Clough Capital Partners L P Has $2.06 Million Position in Magnite, Inc. $MGNI

Clough Capital Partners L P reduced its position in shares of Magnite, Inc. (NASDAQ:MGNI) by 48.9% in the 3rd quarter, HoldingsChannel reports. The firm owned 94,652 shares of the company’s stock after selling 90,625 shares during the period. Clough Capital Partners L P’s holdings in Magnite were worth $2,062,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Stephens Inc. AR increased its holdings in shares of Magnite by 0.6% during the third quarter. Stephens Inc. AR now owns 83,468 shares of the company’s stock worth $1,818,000 after buying an additional 517 shares in the last quarter. Smartleaf Asset Management LLC grew its position in Magnite by 20.5% during the 2nd quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company’s stock worth $82,000 after acquiring an additional 577 shares during the last quarter. US Bancorp DE grew its position in Magnite by 75.8% during the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after acquiring an additional 688 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in Magnite by 45.1% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock valued at $53,000 after purchasing an additional 755 shares in the last quarter. Finally, AlphaQuest LLC increased its holdings in Magnite by 8.4% during the 3rd quarter. AlphaQuest LLC now owns 13,491 shares of the company’s stock valued at $294,000 after purchasing an additional 1,044 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Magnite Stock Down 3.3%

MGNI opened at $11.88 on Friday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02. The company has a market capitalization of $1.72 billion, a P/E ratio of 12.64, a P/E/G ratio of 0.64 and a beta of 2.34. Magnite, Inc. has a fifty-two week low of $8.22 and a fifty-two week high of $26.65. The stock has a fifty day moving average of $13.64 and a 200-day moving average of $16.87.

Insider Buying and Selling at Magnite

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

Wall Street Analysts Forecast Growth

Several analysts have recently commented on MGNI shares. Benchmark decreased their target price on Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a report on Thursday, February 26th. Wells Fargo & Company reduced their target price on shares of Magnite from $20.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Friday, February 27th. Rosenblatt Securities restated a “buy” rating and set a $39.00 target price on shares of Magnite in a research report on Thursday, February 26th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a research note on Thursday, January 22nd. Finally, Evercore reiterated an “outperform” rating and issued a $20.00 price target on shares of Magnite in a report on Thursday, February 26th. Nine analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $24.10.

About Magnite

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).