Clough Capital Partners L P Reduces Position in Magnite, Inc. $MGNI

Clough Capital Partners L P trimmed its holdings in Magnite, Inc. (NASDAQ:MGNI) by 48.9% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 94,652 shares of the company’s stock after selling 90,625 shares during the period. Clough Capital Partners L P owned 0.07% of Magnite worth $2,062,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Neo Ivy Capital Management acquired a new stake in shares of Magnite during the third quarter worth $27,000. US Bancorp DE raised its holdings in Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after purchasing an additional 688 shares in the last quarter. State of Wyoming purchased a new stake in shares of Magnite in the third quarter valued at approximately $39,000. USA Financial Formulas acquired a new stake in shares of Magnite in the third quarter valued at about $40,000. Finally, PNC Financial Services Group Inc. boosted its stake in shares of Magnite by 45.1% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock worth $53,000 after acquiring an additional 755 shares in the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently commented on MGNI shares. Scotiabank decreased their price objective on Magnite from $30.00 to $16.00 and set a “sector outperform” rating on the stock in a research note on Thursday, February 26th. Wells Fargo & Company decreased their price target on shares of Magnite from $20.00 to $13.00 and set an “equal weight” rating for the company in a research report on Friday, February 27th. Evercore reissued an “outperform” rating and set a $20.00 target price on shares of Magnite in a research report on Thursday, February 26th. Rosenblatt Securities restated a “buy” rating and set a $39.00 price objective on shares of Magnite in a research note on Thursday, February 26th. Finally, Benchmark cut their target price on shares of Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Nine 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.com, Magnite presently has an average rating of “Moderate Buy” and a consensus target price of $24.10.

Magnite Stock Performance

Shares of NASDAQ MGNI opened at $11.88 on Friday. Magnite, Inc. has a 52-week low of $8.22 and a 52-week high of $26.65. The stock’s fifty day simple moving average is $13.64 and its 200 day simple moving average is $16.87. The stock has a market capitalization of $1.72 billion, a price-to-earnings ratio of 12.64, a PEG ratio of 0.64 and a beta of 2.34. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38.

Insider Buying and Selling

In other news, insider Adam Lee Soroca sold 21,529 shares of the firm’s stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $12.00, for a total transaction of $258,348.00. Following the transaction, the insider owned 388,425 shares in the company, valued at approximately $4,661,100. This trade represents a 5.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 3.80% of the company’s stock.

Magnite Profile

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).