Penbrook Management LLC Sells 9,750 Shares of Magnite, Inc. $MGNI

Penbrook Management LLC trimmed its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 25.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,420 shares of the company’s stock after selling 9,750 shares during the quarter. Penbrook Management LLC’s holdings in Magnite were worth $685,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. Verdence Capital Advisors LLC grew its stake in Magnite by 5.8% during the second quarter. Verdence Capital Advisors LLC now owns 26,196 shares of the company’s stock worth $632,000 after purchasing an additional 1,426 shares during the period. Maestria Partners LLC grew its stake in Magnite by 36.3% in the second quarter. Maestria Partners LLC now owns 1,434,317 shares of the company’s stock valued at $34,596,000 after acquiring an additional 382,000 shares during the period. CWM LLC grew its stake in Magnite by 133.6% in the second quarter. CWM LLC now owns 1,775 shares of the company’s stock valued at $43,000 after acquiring an additional 1,015 shares during the period. Johnson Investment Counsel Inc. grew its stake in Magnite by 35.5% in the second quarter. Johnson Investment Counsel Inc. now owns 20,208 shares of the company’s stock valued at $487,000 after acquiring an additional 5,299 shares during the period. Finally, 1858 Wealth Management LLC boosted its position in shares of Magnite by 11.6% during the second quarter. 1858 Wealth Management LLC now owns 14,070 shares of the company’s stock valued at $339,000 after buying an additional 1,465 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Susquehanna lifted their target price on Magnite from $22.00 to $28.00 and gave the company a “positive” rating in a research report on Thursday, August 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a research report on Wednesday, October 8th. Wall Street Zen cut Magnite from a “buy” rating to a “hold” rating in a research report on Saturday, September 20th. Scotiabank reaffirmed an “outperform” rating and set a $30.00 target price (up previously from $22.00) on shares of Magnite in a research report on Thursday, August 7th. Finally, Needham & Company LLC lifted their target price on Magnite from $18.00 to $25.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Ten research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $25.64.

Magnite Stock Performance

Shares of Magnite stock opened at $17.50 on Tuesday. The business’s fifty day simple moving average is $22.91 and its 200 day simple moving average is $19.04. The firm has a market capitalization of $2.49 billion, a P/E ratio of 60.35, a price-to-earnings-growth ratio of 1.20 and a beta of 3.02. Magnite, Inc. has a 12 month low of $8.22 and a 12 month high of $26.65. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.03. The business had revenue of $162.00 million for the quarter, compared to analyst estimates of $157.05 million. Magnite had a return on equity of 8.07% and a net margin of 6.30%.Magnite’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same period last year, the company posted $0.14 earnings per share. As a group, analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current year.

Insider Transactions at Magnite

In other Magnite news, CTO David Buonasera sold 2,950 shares of the business’s stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $25.37, for a total value of $74,841.50. Following the sale, the chief technology officer directly owned 238,629 shares in the company, valued at $6,054,017.73. The trade was a 1.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Sean Patrick Buckley sold 20,000 shares of the business’s stock in a transaction on Monday, September 8th. The shares were sold at an average price of $25.56, for a total value of $511,200.00. Following the completion of the sale, the insider owned 307,193 shares in the company, valued at approximately $7,851,853.08. The trade was a 6.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 323,275 shares of company stock valued at $7,877,776. 4.30% of the stock is currently owned by insiders.

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.