King Luther Capital Management Corp Lowers Stock Holdings in Magnite, Inc. (NASDAQ:MGNI)

King Luther Capital Management Corp lessened its holdings in Magnite, Inc. (NASDAQ:MGNI) by 1.1% in the third quarter, HoldingsChannel reports. The institutional investor owned 521,842 shares of the company’s stock after selling 5,779 shares during the quarter. King Luther Capital Management Corp’s holdings in Magnite were worth $7,228,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. UMB Bank n.a. grew its position in shares of Magnite by 111.8% during the second quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock worth $30,000 after purchasing an additional 1,188 shares in the last quarter. Asset Dedication LLC bought a new position in shares of Magnite during the 2nd quarter valued at about $52,000. Blue Trust Inc. purchased a new position in shares of Magnite during the second quarter valued at about $56,000. Benjamin F. Edwards & Company Inc. increased its holdings in shares of Magnite by 973.5% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock worth $58,000 after purchasing an additional 3,972 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale purchased a new stake in shares of Magnite in the second quarter worth about $93,000. 73.40% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on MGNI. Macquarie reaffirmed an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a research note on Friday, November 8th. Royal Bank of Canada reissued an “outperform” rating and issued a $19.00 target price on shares of Magnite in a research note on Friday, September 27th. Bank of America lifted their price target on shares of Magnite from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Needham & Company LLC reissued a “buy” rating and issued a $15.00 price objective on shares of Magnite in a research note on Wednesday, October 2nd. Finally, Lake Street Capital assumed coverage on Magnite in a research note on Thursday, July 25th. They set a “buy” rating and a $21.00 target price on the stock. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $16.96.

Magnite Stock Up 3.6 %

Shares of NASDAQ MGNI opened at $16.61 on Friday. Magnite, Inc. has a 52-week low of $7.97 and a 52-week high of $17.00. The firm has a market capitalization of $2.34 billion, a price-to-earnings ratio of 276.75, a PEG ratio of 1.33 and a beta of 2.43. The stock has a 50 day moving average price of $13.33 and a 200 day moving average price of $13.11. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11.

Insider Buying and Selling at Magnite

In other Magnite news, insider Adam Lee Soroca sold 7,849 shares of the stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $15.60, for a total transaction of $122,444.40. Following the transaction, the insider now directly owns 421,347 shares in the company, valued at $6,573,013.20. This represents a 1.83 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Aaron Saltz sold 5,112 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $13.50, for a total transaction of $69,012.00. Following the completion of the sale, the insider now owns 307,745 shares of the company’s stock, valued at approximately $4,154,557.50. This represents a 1.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 127,551 shares of company stock valued at $2,031,814 in the last ninety days. Corporate insiders own 4.30% of the company’s stock.

Magnite Company 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.