King Luther Capital Management Corp Sells 13,700 Shares of Magnite, Inc. (NASDAQ:MGNI)

King Luther Capital Management Corp reduced its holdings in Magnite, Inc. (NASDAQ:MGNI) by 2.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 523,709 shares of the company’s stock after selling 13,700 shares during the quarter. King Luther Capital Management Corp owned about 0.38% of Magnite worth $4,891,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in MGNI. Burgundy Asset Management Ltd. bought a new stake in shares of Magnite during the third quarter valued at approximately $17,759,000. Rubric Capital Management LP increased its position in Magnite by 80.7% during the third quarter. Rubric Capital Management LP now owns 4,000,000 shares of the company’s stock valued at $30,160,000 after acquiring an additional 1,785,978 shares during the last quarter. Norges Bank purchased a new stake in Magnite during the fourth quarter valued at $8,164,000. Roumell Asset Management LLC purchased a new stake in Magnite during the third quarter valued at $4,091,000. Finally, Qube Research & Technologies Ltd bought a new stake in Magnite during the third quarter valued at about $2,284,000. 73.40% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on MGNI shares. Benchmark reissued a “buy” rating and set a $18.00 price target on shares of Magnite in a report on Thursday, May 16th. B. Riley initiated coverage on Magnite in a research report on Friday, April 19th. They issued a “buy” rating and a $14.50 target price on the stock. Royal Bank of Canada restated an “outperform” rating and set a $15.00 price objective on shares of Magnite in a research report on Thursday, March 7th. Craig Hallum upped their price objective on Magnite from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday, May 16th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $15.00 price target on shares of Magnite in a report on Thursday, May 16th. Two equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $14.95.

Insider Buying and Selling

In other Magnite news, CEO Michael G. Barrett sold 75,000 shares of Magnite stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $11.21, for a total transaction of $840,750.00. Following the completion of the transaction, the chief executive officer now owns 1,234,662 shares in the company, valued at approximately $13,840,561.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Adam Lee Soroca sold 10,597 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $5,543,056.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael G. Barrett sold 75,000 shares of Magnite stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $11.21, for a total value of $840,750.00. Following the completion of the sale, the chief executive officer now owns 1,234,662 shares in the company, valued at $13,840,561.02. The disclosure for this sale can be found here. 4.30% of the stock is currently owned by company insiders.

Magnite Stock Performance

NASDAQ MGNI traded down $0.17 during midday trading on Thursday, hitting $11.26. 260,641 shares of the company traded hands, compared to its average volume of 1,390,590. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.79. The company’s 50-day simple moving average is $9.86 and its 200-day simple moving average is $9.44. Magnite, Inc. has a 52 week low of $6.28 and a 52 week high of $15.73.

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

About Magnite

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.