King Luther Capital Management Corp Purchases 65,675 Shares of Magnite, Inc. $MGNI

King Luther Capital Management Corp increased its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 14.6% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 515,635 shares of the company’s stock after buying an additional 65,675 shares during the quarter. King Luther Capital Management Corp’s holdings in Magnite were worth $8,369,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of MGNI. Blue Grotto Capital LLC boosted its holdings in shares of Magnite by 443.8% during the 3rd quarter. Blue Grotto Capital LLC now owns 1,548,796 shares of the company’s stock worth $33,733,000 after buying an additional 1,263,992 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Magnite by 8.1% during the 3rd quarter. Vanguard Group Inc. now owns 14,654,432 shares of the company’s stock worth $319,174,000 after buying an additional 1,092,147 shares during the period. 325 Capital LLC bought a new stake in shares of Magnite during the 3rd quarter worth $14,158,000. Voloridge Investment Management LLC bought a new stake in shares of Magnite during the 3rd quarter worth $8,172,000. Finally, Kopion Asset Management LLC boosted its holdings in shares of Magnite by 149.2% during the 4th quarter. Kopion Asset Management LLC now owns 614,459 shares of the company’s stock worth $9,973,000 after buying an additional 367,858 shares during the period. 73.40% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Robert F. Spillane sold 10,000 shares of the stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $13.33, for a total value of $133,300.00. Following the completion of the transaction, the director owned 43,917 shares in the company, valued at approximately $585,413.61. This represents a 18.55% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 3.80% of the company’s stock.

Wall Street Analysts Forecast Growth

MGNI has been the subject of several recent analyst reports. Benchmark decreased their price objective on shares of Magnite from $31.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Needham & Company LLC reaffirmed a “buy” rating and set a $25.00 price objective on shares of Magnite in a report on Thursday, April 16th. Royal Bank Of Canada reduced their price target on shares of Magnite from $23.00 to $20.00 and set an “outperform” rating for the company in a report on Thursday, May 7th. Weiss Ratings raised shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Finally, Evercore reissued an “outperform” rating and issued a $21.00 price target on shares of Magnite in a report on Thursday, May 7th. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $24.38.

Magnite Price Performance

Shares of Magnite stock opened at $13.35 on Thursday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02. Magnite, Inc. has a fifty-two week low of $10.82 and a fifty-two week high of $26.65. The firm has a fifty day moving average price of $12.77 and a two-hundred day moving average price of $13.79. The company has a market cap of $1.91 billion, a PE ratio of 12.84, a price-to-earnings-growth ratio of 0.63 and a beta of 2.33.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The firm had revenue of $164.37 million during the quarter, compared to the consensus estimate of $159.24 million. During the same period in the prior year, the firm earned $0.12 EPS. The business’s revenue was up 5.5% on a year-over-year basis. Analysts expect that Magnite, Inc. will post 0.6 EPS for the current year.

About Magnite

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).