ClariVest Asset Management LLC Boosts Position in Magnite, Inc. (NASDAQ:MGNI)

ClariVest Asset Management LLC increased its holdings in Magnite, Inc. (NASDAQ:MGNI) by 148,362.8% in the second quarter, HoldingsChannel.com reports. The fund owned 63,839 shares of the company’s stock after acquiring an additional 63,796 shares during the period. ClariVest Asset Management LLC’s holdings in Magnite were worth $848,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its position in shares of Magnite by 1.7% in the 4th 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. NBC Securities Inc. lifted its holdings in Magnite by 4.2% in the fourth quarter. NBC Securities Inc. now owns 27,485 shares of the company’s stock worth $256,000 after buying an additional 1,108 shares during the period. Norges Bank bought a new stake in Magnite during the 4th quarter valued at approximately $8,164,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Magnite during the 4th quarter worth approximately $99,000. Finally, Aigen Investment Management LP bought a new position in shares of Magnite in the 4th quarter worth approximately $164,000. Institutional investors own 73.40% of the company’s stock.

Insider Activity

In other Magnite news, insider Aaron Saltz sold 4,778 shares of the business’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $13.65, for a total value of $65,219.70. Following the completion of the transaction, the insider now owns 317,010 shares of the company’s stock, valued at approximately $4,327,186.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CRO Sean Patrick Buckley sold 19,607 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $14.50, for a total value of $284,301.50. Following the transaction, the executive now directly owns 363,615 shares in the company, valued at approximately $5,272,417.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Aaron Saltz sold 4,778 shares of the company’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $13.65, for a total value of $65,219.70. Following the sale, the insider now 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 valued at $3,584,369 over the last ninety days. 4.30% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on MGNI. Wolfe Research began coverage on Magnite in a research note on Tuesday, July 16th. They issued an “outperform” rating and a $16.00 price target on the stock. Susquehanna reiterated a “positive” rating and issued a $14.00 price target on shares of Magnite in a research note on Thursday, May 16th. Evercore ISI lifted their price target 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. Benchmark restated a “buy” rating and issued a $21.00 price objective on shares of Magnite in a report on Tuesday, August 20th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $15.00 target price on shares of Magnite in a report on Tuesday, July 9th. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Magnite presently has an average rating of “Buy” and a consensus target price of $17.25.

Magnite Stock Performance

Shares of NASDAQ MGNI opened at $12.93 on Thursday. The firm’s 50 day moving average price is $13.69 and its 200-day moving average price is $12.01. Magnite, Inc. has a 52-week low of $6.28 and a 52-week high of $15.92. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.77.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data 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 during the quarter, compared to the consensus estimate 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 revenue was up 6.8% compared to the same quarter last year. During the same period last year, the company posted ($0.04) earnings per share. On average, research analysts forecast that Magnite, Inc. will post 0.31 earnings per share for the current year.

About Magnite

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.