King Luther Capital Management Corp Purchases 12,725 Shares of Magnite, Inc. (NASDAQ:MGNI)

King Luther Capital Management Corp grew its holdings in Magnite, Inc. (NASDAQ:MGNI) by 2.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 534,567 shares of the company’s stock after purchasing an additional 12,725 shares during the quarter. King Luther Capital Management Corp owned approximately 0.38% of Magnite worth $8,510,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of MGNI. Wellington Management Group LLP boosted its stake in Magnite by 125.3% in the third quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock valued at $91,128,000 after acquiring an additional 3,659,759 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Magnite by 2.2% during the third quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company’s stock worth $41,118,000 after purchasing an additional 63,545 shares during the period. Nomura Asset Management Co. Ltd. bought a new stake in Magnite in the third quarter valued at about $23,917,000. Royce & Associates LP lifted its stake in Magnite by 5.2% in the third quarter. Royce & Associates LP now owns 1,488,301 shares of the company’s stock valued at $20,613,000 after buying an additional 73,555 shares during the period. Finally, Victory Capital Management Inc. boosted its holdings in Magnite by 2.9% during the third quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company’s stock worth $18,569,000 after buying an additional 37,601 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Stock Performance

Shares of MGNI opened at $12.42 on Wednesday. The stock has a market capitalization of $1.78 billion, a price-to-earnings ratio of 207.00, a PEG ratio of 1.00 and a beta of 2.79. Magnite, Inc. has a 12 month low of $8.38 and a 12 month high of $21.29. The firm has a fifty day simple moving average of $16.92 and a 200 day simple moving average of $15.26. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, February 26th. The company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.14). The business had revenue of $180.20 million for the quarter, compared to analyst estimates of $183.90 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. Research analysts forecast that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Scotiabank initiated coverage on shares of Magnite in a research note on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price objective on the stock. Wolfe Research boosted their price target on shares of Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Susquehanna raised their price objective on Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a research note on Thursday, February 27th. Wells Fargo & Company boosted their target price on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. Finally, Benchmark restated a “buy” rating and issued a $25.00 price target on shares of Magnite in a report on Monday. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $19.27.

Insider Activity at Magnite

In other news, CTO David Buonasera sold 1,969 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $16.31, for a total transaction of $32,114.39. Following the sale, the chief technology officer now owns 223,795 shares in the company, valued at $3,650,096.45. This represents a 0.87 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Adam Lee Soroca sold 15,499 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $15.75, for a total transaction of $244,109.25. Following the completion of the transaction, the insider now directly owns 458,386 shares of the company’s stock, valued at $7,219,579.50. This represents a 3.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 271,863 shares of company stock valued at $5,169,262. Insiders own 4.30% of the company’s stock.

Magnite 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.