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

Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Magnite, Inc. (NASDAQ:MGNI) in the third quarter, according to its most recent Form 13F filing with the SEC. The fund bought 149,107 shares of the company’s stock, valued at approximately $2,065,000.

Several other hedge funds and other institutional investors have also made changes to their positions in MGNI. Verdence Capital Advisors LLC boosted its holdings in shares of Magnite by 4.8% in the third quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company’s stock valued at $268,000 after acquiring an additional 892 shares in the last quarter. Mount Yale Investment Advisors LLC lifted its holdings in shares of Magnite by 4.6% during the 3rd quarter. Mount Yale Investment Advisors LLC now owns 24,229 shares of the company’s stock valued at $336,000 after buying an additional 1,068 shares during the last quarter. Arizona State Retirement System lifted its stake in Magnite by 3.4% in the second quarter. Arizona State Retirement System now owns 35,256 shares of the company’s stock valued at $469,000 after acquiring an additional 1,160 shares during the last quarter. UMB Bank n.a. lifted its stake in shares of Magnite by 111.8% in the 2nd quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock valued at $30,000 after purchasing an additional 1,188 shares during the last quarter. Finally, Fulton Bank N.A. lifted its position in shares of 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 buying an additional 1,696 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MGNI has been the subject of a number of analyst reports. Macquarie restated an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a research note on Friday, November 8th. Needham & Company LLC reiterated a “buy” rating and issued a $15.00 price objective on shares of Magnite in a research report on Wednesday, October 2nd. Royal Bank of Canada reiterated an “outperform” rating and set a $19.00 target price on shares of Magnite in a research report on Friday, September 27th. Benchmark reaffirmed a “buy” rating and issued a $21.00 price target on shares of Magnite in a research note on Wednesday, October 2nd. Finally, Craig Hallum reaffirmed a “buy” rating and set a $20.00 price objective on shares of Magnite in a research note on Wednesday, August 21st. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, Magnite currently has an average rating of “Moderate Buy” and an average target price of $16.96.

Magnite Stock Performance

Shares of NASDAQ:MGNI opened at $16.60 on Tuesday. Magnite, Inc. has a 1-year low of $7.97 and a 1-year high of $18.38. The business has a 50-day moving average price of $13.44 and a two-hundred day moving average price of $13.28. 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 stock has a market capitalization of $2.34 billion, a P/E ratio of 276.67, a P/E/G ratio of 1.40 and a beta of 2.43.

Insider Activity at Magnite

In related news, CAO Brian Gephart sold 2,156 shares of the business’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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael G. Barrett sold 100,000 shares of the firm’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $16.14, for a total value of $1,614,000.00. Following the sale, the chief executive officer now directly owns 809,914 shares in the company, valued at $13,072,011.96. The trade was a 10.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 140,051 shares of company stock worth $2,233,314 over the last ninety days. Company insiders own 4.30% of the company’s stock.

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.