King Luther Capital Management Corp Sells 45,342 Shares of Magnite, Inc. $MGNI

King Luther Capital Management Corp trimmed its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 9.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 458,239 shares of the company’s stock after selling 45,342 shares during the period. King Luther Capital Management Corp owned about 0.32% of Magnite worth $11,575,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the business. Nykredit A S bought a new stake in Magnite during the second quarter worth about $25,000. Covestor Ltd grew its stake in Magnite by 562.1% in the third quarter. Covestor Ltd now owns 1,066 shares of the company’s stock valued at $26,000 after purchasing an additional 905 shares in the last quarter. EFG International AG bought a new position in Magnite in the second quarter valued at approximately $28,000. Allworth Financial LP bought a new position in Magnite in the second quarter valued at approximately $30,000. Finally, Signaturefd LLC increased its position in shares of Magnite by 35.8% during the 3rd quarter. Signaturefd LLC now owns 1,715 shares of the company’s stock worth $43,000 after purchasing an additional 452 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Recent Magnite Headlines

Investors following MGNI have been watching these headlines:

• Positive Sentiment: Magnite’s recent results provide a growth backdrop: it beat quarterly EPS and revenue estimates, with revenue up 22.4% year over year. A report also points to a raised outlook, while another highlights the expanded Gracenote connected-TV deal as a potential source of value. Magnite stock and raised outlook Magnite and Gracenote deal expansion
• Neutral Sentiment: One valuation analysis says MGNI may be near fair value despite the raised outlook, tempering the more optimistic view that the expanded Gracenote deal leaves the shares undervalued. Magnite valuation analysis
• Negative Sentiment: SEC disclosures show multiple Magnite directors and executives sold shares in transactions dated November 9 and 11. Together, the reported sales totaled about 91,963 shares, worth approximately $2.67 million. The largest disclosed sale was by director James Rossman; CTO David Buonasera’s smaller sale was made under a pre-arranged trading plan. Insider selling can raise concerns about near-term sentiment, although sellers retained substantial holdings. Magnite insider sale report James Rossman SEC filing

Magnite Trading Up 0.4%

Magnite stock opened at $29.34 on Friday. Magnite, Inc. has a 52 week low of $10.82 and a 52 week high of $29.67. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.04 and a current ratio of 1.04. The stock has a market capitalization of $4.21 billion, a P/E ratio of 42.96, a PEG ratio of 0.97 and a beta of 2.44. The stock has a 50-day simple moving average of $24.48 and a 200 day simple moving average of $18.13.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, November 4th. The company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.04. Magnite had a return on equity of 10.94% and a net margin of 23.58%. The firm had revenue of $204.20 million for the quarter, compared to analyst estimates of $190.19 million. During the same quarter in the prior year, the company earned $0.20 earnings per share. The business’s revenue for the quarter was up 22.4% compared to the same quarter last year. Analysts expect that Magnite, Inc. will post 0.62 earnings per share for the current year.

Wall Street Analysts Forecast Growth

MGNI has been the topic of a number of analyst reports. Craig Hallum reiterated a “buy” rating and set a $32.00 price objective on shares of Magnite in a research note on Thursday, September 17th. Needham & Company LLC raised their target price on shares of Magnite from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, September 3rd. Scotiabank boosted their target price on shares of Magnite from $27.00 to $30.00 and gave the stock a “sector outperform” rating in a report on Thursday, November 5th. Wells Fargo & Company upped their price target on shares of Magnite from $22.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 5th. Finally, Royal Bank Of Canada upped their price target on shares of Magnite from $27.00 to $30.00 and gave the stock an “outperform” rating in a research report on Thursday, November 5th. Ten research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Magnite has an average rating of “Moderate Buy” and an average price target of $31.00.

Insider Buying and Selling at Magnite

In related news, insider Katie Evans sold 32,285 shares of the business’s stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $23.63, for a total transaction of $762,894.55. Following the transaction, the insider directly owned 466,897 shares of the company’s stock, valued at approximately $11,032,776.11. The trade was a 6.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Aaron Saltz sold 40,000 shares of the stock in a transaction on Thursday, September 10th. The shares were sold at an average price of $23.41, for a total value of $936,400.00. Following the completion of the sale, the insider owned 224,389 shares in the company, valued at approximately $5,252,946.49. This trade represents a 15.13% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 335,307 shares of company stock worth $8,608,807 in the last three months. 3.20% of the stock is owned by insiders.

Magnite Profile

Magnite, Inc. operates a sell-side advertising platform that helps publishers, streaming services and app developers sell digital advertising inventory through programmatic auctions. Its technology connects those sellers with advertisers and their agencies seeking to buy ad placements. The company supports advertising across connected TV, online video, mobile applications and desktop formats. Its offerings include tools for managing and monetizing ad inventory, including streaming-focused ad-serving technology.