King Luther Capital Management Corp Has $8.37 Million Stock Holdings in Magnite, Inc. $MGNI

King Luther Capital Management Corp raised its stake in Magnite, Inc. (NASDAQ:MGNI) by 14.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 515,635 shares of the company’s stock after buying an additional 65,675 shares during the quarter. King Luther Capital Management Corp owned 0.36% of Magnite worth $8,369,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Neo Ivy Capital Management acquired a new position in Magnite in the 3rd quarter valued at approximately $27,000. US Bancorp DE increased its stake in Magnite by 75.8% in the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after buying an additional 688 shares during the period. State of Wyoming acquired a new position in Magnite in the 3rd quarter valued at approximately $39,000. Strategic Advocates LLC acquired a new position in Magnite in the 3rd quarter valued at approximately $42,000. Finally, PNC Financial Services Group Inc. increased its stake in Magnite by 45.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock valued at $53,000 after buying an additional 755 shares during the period. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Stock Performance

MGNI stock opened at $13.35 on Thursday. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $1.91 billion, a price-to-earnings ratio of 12.84, a P/E/G ratio of 0.63 and a beta of 2.33. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $26.65. The firm has a 50 day moving average of $12.77 and a two-hundred day moving average of $13.79.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.11 by $0.02. The company had revenue of $164.37 million during the quarter, compared to the consensus estimate of $159.24 million. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The company’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.12 earnings per share. As a group, equities analysts anticipate that Magnite, Inc. will post 0.6 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on MGNI shares. Needham & Company LLC reiterated a “buy” rating and issued a $25.00 price objective on shares of Magnite in a research note on Thursday, April 16th. Evercore reiterated an “outperform” rating and issued a $21.00 price objective on shares of Magnite in a research note on Thursday, May 7th. Benchmark dropped their price objective 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. Rosenblatt Securities reiterated a “buy” rating and issued a $39.00 price objective on shares of Magnite in a research note on Thursday, February 26th. Finally, Wells Fargo & Company upped their price objective on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Friday, May 8th. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $24.38.

Insider Buying and Selling

In other Magnite news, Director Robert F. Spillane sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 19th. The shares were sold at an average price of $13.33, for a total value of $133,300.00. Following the completion of the sale, the director directly owned 43,917 shares of the company’s stock, valued at $585,413.61. The trade was a 18.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 3.80% of the stock is owned by corporate insiders.

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).