Magnite, Inc. $MGNI Shares Sold by King Luther Capital Management Corp

King Luther Capital Management Corp cut its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 19.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 449,960 shares of the company’s stock after selling 110,826 shares during the period. King Luther Capital Management Corp owned about 0.32% of Magnite worth $9,800,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of MGNI. State of Wyoming purchased a new position in Magnite in the third quarter valued at about $39,000. USA Financial Formulas purchased a new position in shares of Magnite during the 3rd quarter valued at approximately $40,000. CWM LLC grew its position in shares of Magnite by 133.6% during the second quarter. CWM LLC now owns 1,775 shares of the company’s stock worth $43,000 after buying an additional 1,015 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Magnite by 45.1% in the third quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock worth $53,000 after buying an additional 755 shares during the last quarter. Finally, Westfuller Advisors LLC acquired a new stake in Magnite in the third quarter valued at $56,000. 73.40% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Adam Lee Soroca sold 21,529 shares of the company’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $12.00, for a total transaction of $258,348.00. Following the completion of the transaction, the insider owned 388,425 shares in the company, valued at approximately $4,661,100. This represents a 5.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.80% of the company’s stock.

Wall Street Analysts Forecast Growth

MGNI has been the subject of several recent analyst reports. Wells Fargo & Company decreased their price objective on shares of Magnite from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Friday, November 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a research note on Thursday, January 22nd. Rosenblatt Securities restated a “buy” rating and set a $39.00 price objective on shares of Magnite in a research note on Thursday, November 6th. Wall Street Zen lowered Magnite from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, Benchmark reissued a “buy” rating on shares of Magnite in a research report on Monday, January 12th. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $27.00.

Magnite Stock Up 1.8%

NASDAQ:MGNI opened at $12.21 on Friday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.43. The stock has a 50 day moving average of $14.73 and a 200-day moving average of $18.03. The firm has a market capitalization of $1.75 billion, a PE ratio of 32.13, a price-to-earnings-growth ratio of 0.65 and a beta of 2.39. Magnite, Inc. has a 52 week low of $8.22 and a 52 week high of $26.65.

Magnite Company 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).