Harbor Capital Advisors Inc. Grows Stock Position in Magnite, Inc. $MGNI

Key Points

• Harbor Capital Advisors Inc. increased its stake in Magnite, Inc. by 7.2% during the second quarter, now owning 634,147 shares valued at approximately $15.3 million, which makes Magnite its 22nd largest holding.
• Several brokerages have raised their price targets for Magnite, with Needham & Company increasing their target from $18 to $25, and Benchmark setting a new target of $31, indicating strong market optimism.
• Insider trading activity includes Sean Patrick Buckley's sale of 20,000 shares for $511,200, reflecting a decrease in hisownership, while insiders collectively sold over 1 million shares valued at over $22 million in the last three months.

Harbor Capital Advisors Inc. raised its position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 7.2% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 634,147 shares of the company's stock after purchasing an additional 42,834 shares during the quarter. Magnite comprises 0.6% of Harbor Capital Advisors Inc.'s portfolio, making the stock its 22nd largest holding. Harbor Capital Advisors Inc. owned about 0.45% of Magnite worth $15,296,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. MCF Advisors LLC lifted its stake in Magnite by 2,100.0% during the first quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock worth $25,000 after purchasing an additional 2,100 shares during the period. Smartleaf Asset Management LLC boosted its stake in shares of Magnite by 74.9% during the 1st quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company's stock worth $33,000 after buying an additional 1,203 shares during the last quarter. AllSquare Wealth Management LLC raised its holdings in Magnite by 76.8% in the 1st quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company's stock valued at $41,000 after acquiring an additional 1,555 shares during the period. GAMMA Investing LLC grew its position in shares of Magnite by 10,170.3% during the 1st quarter. GAMMA Investing LLC now owns 3,800 shares of the company's stock worth $43,000 after purchasing an additional 3,763 shares in the last quarter. Finally, Smithfield Trust Co boosted its position in shares of Magnite by 38.9% during the 1st quarter. Smithfield Trust Co now owns 5,930 shares of the company's stock worth $67,000 after acquiring an additional 1,660 shares in the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

Magnite Price Performance

MGNI traded up $2.04 on Friday, hitting $25.92. 8,334,127 shares of the company's stock were exchanged, compared to its average volume of 2,899,501. The firm has a 50-day moving average price of $23.75 and a 200-day moving average price of $18.11. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. The stock has a market cap of $3.69 billion, a price-to-earnings ratio of 89.38, a P/E/G ratio of 1.64 and a beta of 3.05. Magnite, Inc. has a fifty-two week low of $8.22 and a fifty-two week high of $26.65.

Magnite (NASDAQ:MGNI - Get Free Report) last released its earnings results 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 net margin of 6.30% and a return on equity of 8.07%. The business's quarterly revenue was up 6.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.14 earnings per share. As a group, equities analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on MGNI shares. Benchmark raised their price target on shares of Magnite from $30.00 to $31.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Scotiabank reissued an "outperform" rating and set a $30.00 target price (up from $22.00) on shares of Magnite in a research report on Thursday, August 7th. Rosenblatt Securities reiterated a "buy" rating and issued a $39.00 target price on shares of Magnite in a research note on Wednesday. Wall Street Zen cut shares of Magnite from a "buy" rating to a "hold" rating in a research note on Saturday. Finally, Wells Fargo & Company upped their target price on shares of Magnite from $13.00 to $24.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 8th. Ten analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Magnite currently has a consensus rating of "Moderate Buy" and an average target price of $25.82.

Insider Buying and Selling at Magnite

In other news, CAO Brian Gephart sold 27,671 shares of the business's stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $24.71, for a total transaction of $683,750.41. Following the sale, the chief accounting officer directly owned 92,898 shares of the company's stock, valued at $2,295,509.58. The trade was a 22.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Paul Caine sold 7,500 shares of the company's stock in a transaction dated Friday, September 19th. The stock was 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 in the company, valued at approximately $3,965,075. The trade was a 4.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 862,278 shares of company stock worth $19,155,699. Insiders own 3.80% of the company's stock.

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.