Harbor Capital Advisors Inc. Sells 78,770 Shares of Magnite, Inc. (NASDAQ:MGNI)

Harbor Capital Advisors Inc. trimmed its holdings in Magnite, Inc. (NASDAQ:MGNI) by 8.5% in the 4th quarter, Holdings Channel reports. The fund owned 842,761 shares of the company’s stock after selling 78,770 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Magnite were worth $13,417,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Commonwealth Equity Services LLC lifted its holdings in shares of Magnite by 668.3% during the second quarter. Commonwealth Equity Services LLC now owns 81,573 shares of the company’s stock valued at $1,084,000 after purchasing an additional 70,956 shares during the last quarter. Arizona State Retirement System boosted its holdings in Magnite by 3.4% in the second quarter. Arizona State Retirement System now owns 35,256 shares of the company’s stock worth $469,000 after acquiring an additional 1,160 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in Magnite in the second quarter worth $619,000. ClariVest Asset Management LLC increased its holdings in shares of Magnite by 148,362.8% during the second quarter. ClariVest Asset Management LLC now owns 63,839 shares of the company’s stock valued at $848,000 after acquiring an additional 63,796 shares in the last quarter. Finally, American Century Companies Inc. raised its position in shares of Magnite by 15.0% in the 2nd quarter. American Century Companies Inc. now owns 247,349 shares of the company’s stock worth $3,287,000 after purchasing an additional 32,334 shares during the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Insider Activity at Magnite

In other news, CRO Sean Patrick Buckley sold 10,001 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $15.60, for a total value of $156,015.60. Following the completion of the sale, the executive now directly owns 303,743 shares of the company’s stock, valued at $4,738,390.80. This trade represents a 3.19 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO David Day sold 13,345 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $17.00, for a total value of $226,865.00. Following the transaction, the chief financial officer now directly owns 374,014 shares in the company, valued at approximately $6,358,238. This represents a 3.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 366,097 shares of company stock valued at $6,165,147 over the last 90 days. 4.30% of the stock is owned by corporate insiders.

Magnite Price Performance

NASDAQ:MGNI traded down $0.62 during trading hours on Friday, reaching $15.84. The stock had a trading volume of 760,029 shares, compared to its average volume of 1,450,800. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a market capitalization of $2.23 billion, a PE ratio of 264.00, a PEG ratio of 1.35 and a beta of 2.51. Magnite, Inc. has a 52 week low of $8.38 and a 52 week high of $18.38. The company has a 50 day moving average price of $16.11 and a two-hundred day moving average price of $14.26.

Magnite 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.