Magnite, Inc. (NASDAQ:MGNI) Holdings Raised by King Luther Capital Management Corp

King Luther Capital Management Corp increased its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 1.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 527,621 shares of the company’s stock after purchasing an additional 8,912 shares during the quarter. King Luther Capital Management Corp owned 0.38% of Magnite worth $7,012,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in shares of Magnite by 1.3% during the first quarter. Vanguard Group Inc. now owns 12,818,197 shares of the company’s stock worth $137,796,000 after acquiring an additional 166,522 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Magnite by 1.8% in the 4th quarter. Wellington Management Group LLP now owns 2,939,541 shares of the company’s stock worth $27,455,000 after acquiring an additional 52,129 shares during the period. Burgundy Asset Management Ltd. increased its stake in shares of Magnite by 1.1% during the first quarter. Burgundy Asset Management Ltd. now owns 2,457,031 shares of the company’s stock valued at $26,413,000 after acquiring an additional 25,921 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Magnite by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 975,662 shares of the company’s stock worth $9,113,000 after purchasing an additional 16,062 shares in the last quarter. Finally, Norges Bank acquired a new stake in Magnite in the fourth quarter worth approximately $8,164,000. Institutional investors own 73.40% of the company’s stock.

Magnite Price Performance

Shares of Magnite stock opened at $12.96 on Friday. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.10 and a quick ratio of 1.10. The company has a market cap of $1.83 billion, a PE ratio of -20.25, a price-to-earnings-growth ratio of 1.22 and a beta of 2.41. The firm has a fifty day moving average price of $13.65 and a two-hundred day moving average price of $12.11. Magnite, Inc. has a fifty-two week low of $6.28 and a fifty-two week high of $15.92.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.01). Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The company had revenue of $162.88 million during the quarter, compared to the consensus estimate of $144.04 million. During the same quarter in the previous year, the business posted ($0.04) EPS. The firm’s quarterly revenue was up 6.8% on a year-over-year basis. Analysts expect that Magnite, Inc. will post 0.31 EPS for the current year.

Wall Street Analyst Weigh In

MGNI has been the topic of several research analyst reports. Evercore ISI lifted their price target on Magnite from $13.00 to $15.00 and gave the company an “outperform” rating in a research report on Monday, June 3rd. Royal Bank of Canada raised their target price on shares of Magnite from $17.00 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, June 5th. Needham & Company LLC reaffirmed a “buy” rating and set a $15.00 target price on shares of Magnite in a report on Tuesday, July 9th. Craig Hallum reiterated a “buy” rating and set a $20.00 price objective on shares of Magnite in a research report on Wednesday, August 21st. Finally, Benchmark reiterated a “buy” rating and issued a $21.00 target price on shares of Magnite in a report on Wednesday. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $17.25.

Insider Activity at Magnite

In other Magnite news, CRO Sean Patrick Buckley sold 2,623 shares of Magnite stock in a transaction on Monday, August 19th. The shares were sold at an average price of $12.53, for a total transaction of $32,866.19. Following the sale, the executive now owns 331,742 shares in the company, valued at $4,156,727.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Adam Lee Soroca sold 7,910 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $12.59, for a total transaction of $99,586.90. Following the sale, the insider now directly owns 436,001 shares in the company, valued at approximately $5,489,252.59. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CRO Sean Patrick Buckley sold 2,623 shares of Magnite stock in a transaction on Monday, August 19th. The shares were sold at an average price of $12.53, for a total value of $32,866.19. Following the completion of the transaction, the executive now owns 331,742 shares of the company’s stock, valued at approximately $4,156,727.26. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 250,383 shares of company stock worth $3,519,150. 4.30% of the stock is owned by corporate insiders.

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.