ClariVest Asset Management LLC Raises Stake in Magnite, Inc. (NASDAQ:MGNI)

ClariVest Asset Management LLC boosted its stake in Magnite, Inc. (NASDAQ:MGNI) by 148,362.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 63,839 shares of the company’s stock after purchasing an additional 63,796 shares during the quarter. ClariVest Asset Management LLC’s holdings in Magnite were worth $848,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Magnite by 1.3% in the first quarter. Vanguard Group Inc. now owns 12,818,197 shares of the company’s stock valued at $137,796,000 after acquiring an additional 166,522 shares during the period. Wellington Management Group LLP boosted its holdings in Magnite by 1.8% in the 4th quarter. Wellington Management Group LLP now owns 2,939,541 shares of the company’s stock valued at $27,455,000 after purchasing an additional 52,129 shares during the period. Burgundy Asset Management Ltd. grew its position in shares of Magnite by 1.1% during the 1st quarter. Burgundy Asset Management Ltd. now owns 2,457,031 shares of the company’s stock valued at $26,413,000 after purchasing an additional 25,921 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Magnite by 1.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 975,662 shares of the company’s stock worth $9,113,000 after purchasing an additional 16,062 shares during the period. Finally, Norges Bank purchased a new stake in shares of Magnite in the fourth quarter worth $8,164,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Magnite Stock Performance

Shares of Magnite stock opened at $12.93 on Thursday. The company has a fifty day moving average of $13.69 and a 200-day moving average of $12.01. Magnite, Inc. has a 52-week low of $6.28 and a 52-week high of $15.92. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.77.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.01). The business had revenue of $162.88 million for the quarter, compared to analysts’ expectations of $144.04 million. Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The business’s quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.04) earnings per share. Equities analysts forecast that Magnite, Inc. will post 0.31 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

MGNI has been the subject of several recent analyst reports. Bank of America boosted their target price on Magnite from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Royal Bank of Canada upped their price objective on shares of Magnite from $17.00 to $19.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 5th. Evercore ISI lifted their target price on shares of Magnite from $13.00 to $15.00 and gave the company an “outperform” rating in a research report on Monday, June 3rd. Lake Street Capital initiated coverage on shares of Magnite in a report on Thursday, July 25th. They issued a “buy” rating and a $21.00 price target on the stock. Finally, Susquehanna reaffirmed a “positive” rating and set a $14.00 price objective on shares of Magnite in a report on Thursday, May 16th. Ten analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $17.25.

Insider Buying and Selling

In other Magnite news, CRO Sean Patrick Buckley sold 2,623 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $12.53, for a total value of $32,866.19. Following the completion of the sale, the executive now owns 331,742 shares in the company, valued at $4,156,727.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CRO Sean Patrick Buckley sold 2,623 shares of Magnite stock in a transaction on Monday, August 19th. The shares were sold at an average price of $12.53, for a total value of $32,866.19. Following the transaction, the executive now directly owns 331,742 shares of the company’s stock, valued at $4,156,727.26. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Aaron Saltz sold 4,778 shares of the stock in a transaction on Friday, June 14th. The shares were sold at an average price of $13.65, for a total transaction of $65,219.70. Following the sale, the insider now directly owns 317,010 shares of the company’s stock, valued at approximately $4,327,186.50. The disclosure for this sale can be found here. Insiders have sold a total of 255,161 shares of company stock worth $3,584,369 in the last ninety days. 4.30% of the stock is owned by insiders.

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.