Penbrook Management LLC Boosts Stock Holdings in Magnite, Inc. (NASDAQ:MGNI)

Penbrook Management LLC grew its holdings in Magnite, Inc. (NASDAQ:MGNI) by 60.8% in the 4th quarter, HoldingsChannel reports. The firm owned 38,480 shares of the company’s stock after buying an additional 14,550 shares during the quarter. Penbrook Management LLC’s holdings in Magnite were worth $613,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Mount Yale Investment Advisors LLC increased its holdings in Magnite by 4.7% during the fourth quarter. Mount Yale Investment Advisors LLC now owns 25,377 shares of the company’s stock valued at $404,000 after buying an additional 1,148 shares during the period. KBC Group NV boosted its position in Magnite by 66.5% during the 4th quarter. KBC Group NV now owns 5,943 shares of the company’s stock valued at $95,000 after acquiring an additional 2,374 shares in the last quarter. Blue Trust Inc. increased its holdings in shares of Magnite by 182.0% in the 4th quarter. Blue Trust Inc. now owns 22,364 shares of the company’s stock valued at $356,000 after acquiring an additional 14,433 shares during the period. Merit Financial Group LLC bought a new position in shares of Magnite in the 4th quarter worth $586,000. Finally, Financial Enhancement Group LLC purchased a new stake in shares of Magnite during the 4th quarter worth $1,509,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Magnite Stock Down 0.5 %

MGNI stock opened at $17.56 on Thursday. The company has a market capitalization of $2.47 billion, a P/E ratio of 292.67, a price-to-earnings-growth ratio of 0.84 and a beta of 2.51. Magnite, Inc. has a 12 month low of $8.38 and a 12 month high of $18.38. The firm’s fifty day simple moving average is $16.52 and its 200-day simple moving average is $14.53. 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 (NASDAQ:MGNI) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.09). The company had revenue of $162.00 million for the quarter, compared to analyst estimates of $147.94 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. During the same period in the prior year, the business posted $0.02 earnings per share. As a group, equities research analysts forecast that Magnite, Inc. will post 0.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on MGNI. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 target price on shares of Magnite in a report on Friday, January 17th. Macquarie reiterated an “outperform” rating and set a $18.00 price objective on shares of Magnite in a research note on Friday, November 8th. Royal Bank of Canada increased their target price on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Wolfe Research lifted their price target on shares of Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. Finally, Scotiabank assumed coverage on Magnite in a report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price objective for the company. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Magnite currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.35.

Insider Buying and Selling

In other Magnite news, CFO David Day sold 13,345 shares of the company’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $17.00, for a total value of $226,865.00. Following the completion of the transaction, the chief financial officer now owns 374,014 shares in the company, valued at approximately $6,358,238. This represents a 3.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Aaron Saltz sold 5,112 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $13.50, for a total value of $69,012.00. Following the sale, the insider now owns 307,745 shares in the company, valued at $4,154,557.50. This trade represents a 1.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 366,097 shares of company stock valued at $6,165,147 over the last ninety days. Company insiders own 4.30% of the company’s stock.

About Magnite

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.