Magnite, Inc. $MGNI Stock Sold by King Luther Capital Management Corp

King Luther Capital Management Corp cut its position in Magnite, Inc. (NASDAQ:MGNI) by 9.0% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 458,239 shares of the company’s stock after selling 45,342 shares during the period. King Luther Capital Management Corp’s holdings in Magnite were worth $11,575,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Covestor Ltd grew its holdings in Magnite by 562.1% in the 3rd quarter. Covestor Ltd now owns 1,066 shares of the company’s stock valued at $26,000 after buying an additional 905 shares in the last quarter. Nykredit A S acquired a new stake in shares of Magnite during the second quarter worth $25,000. EFG International AG acquired a new stake in shares of Magnite during the second quarter worth $28,000. Allworth Financial LP bought a new stake in shares of Magnite in the second quarter valued at about $30,000. Finally, Signaturefd LLC boosted its position in shares of Magnite by 35.8% in the third quarter. Signaturefd LLC now owns 1,715 shares of the company’s stock valued at $43,000 after acquiring an additional 452 shares during the period. 73.40% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CTO David Buonasera sold 871 shares of the business’s stock in a transaction that occurred on Monday, November 9th. The shares were sold at an average price of $29.00, for a total value of $25,259.00. Following the completion of the transaction, the chief technology officer directly owned 238,578 shares in the company, valued at approximately $6,918,762. The trade was a 0.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James Rossman sold 49,190 shares of the company’s stock in a transaction that occurred on Wednesday, November 11th. The stock was sold at an average price of $29.05, for a total transaction of $1,428,969.50. Following the sale, the director directly owned 58,287 shares of the company’s stock, valued at approximately $1,693,237.35. This trade represents a 45.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 335,307 shares of company stock valued at $8,608,807. Company insiders own 3.20% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on MGNI shares. Wells Fargo & Company upped their price target on shares of Magnite from $22.00 to $23.00 and gave the company an “equal weight” rating in a research note on Thursday, November 5th. Royal Bank Of Canada lifted their price objective on shares of Magnite from $27.00 to $30.00 and gave the stock an “outperform” rating in a research note on Thursday, November 5th. Craig Hallum reiterated a “buy” rating and issued a $32.00 price objective on shares of Magnite in a research note on Thursday, September 17th. Evercore reissued an “outperform” rating and issued a $25.00 price objective on shares of Magnite in a report on Thursday, August 6th. Finally, Susquehanna increased their target price on shares of Magnite from $30.00 to $35.00 and gave the stock a “positive” rating in a research report on Thursday, November 5th. Ten equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $31.00.

Magnite Stock Performance

NASDAQ:MGNI opened at $29.34 on Friday. The company has a market cap of $4.21 billion, a price-to-earnings ratio of 42.96, a PEG ratio of 0.97 and a beta of 2.44. Magnite, Inc. has a fifty-two week low of $10.82 and a fifty-two week high of $29.67. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a fifty day moving average price of $24.48 and a 200-day moving average price of $18.13.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, November 4th. The company reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. The company had revenue of $204.20 million for the quarter, compared to analysts’ expectations of $190.19 million. Magnite had a return on equity of 10.94% and a net margin of 23.58%. Magnite’s revenue was up 22.4% on a year-over-year basis. During the same quarter last year, the business earned $0.20 earnings per share. As a group, equities analysts anticipate that Magnite, Inc. will post 0.62 EPS for the current fiscal year.

Key Stories Impacting Magnite

Investors following MGNI have been watching these stories:

• Positive Sentiment: Magnite’s recent results provide a growth backdrop: it beat quarterly EPS and revenue estimates, with revenue up 22.4% year over year. A report also points to a raised outlook, while another highlights the expanded Gracenote connected-TV deal as a potential source of value. Magnite stock and raised outlook Magnite and Gracenote deal expansion
• Neutral Sentiment: One valuation analysis says MGNI may be near fair value despite the raised outlook, tempering the more optimistic view that the expanded Gracenote deal leaves the shares undervalued. Magnite valuation analysis
• Negative Sentiment: SEC disclosures show multiple Magnite directors and executives sold shares in transactions dated November 9 and 11. Together, the reported sales totaled about 91,963 shares, worth approximately $2.67 million. The largest disclosed sale was by director James Rossman; CTO David Buonasera’s smaller sale was made under a pre-arranged trading plan. Insider selling can raise concerns about near-term sentiment, although sellers retained substantial holdings. Magnite insider sale report James Rossman SEC filing

Magnite Company Profile

Magnite, Inc. operates a sell-side advertising platform that helps publishers, streaming services and app developers sell digital advertising inventory through programmatic auctions. Its technology connects those sellers with advertisers and their agencies seeking to buy ad placements. The company supports advertising across connected TV, online video, mobile applications and desktop formats. Its offerings include tools for managing and monetizing ad inventory, including streaming-focused ad-serving technology.