King Luther Capital Management Corp Grows Position in Magnite, Inc. (NASDAQ:MGNI)

Key Points

• King Luther Capital Management Corp increased its stake in Magnite, Inc. by 9.0%, holding approximately $6.65 million worth of shares after purchasing an additional 48,219 shares.
• Insider activity included sales by Director Paul Caine and CFO David Day, with a total of 952,893 shares sold worth nearly $18.75 million in the last ninety days.
• Magnite's stock recently opened at $22.47 with a market capitalization of $3.20 billion and a consensus target price of $25.82 from analysts.

King Luther Capital Management Corp increased its holdings in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 9.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 582,786 shares of the company's stock after buying an additional 48,219 shares during the quarter. King Luther Capital Management Corp owned 0.41% of Magnite worth $6,650,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Magnite by 1.0% in the first quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company's stock worth $156,814,000 after acquiring an additional 138,417 shares in the last quarter. Capital Research Global Investors acquired a new position in Magnite during the fourth quarter worth $122,986,000. Dimensional Fund Advisors LP boosted its holdings in Magnite by 3.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,524,643 shares of the company's stock worth $87,957,000 after purchasing an additional 170,532 shares during the last quarter. Nine Ten Capital Management LLC grew its position in Magnite by 18.8% in the fourth quarter. Nine Ten Capital Management LLC now owns 3,115,849 shares of the company's stock valued at $49,604,000 after purchasing an additional 493,983 shares in the last quarter. Finally, Northern Trust Corp increased its stake in Magnite by 1.3% in the 4th quarter. Northern Trust Corp now owns 1,658,535 shares of the company's stock valued at $26,404,000 after buying an additional 21,230 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors.

Insider Transactions at Magnite

In other Magnite news, CEO Michael G. Barrett sold 70,900 shares of the stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $23.27, for a total value of $1,649,843.00. Following the transaction, the chief executive officer owned 285,808 shares in the company, valued at approximately $6,650,752.16. This represents a 19.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Adam Lee Soroca sold 42,584 shares of Magnite stock in a transaction on Thursday, July 3rd. The stock was sold at an average price of $25.00, for a total transaction of $1,064,600.00. Following the transaction, the insider directly owned 366,672 shares in the company, valued at $9,166,800. This represents a 10.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 957,893 shares of company stock valued at $18,863,114. 3.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Rosenblatt Securities restated a "buy" rating and set a $39.00 price objective on shares of Magnite in a research note on Thursday, August 7th. Susquehanna increased their price target on Magnite from $22.00 to $28.00 and gave the company a "positive" rating in a research report on Thursday, August 7th. Lake Street Capital reduced their price objective on shares of Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Benchmark increased their price objective on shares of Magnite from $30.00 to $31.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Finally, Wells Fargo & Company increased their target price on Magnite from $13.00 to $24.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 8th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, Magnite presently has a consensus rating of "Moderate Buy" and an average price target of $25.82.

Magnite Trading Up 3.3%

MGNI stock traded up $0.75 during mid-day trading on Thursday, reaching $23.59. The company's stock had a trading volume of 3,808,512 shares, compared to its average volume of 2,704,163. Magnite, Inc. has a 12 month low of $8.22 and a 12 month high of $25.27. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. The business's 50 day moving average price is $21.71 and its 200 day moving average price is $16.94. The company has a market cap of $3.36 billion, a price-to-earnings ratio of 81.35, a price-to-earnings-growth ratio of 1.53 and a beta of 3.05.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.03. The company had revenue of $162.00 million during the quarter, compared to analyst estimates of $157.05 million. Magnite had a net margin of 6.30% and a return on equity of 8.07%. Magnite's revenue for the quarter was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.14 EPS. On average, equities research analysts predict that Magnite, Inc. will post 0.33 EPS for the current year.

Magnite Company 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.