Edenbrook Capital Takes 5.7% Activist Stake in Magnite, in Ongoing Talks With Company

By 247patrick Updated Nov 11, 1:28PM EST · Published Nov 11, 3:45AM EST

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Edenbrook Capital Takes 5.7% Activist Stake in Magnite, in Ongoing Talks With Company — © kate_sept2004 / E+ via Getty Images

Edenbrook Capital, LLC has filed a 13D form with the SEC disclosing ownership of 6,893,079 shares of Magnite Inc (MGNI). This represents 5.17% of the company’s outstanding shares.

Edenbrook said it’s engaged in, and expects to continue talks with the company.

Subjects of discussion include the overall business, management, capital structure and allocation, corporate governance, board composition and strategic alternatives and direction, and may take other steps seeking to bring about changes to increase shareholder value.

What are other large shareholders doing?

Vanguard Group Inc holds 11,827,551 shares representing 8.90% ownership of the company. In it’s prior filing, the firm reported owning 11,882,938 shares, representing a decrease of 0.47%. The firm decreased its portfolio allocation in MGNI by 20.49% over the last quarter.

Granahan Investment Management Inc/ma holds 9,499,258 shares representing 7.15% ownership of the company. In it’s prior filing, the firm reported owning 9,128,749 shares, representing an increase of 3.90%. The firm decreased its portfolio allocation in MGNI by 3.77% over the last quarter.

BlackRock Inc. holds 8,721,790 shares representing 6.56% ownership of the company. In it’s prior filing, the firm reported owning 8,311,834 shares, representing an increase of 4.70%. The firm decreased its portfolio allocation in MGNI by 16.01% over the last quarter.

Fmr Llc holds 5,735,515 shares representing 4.31% ownership of the company. In it’s prior filing, the firm reported owning 9,977,453 shares, representing a decrease of 73.96%. The firm decreased its portfolio allocation in MGNI by 51.81% over the last quarter.

FAGAX – Fidelity Advisor Growth Opportunities Fund Class A holds 4,643,231 shares representing 3.49% ownership of the company. In it’s prior filing, the firm reported owning 6,303,031 shares, representing a decrease of 35.75%. The firm decreased its portfolio allocation in MGNI by 46.65% over the last quarter.

What is the overall institutional sentiment?

There are 469 funds or institutions reporting positions in Magnite Inc. This is a decrease of 4 owner(s) or 0.85%.

Average portfolio weight of all funds dedicated to Magnite Inc is 0.2056%, a decrease of 5.1436%. Total shares owned by institutions decreased in the last three months by 0.31% to 101,407,549 shares.

Based on this information, institutional sentiment is bearish.

This article originally appeared on Fintel

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