P.A.W. Capital Corp Sells 45,000 Shares of Magnite, Inc. (NASDAQ:MGNI)

P.A.W. Capital Corp reduced its stake in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 23.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 150,000 shares of the company's stock after selling 45,000 shares during the period. Magnite comprises approximately 4.2% of P.A.W. Capital Corp's investment portfolio, making the stock its 10th largest position. P.A.W. Capital Corp owned 0.11% of Magnite worth $1,712,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. SBI Securities Co. Ltd. bought a new position in Magnite in the 4th quarter valued at approximately $25,000. Larson Financial Group LLC increased its holdings in shares of Magnite by 179.2% during the fourth quarter. Larson Financial Group LLC now owns 3,647 shares of the company's stock worth $58,000 after buying an additional 2,341 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Magnite by 10,170.3% in the 1st quarter. GAMMA Investing LLC now owns 3,800 shares of the company's stock valued at $43,000 after acquiring an additional 3,763 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of Magnite during the 4th quarter valued at $87,000. Finally, Jones Financial Companies Lllp boosted its holdings in shares of Magnite by 20.6% during the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company's stock valued at $93,000 after acquiring an additional 1,000 shares in the last quarter. 73.40% of the stock is owned by institutional investors.

Insider Transactions at Magnite

In other news, CEO Michael G. Barrett sold 300,000 shares of Magnite stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $20.01, for a total value of $6,003,000.00. Following the completion of the sale, the chief executive officer owned 356,708 shares in the company, valued at $7,137,727.08. The trade was a 45.68% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Katie Seitz Evans sold 35,000 shares of the stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $17.36, for a total transaction of $607,600.00. Following the transaction, the insider directly owned 442,788 shares in the company, valued at approximately $7,686,799.68. This represents a 7.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 840,743 shares of company stock valued at $16,021,928. 4.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

MGNI has been the subject of a number of recent research reports. Wall Street Zen cut Magnite from a "buy" rating to a "hold" rating in a report on Saturday. Craig Hallum set a $24.00 price objective on Magnite and gave the company a "buy" rating in a research note on Tuesday, May 20th. Benchmark cut their target price on shares of Magnite from $25.00 to $24.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Lake Street Capital decreased their price target on shares of Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Finally, Royal Bank Of Canada dropped their price target on shares of Magnite from $22.00 to $19.00 and set an "outperform" rating for the company in a research note on Friday, May 2nd. Two equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $19.58.

Magnite Trading Down 0.7%

NASDAQ MGNI traded down $0.18 during mid-day trading on Friday, reaching $24.49. 3,274,899 shares of the stock were exchanged, compared to its average volume of 2,216,710. The stock has a market cap of $3.46 billion, a P/E ratio of 122.46, a P/E/G ratio of 2.00 and a beta of 2.96. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.98. Magnite, Inc. has a one year low of $8.22 and a one year high of $25.27. The stock has a 50 day simple moving average of $17.11 and a 200-day simple moving average of $15.60.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share for the quarter, topping analysts' consensus estimates of $0.06 by $0.06. The firm had revenue of $145.85 million during the quarter, compared to the consensus estimate of $142.18 million. Magnite had a return on equity of 6.71% and a net margin of 4.58%. The business's revenue was up 4.3% compared to the same quarter last year. During the same period last year, the business posted $0.05 EPS. On average, analysts anticipate that Magnite, Inc. will post 0.33 EPS for the current year.

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.