Connor Clark & Lunn Investment Management Ltd. Purchases 156,929 Shares of Magnite, Inc. (NASDAQ:MGNI)

Connor Clark & Lunn Investment Management Ltd. raised its stake in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 105.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 306,036 shares of the company's stock after buying an additional 156,929 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.22% of Magnite worth $4,872,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. SBI Securities Co. Ltd. acquired a new stake in shares of Magnite during the fourth quarter valued at approximately $25,000. Larson Financial Group LLC lifted its stake in Magnite by 179.2% in the 4th quarter. Larson Financial Group LLC now owns 3,647 shares of the company's stock worth $58,000 after acquiring an additional 2,341 shares in the last quarter. Quarry LP boosted its position in Magnite by 446.8% during the 3rd quarter. Quarry LP now owns 5,517 shares of the company's stock worth $76,000 after acquiring an additional 4,508 shares during the period. Jones Financial Companies Lllp grew its stake in Magnite by 20.6% during the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company's stock valued at $93,000 after acquiring an additional 1,000 shares in the last quarter. Finally, KBC Group NV increased its holdings in shares of Magnite by 66.5% in the 4th quarter. KBC Group NV now owns 5,943 shares of the company's stock valued at $95,000 after purchasing an additional 2,374 shares during the period. Institutional investors and hedge funds own 73.40% of the company's stock.

Magnite Stock Performance

Shares of Magnite stock traded up $0.04 during midday trading on Thursday, hitting $13.41. The company had a trading volume of 1,515,151 shares, compared to its average volume of 1,931,964. The stock has a market cap of $1.92 billion, a PE ratio of 223.50, a P/E/G ratio of 1.00 and a beta of 2.79. Magnite, Inc. has a 1-year low of $8.38 and a 1-year high of $21.29. The business's 50 day simple moving average is $16.47 and its two-hundred day simple moving average is $15.21. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11.

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Magnite (NASDAQ:MGNI - Get Free Report) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.14). Magnite had a net margin of 2.62% and a return on equity of 4.64%. The firm had revenue of $180.20 million for the quarter, compared to the consensus estimate of $183.90 million. As a group, equities analysts predict that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Insider Buying and Selling

In other Magnite news, CAO Brian Gephart sold 6,250 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $16.00, for a total transaction of $100,000.00. Following the completion of the transaction, the chief accounting officer now owns 132,909 shares in the company, valued at $2,126,544. This trade represents a 4.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Adam Lee Soroca sold 15,499 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $15.75, for a total value of $244,109.25. Following the completion of the sale, the insider now owns 458,386 shares in the company, valued at approximately $7,219,579.50. This represents a 3.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 258,250 shares of company stock valued at $4,945,720 over the last ninety days. 4.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

MGNI has been the topic of a number of research analyst reports. Needham & Company LLC reaffirmed a "buy" rating and set a $20.00 price objective on shares of Magnite in a research report on Thursday, February 27th. Royal Bank of Canada upped their price target on shares of Magnite from $19.00 to $22.00 and gave the stock an "outperform" rating in a research note on Friday, January 3rd. Susquehanna lifted their price objective on Magnite from $16.00 to $22.00 and gave the company a "positive" rating in a research report on Thursday, February 27th. Wells Fargo & Company upped their target price on Magnite from $13.00 to $15.00 and gave the stock an "equal weight" rating in a research report on Thursday, January 16th. Finally, Benchmark reiterated a "buy" rating and set a $25.00 price target on shares of Magnite in a report on Monday, March 10th. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Magnite has an average rating of "Moderate Buy" and an average target price of $19.27.

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.