King Luther Capital Management Corp Has $4.89 Million Stock Holdings in Magnite, Inc. (NASDAQ:MGNI)

King Luther Capital Management Corp lessened its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 2.5% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 523,709 shares of the company’s stock after selling 13,700 shares during the period. King Luther Capital Management Corp’s holdings in Magnite were worth $4,891,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in MGNI. Commonwealth Equity Services LLC grew its holdings in shares of Magnite by 120.1% in the 3rd quarter. Commonwealth Equity Services LLC now owns 34,544 shares of the company’s stock valued at $260,000 after buying an additional 18,846 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Magnite by 21.6% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,835 shares of the company’s stock valued at $187,000 after buying an additional 4,413 shares during the period. Principal Financial Group Inc. grew its holdings in shares of Magnite by 17.0% in the 3rd quarter. Principal Financial Group Inc. now owns 17,424 shares of the company’s stock valued at $131,000 after buying an additional 2,526 shares during the period. NBC Securities Inc. acquired a new position in shares of Magnite in the 3rd quarter valued at $198,000. Finally, Guinness Atkinson Asset Management Inc lifted its position in Magnite by 59.1% in the 3rd quarter. Guinness Atkinson Asset Management Inc now owns 4,824 shares of the company’s stock valued at $36,000 after acquiring an additional 1,792 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Insider Activity at Magnite

In other Magnite news, CEO Michael G. Barrett sold 75,000 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $11.21, for a total transaction of $840,750.00. Following the transaction, the chief executive officer now owns 1,234,662 shares in the company, valued at approximately $13,840,561.02. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Magnite news, CEO Michael G. Barrett sold 75,000 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $11.21, for a total transaction of $840,750.00. Following the transaction, the chief executive officer now owns 1,234,662 shares in the company, valued at approximately $13,840,561.02. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Adam Lee Soroca sold 10,597 shares of the company’s stock in a transaction that occurred on Friday, May 17th. The stock was sold at an average price of $12.30, for a total transaction of $130,343.10. Following the sale, the insider now directly owns 450,655 shares of the company’s stock, valued at approximately $5,543,056.50. The disclosure for this sale can be found here. 4.30% of the stock is owned by company insiders.

Magnite Price Performance

Shares of Magnite stock traded down $0.17 during trading on Thursday, hitting $11.26. 260,641 shares of the stock were exchanged, compared to its average volume of 1,390,590. The company has a fifty day moving average price of $9.86 and a 200-day moving average price of $9.44. Magnite, Inc. has a 1-year low of $6.28 and a 1-year high of $15.73. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.79.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, February 28th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.13. The company had revenue of $165.28 million for the quarter, compared to analyst estimates of $160.24 million. Magnite had a negative net margin of 12.24% and a positive return on equity of 3.23%. Analysts expect that Magnite, Inc. will post 0.38 earnings per share for the current year.

Analyst Upgrades and Downgrades

MGNI has been the topic of several research reports. Benchmark reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Magnite in a research report on Thursday, May 16th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $15.00 price objective on shares of Magnite in a research report on Thursday, March 7th. Susquehanna reaffirmed a “positive” rating and issued a $14.00 price objective on shares of Magnite in a research report on Thursday, May 16th. Craig Hallum boosted their price objective on shares of Magnite from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, May 16th. Finally, B. Riley initiated coverage on shares of Magnite in a research report on Friday, April 19th. They issued a “buy” rating and a $14.50 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $14.95.

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.