King Luther Capital Management Corp Decreases Stake in Magnite, Inc. (NASDAQ:MGNI)

King Luther Capital Management Corp lessened its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 1.1% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 521,842 shares of the company’s stock after selling 5,779 shares during the quarter. King Luther Capital Management Corp owned approximately 0.37% of Magnite worth $7,228,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. New Century Financial Group LLC bought a new stake in Magnite during the 2nd quarter valued at $640,000. Victory Capital Management Inc. boosted its holdings in shares of 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 purchasing an additional 37,601 shares during the period. Commonwealth Equity Services LLC boosted its holdings in shares of Magnite by 668.3% during the second quarter. Commonwealth Equity Services LLC now owns 81,573 shares of the company’s stock worth $1,084,000 after purchasing an additional 70,956 shares during the period. Tidal Investments LLC increased its holdings in Magnite by 212.8% during the 1st quarter. Tidal Investments LLC now owns 69,388 shares of the company’s stock valued at $746,000 after purchasing an additional 47,205 shares during the period. Finally, Baader Bank Aktiengesellschaft purchased a new position in Magnite during the 2nd quarter valued at about $671,000. Institutional investors own 73.40% of the company’s stock.

Analysts Set New Price Targets

MGNI has been the topic of a number of recent analyst reports. Lake Street Capital initiated coverage on Magnite in a research report on Thursday, July 25th. They issued a “buy” rating and a $21.00 price objective on the stock. Benchmark reiterated a “buy” rating and issued a $21.00 price target on shares of Magnite in a report on Wednesday, October 2nd. Bank of America upped their price objective on shares of Magnite from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $19.00 target price on shares of Magnite in a research note on Friday, September 27th. Finally, Craig Hallum reissued a “buy” rating and issued a $20.00 price target on shares of Magnite in a research note on Wednesday, August 21st. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Magnite presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.96.

Magnite Price Performance

MGNI stock opened at $16.61 on Friday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a 50 day moving average price of $13.33 and a 200-day moving average price of $13.11. Magnite, Inc. has a 52-week low of $7.97 and a 52-week high of $17.00. The firm has a market capitalization of $2.34 billion, a price-to-earnings ratio of 276.75, a PEG ratio of 1.33 and a beta of 2.43.

Insider Buying and Selling at Magnite

In other news, CAO Brian Gephart sold 2,156 shares of the firm’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $15.00, for a total transaction of $32,340.00. Following the completion of the transaction, the chief accounting officer now directly owns 116,982 shares in the company, valued at $1,754,730. This trade represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Adam Lee Soroca sold 7,849 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $15.60, for a total transaction of $122,444.40. Following the completion of the transaction, the insider now owns 421,347 shares in the company, valued at approximately $6,573,013.20. The trade was a 1.83 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 127,551 shares of company stock worth $2,031,814. 4.30% of the stock is owned by insiders.

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.