Harbor Capital Advisors Inc. Cuts Stock Holdings in Magnite, Inc. (NASDAQ:MGNI)

Harbor Capital Advisors Inc. decreased its stake in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 29.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 591,313 shares of the company's stock after selling 251,448 shares during the period. Harbor Capital Advisors Inc. owned 0.41% of Magnite worth $6,747,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of MGNI. Vanguard Group Inc. lifted its stake in Magnite by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 13,605,104 shares of the company's stock valued at $216,593,000 after buying an additional 257,032 shares during the last quarter. Capital Research Global Investors purchased a new stake in Magnite in the 4th quarter valued at $122,986,000. Wellington Management Group LLP raised its position in Magnite by 6.8% in the 4th quarter. Wellington Management Group LLP now owns 7,030,011 shares of the company's stock valued at $111,918,000 after purchasing an additional 450,341 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Magnite by 3.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 5,524,643 shares of the company's stock worth $87,957,000 after purchasing an additional 170,532 shares during the period. Finally, Boston Partners increased its stake in Magnite by 39.1% in the fourth quarter. Boston Partners now owns 4,756,323 shares of the company's stock valued at $76,061,000 after purchasing an additional 1,336,458 shares during the period. 73.40% of the stock is owned by hedge funds and other institutional investors.

Magnite Price Performance

Shares of MGNI stock traded down $0.52 during mid-day trading on Friday, reaching $17.10. The stock had a trading volume of 1,986,811 shares, compared to its average volume of 2,124,734. Magnite, Inc. has a 12-month low of $8.22 and a 12-month high of $21.29. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The business has a 50-day simple moving average of $13.99 and a 200 day simple moving average of $15.17. The company has a market cap of $2.41 billion, a P/E ratio of 285.00, a price-to-earnings-growth ratio of 1.00 and a beta of 2.87.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.06. Magnite had a net margin of 2.62% and a return on equity of 4.64%. The company had revenue of $145.85 million for the quarter, compared to the consensus estimate of $142.18 million. During the same quarter in the prior year, the firm earned $0.05 earnings per share. The company's revenue for the quarter was up 4.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on MGNI shares. Benchmark decreased their price objective on Magnite from $25.00 to $24.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Rosenblatt Securities reissued a "buy" rating and issued a $18.00 price objective on shares of Magnite in a research note on Thursday, May 8th. Craig Hallum set a $24.00 target price on shares of Magnite and gave the stock a "buy" rating in a research note on Tuesday, May 20th. Susquehanna increased their price target on shares of Magnite from $16.00 to $22.00 and gave the stock a "positive" rating in a report on Thursday, February 27th. Finally, Royal Bank of Canada dropped their target price on Magnite from $22.00 to $19.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Magnite presently has an average rating of "Moderate Buy" and an average target price of $19.58.

Insiders Place Their Bets

In other Magnite news, Director Robert F. Spillane sold 15,000 shares of Magnite stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $17.57, for a total value of $263,550.00. Following the completion of the sale, the director now directly owns 66,417 shares of the company's stock, valued at approximately $1,166,946.69. The trade was a 18.42% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Brian Gephart sold 6,334 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $16.16, for a total value of $102,357.44. Following the sale, the chief accounting officer now owns 126,575 shares in the company, valued at $2,045,452. This trade represents a 4.77% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 133,283 shares of company stock valued at $2,247,250. Corporate insiders own 3.80% of the company's stock.

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.