Connor Clark & Lunn Investment Management Ltd. Sells 36,750 Shares of Magnite, Inc. (NASDAQ:MGNI)

Connor Clark & Lunn Investment Management Ltd. trimmed its holdings in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 12.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 269,286 shares of the company's stock after selling 36,750 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.19% of Magnite worth $3,073,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Summit Investment Advisors Inc. increased its holdings in Magnite by 6.8% in the fourth quarter. Summit Investment Advisors Inc. now owns 13,162 shares of the company's stock valued at $210,000 after buying an additional 836 shares in the last quarter. Perkins Capital Management Inc. boosted its holdings in Magnite by 0.9% in the 1st quarter. Perkins Capital Management Inc. now owns 145,125 shares of the company's stock valued at $1,656,000 after purchasing an additional 1,300 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Magnite by 1.2% in the 1st quarter. Principal Financial Group Inc. now owns 124,547 shares of the company's stock worth $1,421,000 after acquiring an additional 1,474 shares during the last quarter. AllSquare Wealth Management LLC lifted its holdings in shares of Magnite by 76.8% in the 1st quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company's stock worth $41,000 after acquiring an additional 1,555 shares during the last quarter. Finally, Smithfield Trust Co increased its stake 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 buying an additional 1,660 shares during the period. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MGNI has been the subject of several research analyst reports. Craig Hallum set a $24.00 target price on shares of Magnite and gave the company a "buy" rating in a report on Tuesday, May 20th. Wells Fargo & Company lifted their price target on shares of Magnite from $13.00 to $24.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. Susquehanna raised their target price on shares of Magnite from $22.00 to $28.00 and gave the company a "positive" rating in a report on Thursday, August 7th. Benchmark lifted their price target on shares of Magnite from $30.00 to $31.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Finally, Rosenblatt Securities restated a "buy" rating and issued a $39.00 target price on shares of Magnite in a report on Thursday, August 7th. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $25.82.

Insider Activity at Magnite

In other news, insider Aaron Saltz sold 13,860 shares of the business's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $23.34, for a total transaction of $323,492.40. Following the completion of the transaction, the insider directly owned 247,954 shares in the company, valued at approximately $5,787,246.36. The trade was a 5.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Paul Caine sold 5,000 shares of the business's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $22.29, for a total value of $111,450.00. Following the completion of the sale, the director owned 178,603 shares in the company, valued at $3,981,060.87. The trade was a 2.72% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 965,695 shares of company stock worth $19,189,114 over the last 90 days. Insiders own 3.80% of the company's stock.

Magnite Stock Up 0.5%

NASDAQ:MGNI traded up $0.11 during mid-day trading on Friday, reaching $23.70. The stock had a trading volume of 2,903,873 shares, compared to its average volume of 2,818,075. Magnite, Inc. has a fifty-two week low of $8.22 and a fifty-two week high of $25.27. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a market cap of $3.37 billion, a P/E ratio of 81.73, a PEG ratio of 1.63 and a beta of 3.05. The business's 50 day moving average is $21.96 and its 200 day moving average is $17.02.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.17 by $0.03. The firm had revenue of $162.00 million during the quarter, compared to analysts' expectations of $157.05 million. Magnite had a return on equity of 8.07% and a net margin of 6.30%. Magnite's quarterly revenue was up 6.4% compared to the same quarter last year. During the same period last year, the business earned $0.14 earnings per share. As a group, sell-side analysts predict that Magnite, Inc. will post 0.33 earnings per share for the current year.

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.