Penbrook Management LLC Buys 81,075 Shares of Magnite, Inc. $MGNI

by · The Markets Daily

Penbrook Management LLC raised its stake in Magnite, Inc. (NASDAQ:MGNI – Free Report) by 260.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 112,190 shares of the company’s stock after acquiring an additional 81,075 shares during the quarter. Magnite comprises approximately 1.0% of Penbrook Management LLC’s investment portfolio, making the stock its 29th biggest holding. Penbrook Management LLC’s holdings in Magnite were worth $1,333,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Smartleaf Asset Management LLC lifted its position in shares of Magnite by 20.5% during the second quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company’s stock worth $82,000 after purchasing an additional 577 shares in the last quarter. US Bancorp DE increased its holdings in shares of Magnite by 75.8% in the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after purchasing an additional 688 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Magnite by 45.1% in the third quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock valued at $53,000 after purchasing an additional 755 shares in the last quarter. AYAL Capital Advisors Ltd raised its position in Magnite by 0.5% in the 4th quarter. AYAL Capital Advisors Ltd now owns 200,000 shares of the company’s stock worth $3,246,000 after purchasing an additional 1,000 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co raised its position in Magnite by 2.4% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 44,552 shares of the company’s stock worth $992,000 after purchasing an additional 1,047 shares during the last quarter. 73.40% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

MGNI has been the topic of a number of recent research reports. Needham & Company LLC reiterated a “buy” rating and issued a $25.00 price objective on shares of Magnite in a research report on Thursday, April 16th. Rosenblatt Securities restated a “buy” rating and set a $39.00 target price on shares of Magnite in a research report on Thursday, February 26th. Weiss Ratings raised Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. BTIG Research initiated coverage on Magnite in a report on Tuesday, June 9th. They issued a “buy” rating and a $20.00 price target on the stock. Finally, Royal Bank Of Canada reiterated an “outperform” rating on shares of Magnite in a research report on Thursday, May 28th. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $23.89.

Check Out Our Latest Research Report on Magnite

Magnite Price Performance

Shares of MGNI stock opened at $17.32 on Friday. The firm’s 50 day moving average price is $14.53 and its two-hundred day moving average price is $14.08. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02. Magnite, Inc. has a 52-week low of $10.82 and a 52-week high of $26.65. The stock has a market cap of $2.48 billion, a PE ratio of 16.65, a PEG ratio of 0.93 and a beta of 2.32.

Magnite (NASDAQ:MGNI – Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.11 by $0.02. The company had revenue of $164.37 million during the quarter, compared to analysts’ expectations of $159.24 million. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The business’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.12 EPS. As a group, analysts forecast that Magnite, Inc. will post 0.55 EPS for the current year.

Insider Buying and Selling at Magnite

In related news, CTO David Buonasera sold 1,409 shares of Magnite stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $19.00, for a total transaction of $26,771.00. Following the completion of the sale, the chief technology officer directly owned 279,085 shares of the company’s stock, valued at $5,302,615. The trade was a 0.50% 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, CEO Michael G. Barrett sold 100,000 shares of the company’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $17.50, for a total value of $1,750,000.00. Following the completion of the sale, the chief executive officer owned 403,074 shares of the company’s stock, valued at $7,053,795. This represents a 19.88% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 381,806 shares of company stock valued at $6,493,340 over the last quarter. 3.80% of the stock is owned by corporate insiders.

Magnite Company Profile

(Free Report)

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).

Further Reading

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