Connor Clark & Lunn Investment Management Ltd. Boosts Stock Position in Magnite, Inc. (NASDAQ:MGNI)

Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 105.2% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 306,036 shares of the company’s stock after purchasing an additional 156,929 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Magnite were worth $4,872,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Wellington Management Group LLP grew its position in shares of Magnite by 125.3% in the 3rd quarter. Wellington Management Group LLP now owns 6,579,670 shares of the company’s stock worth $91,128,000 after acquiring an additional 3,659,759 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Magnite by 2.2% in the 3rd quarter. Geode Capital Management LLC now owns 2,968,286 shares of the company’s stock worth $41,118,000 after acquiring an additional 63,545 shares in the last quarter. Nomura Asset Management Co. Ltd. acquired a new position in shares of Magnite in the 3rd quarter worth approximately $23,917,000. Victory Capital Management Inc. grew its position in shares of Magnite by 2.9% in the 3rd quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company’s stock worth $18,569,000 after acquiring an additional 37,601 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Magnite by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,049,412 shares of the company’s stock worth $16,707,000 after acquiring an additional 16,308 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CAO Brian Gephart sold 6,250 shares of the business’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $16.00, for a total value of $100,000.00. Following the sale, the chief accounting officer now owns 132,909 shares of the company’s stock, valued at approximately $2,126,544. The trade was a 4.49 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO David Day sold 13,345 shares of the business’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $17.00, for a total value of $226,865.00. Following the completion of the sale, the chief financial officer now directly owns 374,014 shares in the company, valued at $6,358,238. This represents a 3.45 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 258,250 shares of company stock worth $4,945,720. 4.30% of the stock is owned by company insiders.

Magnite Trading Up 4.3 %

Shares of MGNI stock opened at $12.60 on Monday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. Magnite, Inc. has a 1 year low of $8.38 and a 1 year high of $21.29. The stock has a fifty day moving average of $16.69 and a two-hundred day moving average of $15.23. The firm has a market capitalization of $1.80 billion, a PE ratio of 210.00, a price-to-earnings-growth ratio of 1.00 and a beta of 2.79.

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

Analyst Ratings Changes

Several research analysts have recently commented on MGNI shares. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 target price on shares of Magnite in a research report on Thursday, February 27th. Susquehanna lifted their target price on Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a research report on Thursday, February 27th. Royal Bank of Canada lifted their target price on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Wells Fargo & Company boosted their price objective on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Finally, Wolfe Research boosted their price objective on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $19.27.

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.