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

Connor Clark & Lunn Investment Management Ltd. purchased a new position in Magnite, Inc. (NASDAQ:MGNI - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor 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 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Verdence Capital Advisors LLC raised its position in Magnite by 4.8% in the third quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company's stock worth $268,000 after purchasing an additional 892 shares in the last quarter. Mount Yale Investment Advisors LLC raised its position in Magnite by 4.6% in the third quarter. Mount Yale Investment Advisors LLC now owns 24,229 shares of the company's stock worth $336,000 after purchasing an additional 1,068 shares in the last quarter. Arizona State Retirement System raised its position in Magnite by 3.4% in the second quarter. Arizona State Retirement System now owns 35,256 shares of the company's stock worth $469,000 after purchasing an additional 1,160 shares in the last quarter. UMB Bank n.a. raised its position in Magnite by 111.8% in the second quarter. UMB Bank n.a. now owns 2,251 shares of the company's stock worth $30,000 after purchasing an additional 1,188 shares in the last quarter. Finally, Fulton Bank N.A. raised its position in Magnite by 6.4% in the third quarter. Fulton Bank N.A. now owns 28,311 shares of the company's stock worth $392,000 after purchasing an additional 1,696 shares in the last quarter. Institutional investors and hedge funds own 73.40% of the company's stock.

Insider Buying and Selling at Magnite

In other Magnite news, insider Adam Lee Soroca sold 8,328 shares of the firm's stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $17.00, for a total value of $141,576.00. Following the transaction, the insider now directly owns 421,347 shares of the company's stock, valued at approximately $7,162,899. This trade represents a 1.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Brian Gephart sold 2,156 shares of the firm's stock in a transaction that occurred 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 transaction, the chief accounting officer now directly owns 116,982 shares in the company, valued at approximately $1,754,730. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 157,598 shares of company stock valued at $2,531,613. 4.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have recently weighed in on MGNI. Benchmark reaffirmed a "buy" rating and set a $21.00 price objective on shares of Magnite in a report on Wednesday, October 2nd. Wells Fargo & Company began coverage on shares of Magnite in a report on Monday, October 28th. They set an "equal weight" rating and a $13.00 price objective for the company. Macquarie reaffirmed an "outperform" rating and set a $18.00 price objective on shares of Magnite in a report on Friday, November 8th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $19.00 price objective on shares of Magnite in a report on Friday, September 27th. Finally, Craig Hallum reaffirmed a "buy" rating and set a $20.00 price objective on shares of Magnite in a report on Wednesday, August 21st. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $16.96.

Magnite Price Performance

Shares of Magnite stock traded up $0.09 during midday trading on Tuesday, reaching $16.69. The company had a trading volume of 1,537,177 shares, compared to its average volume of 1,661,101. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $2.35 billion, a price-to-earnings ratio of 276.67, a price-to-earnings-growth ratio of 1.40 and a beta of 2.43. The stock has a fifty day simple moving average of $13.44 and a 200 day simple moving average of $13.28. Magnite, Inc. has a 1-year low of $7.97 and a 1-year high of $18.38.

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.