King Luther Capital Management Corp Buys 8,912 Shares of Magnite, Inc. (NASDAQ:MGNI)

King Luther Capital Management Corp increased its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 1.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 527,621 shares of the company’s stock after purchasing an additional 8,912 shares during the quarter. King Luther Capital Management Corp’s holdings in Magnite were worth $7,012,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of MGNI. Norges Bank acquired a new position in Magnite during the 4th quarter worth $8,164,000. Granite Investment Partners LLC acquired a new stake in shares of Magnite during the 2nd quarter worth approximately $11,227,000. Grizzlyrock Capital LLC acquired a new stake in Magnite during the 4th quarter worth $6,656,000. GSA Capital Partners LLP acquired a new position in Magnite in the fourth quarter valued at about $4,490,000. Finally, iA Global Asset Management Inc. bought a new position in Magnite during the second quarter worth about $4,698,000. 73.40% of the stock is owned by institutional investors.

Magnite Price Performance

Shares of NASDAQ MGNI opened at $12.96 on Friday. The firm has a market cap of $1.83 billion, a P/E ratio of -20.25, a price-to-earnings-growth ratio of 1.22 and a beta of 2.41. The business’s 50 day moving average is $13.65 and its 200-day moving average is $12.11. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.77. Magnite, Inc. has a 1-year low of $6.28 and a 1-year high of $15.92.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.01). Magnite had a positive return on equity of 3.74% and a negative net margin of 0.83%. The business had revenue of $162.88 million during the quarter, compared to analyst estimates of $144.04 million. During the same quarter last year, the firm earned ($0.04) EPS. Magnite’s revenue for the quarter was up 6.8% compared to the same quarter last year. Equities research analysts predict that Magnite, Inc. will post 0.31 earnings per share for the current year.

Insider Buying and Selling

In other Magnite news, insider Adam Lee Soroca sold 7,910 shares of Magnite stock in a transaction on Monday, August 19th. The stock was sold at an average price of $12.59, for a total value of $99,586.90. Following the completion of the transaction, the insider now directly owns 436,001 shares of the company’s stock, valued at approximately $5,489,252.59. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Magnite news, CRO Sean Patrick Buckley sold 2,623 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $12.53, for a total transaction of $32,866.19. Following the completion of the transaction, the executive now directly owns 331,742 shares in the company, valued at $4,156,727.26. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Adam Lee Soroca sold 7,910 shares of Magnite stock in a transaction on Monday, August 19th. The shares were sold at an average price of $12.59, for a total value of $99,586.90. Following the completion of the transaction, the insider now owns 436,001 shares in the company, valued at approximately $5,489,252.59. The disclosure for this sale can be found here. Insiders have sold 250,383 shares of company stock valued at $3,519,150 over the last 90 days. 4.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Bank of America upped their price target on Magnite from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Craig Hallum restated a “buy” rating and set a $20.00 price objective on shares of Magnite in a report on Wednesday, August 21st. Benchmark reaffirmed a “buy” rating and issued a $21.00 target price on shares of Magnite in a research note on Wednesday. Wolfe Research assumed coverage on Magnite in a research report on Tuesday, July 16th. They issued an “outperform” rating and a $16.00 target price on the stock. Finally, Evercore ISI raised their price target on Magnite from $13.00 to $15.00 and gave the company an “outperform” rating in a research note on Monday, June 3rd. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $17.25.

Magnite 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.