Greenwood Capital Associates LLC Reduces Holdings in Magnite, Inc. $MGNI

Greenwood Capital Associates LLC cut its holdings in Magnite, Inc. (NASDAQ:MGNI) by 39.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 40,175 shares of the company’s stock after selling 26,046 shares during the quarter. Greenwood Capital Associates LLC’s holdings in Magnite were worth $969,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. GAMMA Investing LLC lifted its stake in Magnite by 355.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,517 shares of the company’s stock valued at $37,000 after buying an additional 1,184 shares in the last quarter. MCF Advisors LLC raised its holdings in shares of Magnite by 2,100.0% in the first quarter. MCF Advisors LLC now owns 2,200 shares of the company’s stock worth $25,000 after acquiring an additional 2,100 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in shares of Magnite by 74.9% in the first quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company’s stock worth $33,000 after acquiring an additional 1,203 shares during the last quarter. AllSquare Wealth Management LLC increased its position in Magnite by 76.8% during the 1st quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company’s stock worth $41,000 after purchasing an additional 1,555 shares in the last quarter. Finally, Smithfield Trust Co increased its position in Magnite by 38.9% during the 1st quarter. Smithfield Trust Co now owns 5,930 shares of the company’s stock worth $67,000 after purchasing an additional 1,660 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CAO Brian Gephart sold 27,671 shares of the stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $24.71, for a total value of $683,750.41. Following the completion of the sale, the chief accounting officer owned 92,898 shares in the company, valued at approximately $2,295,509.58. This trade represents a 22.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Adam Lee Soroca sold 24,986 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $24.69, for a total value of $616,904.34. Following the completion of the sale, the insider owned 346,393 shares of the company’s stock, valued at approximately $8,552,443.17. This trade represents a 6.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 399,175 shares of company stock valued at $9,645,269 over the last ninety days. Insiders own 3.80% of the company’s stock.

Magnite Stock Up 0.9%

MGNI opened at $20.30 on Friday. The firm has a 50 day moving average price of $23.42 and a 200 day moving average price of $18.73. The company has a market cap of $2.89 billion, a PE ratio of 70.00, a price-to-earnings-growth ratio of 1.38 and a beta of 3.02. Magnite, Inc. has a 1 year low of $8.22 and a 1 year high of $26.65. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.00.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.03. Magnite had a net margin of 6.30% and a return on equity of 8.07%. The company had revenue of $162.00 million during the quarter, compared to the consensus estimate of $157.05 million. During the same period in the previous year, the firm earned $0.14 earnings per share. Magnite’s revenue for the quarter was up 6.4% on a year-over-year basis. Sell-side analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Wells Fargo & Company raised their price target on shares of Magnite from $13.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 8th. Scotiabank reiterated an “outperform” rating and issued a $30.00 price target (up from $22.00) on shares of Magnite in a report on Thursday, August 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a report on Saturday, September 27th. Royal Bank Of Canada lifted their price objective on Magnite from $19.00 to $27.00 and gave the company an “outperform” rating in a research report on Thursday, July 31st. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $39.00 price objective on shares of Magnite in a research report on Friday, September 26th. Ten investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.82.

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.