 million for the quarter, compared to analyst estimates of $157.05 million. Magnite had a return on equity of 8.07% and a net margin of 6.30%.Magnite's quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.14 earnings per share. On average, equities analysts forecast that Magnite, Inc. will post 0.33 EPS for the current year.

Insider Transactions at Magnite

In other Magnite news, Director Paul Caine sold 7,500 shares of the stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $25.00, for a total value of $187,500.00. Following the completion of the transaction, the director directly owned 158,603 shares of the company's stock, valued at approximately $3,965,075. This trade represents a 4.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Aaron Saltz sold 8,522 shares of the company's stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $24.50, for a total value of $208,789.00. Following the completion of the sale, the insider owned 215,079 shares in the company, valued at approximately $5,269,435.50. This represents a 3.81% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 399,175 shares of company stock valued at $9,645,269. 3.80% 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.

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