Connor Clark & Lunn Investment Management Ltd. Boosts Position in Magnite, Inc. (NASDAQ:MGNI)

Connor Clark & Lunn Investment Management Ltd. grew its stake in Magnite, Inc. (NASDAQ:MGNI) by 105.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 306,036 shares of the company’s stock after acquiring an additional 156,929 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.22% of Magnite worth $4,872,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in MGNI. Principal Financial Group Inc. lifted its position in shares of Magnite by 552.2% in the third quarter. Principal Financial Group Inc. now owns 107,515 shares of the company’s stock valued at $1,489,000 after acquiring an additional 91,031 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of 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 acquiring an additional 37,601 shares in the last quarter. Quest Partners LLC purchased a new stake in shares of Magnite in the third quarter valued at $233,000. Intech Investment Management LLC purchased a new stake in shares of Magnite in the third quarter valued at $649,000. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Magnite by 2.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,033,104 shares of the company’s stock valued at $14,308,000 after acquiring an additional 26,656 shares in the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Magnite Stock Performance

Magnite stock opened at $12.60 on Monday. The stock’s 50-day moving average is $16.69 and its 200-day moving average is $15.23. The company has a market cap of $1.80 billion, a price-to-earnings ratio of 210.00, a price-to-earnings-growth ratio of 1.00 and a beta of 2.79. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. Magnite, Inc. has a 12 month low of $8.38 and a 12 month high of $21.29.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, February 26th. The company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.14). The firm had revenue of $180.20 million during the quarter, compared to analysts’ expectations of $183.90 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. Equities analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current year.

Insider Activity at Magnite

In related news, CFO David Day sold 13,345 shares of the firm’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $17.00, for a total transaction of $226,865.00. Following the sale, the chief financial officer now directly owns 374,014 shares in the company, valued at approximately $6,358,238. This trade represents a 3.45 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director James Rossman sold 149,936 shares of the firm’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $19.46, for a total value of $2,917,754.56. Following the sale, the director now owns 219,920 shares in the company, valued at approximately $4,279,643.20. The trade was a 40.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 258,250 shares of company stock worth $4,945,720. 4.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts have recently issued reports on MGNI shares. Wells Fargo & Company upped their price objective on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Wolfe Research increased their target price on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Susquehanna increased their target price on Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a research report on Thursday, February 27th. Scotiabank assumed coverage on Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 target price on the stock. Finally, Needham & Company LLC reiterated a “buy” rating and set a $20.00 target price on shares of Magnite in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $19.27.

Magnite Company 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.