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

Harbor Capital Advisors Inc. lessened its holdings in Magnite, Inc. (NASDAQ:MGNI) by 8.5% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 842,761 shares of the company’s stock after selling 78,770 shares during the period. Harbor Capital Advisors Inc. owned 0.60% of Magnite worth $13,417,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in MGNI. Fulton Bank N.A. raised its holdings in shares of Magnite by 27.0% in the 4th quarter. Fulton Bank N.A. now owns 35,952 shares of the company’s stock valued at $572,000 after acquiring an additional 7,641 shares in the last quarter. Nordea Investment Management AB increased its position in shares of Magnite by 4.1% in the fourth quarter. Nordea Investment Management AB now owns 893,989 shares of the company’s stock worth $14,474,000 after purchasing an additional 35,490 shares during the last quarter. Principal Financial Group Inc. lifted its position in Magnite by 552.2% during the third quarter. Principal Financial Group Inc. now owns 107,515 shares of the company’s stock valued at $1,489,000 after purchasing an additional 91,031 shares during the last quarter. 272 Capital LP purchased a new position in Magnite in the 3rd quarter worth approximately $598,000. Finally, Franklin Resources Inc. increased its holdings in shares of Magnite by 99.7% in the 3rd quarter. Franklin Resources Inc. now owns 144,563 shares of the company’s stock worth $2,002,000 after buying an additional 72,169 shares during the last quarter. Institutional investors own 73.40% of the company’s stock.

Insider Transactions at Magnite

In other Magnite news, CFO David Day sold 13,345 shares of the business’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $17.00, for a total transaction of $226,865.00. Following the transaction, the chief financial officer now directly owns 374,014 shares of the company’s stock, valued at approximately $6,358,238. The trade was a 3.45 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael G. Barrett sold 147,996 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $17.52, for a total transaction of $2,592,889.92. Following the completion of the sale, the chief executive officer now directly owns 634,914 shares of the company’s stock, valued at approximately $11,123,693.28. This represents a 18.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 366,097 shares of company stock worth $6,165,147. Company insiders own 4.30% of the company’s stock.

Wall Street Analyst Weigh In

MGNI has been the subject of several research reports. Needham & Company LLC upped their target price on shares of Magnite from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. Royal Bank of Canada upped their price objective on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Benchmark reissued a “buy” rating and set a $21.00 price objective on shares of Magnite in a report on Wednesday, October 2nd. Wolfe Research upped their target price on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Finally, Wells Fargo & Company initiated coverage on shares of Magnite in a research note on Monday, October 28th. They set an “equal weight” rating and a $13.00 price target on the stock. 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 has a consensus rating of “Moderate Buy” and an average price target of $18.19.

Magnite Trading Down 3.8 %

MGNI traded down $0.62 during trading on Friday, hitting $15.84. 760,029 shares of the stock traded hands, compared to its average volume of 1,450,800. The firm has a market capitalization of $2.23 billion, a P/E ratio of 264.00, a price-to-earnings-growth ratio of 1.35 and a beta of 2.51. Magnite, Inc. has a 12-month low of $8.38 and a 12-month high of $18.38. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a 50-day moving average of $16.11 and a 200 day moving average 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.