Connor Clark & Lunn Investment Management Ltd. Takes $2.07 Million Position in Magnite, Inc. (NASDAQ:MGNI)

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Magnite, Inc. (NASDAQ:MGNI) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 149,107 shares of the company’s stock, valued at approximately $2,065,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.11% of Magnite at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Quest Partners LLC purchased a new stake in shares of Magnite during the 3rd quarter worth $233,000. Seelaus Asset Management LLC acquired a new stake in shares of Magnite in the third quarter valued at about $175,000. Royce & Associates LP boosted its holdings in Magnite by 5.2% during the third quarter. Royce & Associates LP now owns 1,488,301 shares of the company’s stock worth $20,613,000 after buying an additional 73,555 shares in the last quarter. Parametrica Management Ltd acquired a new position in Magnite during the third quarter worth about $177,000. Finally, Victory Capital Management Inc. increased its holdings in Magnite by 2.9% in the third quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company’s stock valued at $18,569,000 after buying an additional 37,601 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Insider Activity

In other news, CAO Brian Gephart sold 2,156 shares of the business’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $15.00, for a total transaction of $32,340.00. Following the completion of the sale, the chief accounting officer now directly owns 116,982 shares of the company’s stock, valued at $1,754,730. The trade was a 1.81 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Robert F. Spillane sold 12,500 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $16.12, for a total value of $201,500.00. Following the sale, the director now owns 70,651 shares of the company’s stock, valued at $1,138,894.12. This represents a 15.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 140,051 shares of company stock valued at $2,233,314 over the last quarter. Company insiders own 4.30% of the company’s stock.

Magnite Stock Performance

Shares of MGNI opened at $16.60 on Tuesday. The company’s 50 day simple moving average is $13.44 and its 200 day simple moving average is $13.28. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market capitalization of $2.34 billion, a price-to-earnings ratio of 276.67, a PEG ratio of 1.40 and a beta of 2.43. Magnite, Inc. has a 1 year low of $7.97 and a 1 year high of $18.38.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Bank of America boosted their price target on 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 reiterated a “buy” rating and set a $15.00 target price on shares of Magnite in a research report on Wednesday, October 2nd. Benchmark restated a “buy” rating and issued a $21.00 price target on shares of Magnite in a research report on Wednesday, October 2nd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $19.00 price target on shares of Magnite in a research note on Friday, September 27th. Finally, Wells Fargo & Company started coverage on shares of Magnite in a research report on Monday, October 28th. They set an “equal weight” rating and a $13.00 target price for the company. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Magnite presently has an average rating of “Moderate Buy” and a consensus price target of $16.96.

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.