Greenwood Capital Associates LLC Has $1.03 Million Stock Position in Magnite, Inc. (NASDAQ:MGNI)

Greenwood Capital Associates LLC cut its position in Magnite, Inc. (NASDAQ:MGNI) by 13.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 64,369 shares of the company’s stock after selling 10,391 shares during the period. Greenwood Capital Associates LLC’s holdings in Magnite were worth $1,025,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Victory Capital Management Inc. boosted its holdings in shares of Magnite by 2.9% in the 3rd quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company’s stock worth $18,569,000 after acquiring an additional 37,601 shares in the last quarter. Merit Financial Group LLC bought a new position in Magnite in the 4th quarter valued at $586,000. Principal Financial Group Inc. boosted its stake in Magnite by 552.2% in the third quarter. Principal Financial Group Inc. now owns 107,515 shares of the company’s stock worth $1,489,000 after purchasing an additional 91,031 shares in the last quarter. Intech Investment Management LLC bought a new stake in shares of Magnite during the third quarter worth $649,000. Finally, Barclays PLC increased its stake in shares of Magnite by 352.9% in the third quarter. Barclays PLC now owns 210,598 shares of the company’s stock valued at $2,917,000 after buying an additional 164,093 shares in the last quarter. 73.40% of the stock is owned by institutional investors.

Insider Activity

In other Magnite news, CFO David Day sold 13,345 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $17.00, for a total value of $226,865.00. Following the sale, the chief financial officer now owns 374,014 shares in the company, valued at $6,358,238. This represents a 3.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Aaron Saltz sold 5,112 shares of Magnite stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $13.50, for a total value of $69,012.00. Following the transaction, the insider now owns 307,745 shares of the company’s stock, valued at $4,154,557.50. This represents a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 366,097 shares of company stock worth $6,165,147 over the last three months. Corporate insiders own 4.30% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Macquarie reiterated an “outperform” rating and set a $18.00 price target on shares of Magnite in a research report on Friday, November 8th. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 target price on shares of Magnite in a research note on Friday, January 17th. Royal Bank of Canada increased their price target on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Scotiabank assumed coverage on shares of Magnite in a research report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price objective for the company. Finally, Wells Fargo & Company increased their price objective on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, Magnite has an average rating of “Moderate Buy” and an average price target of $18.35.

Magnite Price Performance

MGNI opened at $17.26 on Tuesday. The company has a fifty day simple moving average of $16.54 and a 200 day simple moving average of $14.55. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. The stock has a market cap of $2.43 billion, a P/E ratio of 288.00, a P/E/G ratio of 0.90 and a beta of 2.52. Magnite, Inc. has a 12 month low of $8.38 and a 12 month high of $18.38.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Thursday, November 7th. The company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.09). The business had revenue of $162.00 million during the quarter, compared to analyst estimates of $147.94 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. During the same quarter in the prior year, the firm posted $0.02 earnings per share. On average, research analysts expect that Magnite, Inc. will post 0.33 EPS for the current year.

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.