Penbrook Management LLC Has $1.33 Million Stock Holdings in Magnite, Inc. $MGNI

Key Points

• Penbrook Management LLC increased its Magnite stake by 260.6% in the first quarter, ending with 112,190 shares worth about $1.33 million.
• Insiders sold shares recently, including Director David T. Pearson and CEO Michael G. Barrett, with total insider sales of 381,806 shares over the last 90 days.
• Magnite beat quarterly earnings and revenue estimates, reporting EPS of $0.13 on revenue of $164.37 million, while analysts currently rate the stock Moderate Buy with an average target price of $23.89.

Penbrook Management LLC boosted its position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 260.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 112,190 shares of the company's stock after acquiring an additional 81,075 shares during the period. Magnite makes up approximately 1.0% of Penbrook Management LLC's holdings, making the stock its 29th largest holding. Penbrook Management LLC owned approximately 0.08% of Magnite worth $1,333,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC lifted its position in Magnite by 20.5% in 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 during the period. US Bancorp DE increased its holdings in Magnite by 75.8% in the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company's stock valued at $35,000 after buying an additional 688 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of Magnite by 45.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company's stock valued at $53,000 after buying an additional 755 shares in the last quarter. AYAL Capital Advisors Ltd raised its stake in shares of Magnite by 0.5% in the 4th quarter. AYAL Capital Advisors Ltd now owns 200,000 shares of the company's stock valued at $3,246,000 after buying an additional 1,000 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co lifted its holdings in shares of Magnite by 2.4% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 44,552 shares of the company's stock worth $992,000 after acquiring an additional 1,047 shares during the period. Institutional investors and hedge funds own 73.40% of the company's stock.

Insider Buying and Selling

In other news, Director David T. Pearson sold 10,766 shares of the business's stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $15.65, for a total value of $168,487.90. Following the transaction, the director directly owned 79,001 shares of the company's stock, valued at $1,236,365.65. The trade was a 11.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael G. Barrett sold 178,596 shares of the firm's stock in a transaction on Monday, June 15th. The shares were sold at an average price of $16.59, for a total value of $2,962,907.64. Following the sale, the chief executive officer directly owned 403,074 shares of the company's stock, valued at $6,686,997.66. This represents a 30.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 381,806 shares of company stock valued at $6,493,340 in the last ninety days. 3.80% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Benchmark decreased their target price on shares of Magnite from $31.00 to $30.00 and set a "buy" rating on the stock in a research report on Thursday, February 26th. Evercore reissued an "outperform" rating and issued a $21.00 price target on shares of Magnite in a research report on Thursday, May 7th. BTIG Research initiated coverage on shares of Magnite in a research note on Tuesday, June 9th. They set a "buy" rating and a $20.00 price target for the company. Scotiabank lifted their price objective on Magnite from $16.00 to $17.00 and gave the company a "sector outperform" rating in a report on Thursday, May 7th. Finally, Wells Fargo & Company upped their price objective on Magnite from $13.00 to $15.00 and gave the company an "equal weight" rating in a research note on Friday, May 8th. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Magnite presently has an average rating of "Moderate Buy" and an average target price of $23.89.

Magnite Trading Down 5.3%

Shares of Magnite stock opened at $17.32 on Friday. The stock has a market capitalization of $2.48 billion, a P/E ratio of 16.65, a price-to-earnings-growth ratio of 0.93 and a beta of 2.32. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38. The company has a 50-day simple moving average of $14.53 and a 200 day simple moving average of $14.08. Magnite, Inc. has a 12-month low of $10.82 and a 12-month high of $26.65.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.02. The firm had revenue of $164.37 million during the quarter, compared to the consensus estimate of $159.24 million. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The firm's quarterly revenue was up 5.5% on a year-over-year basis. During the same period last year, the firm posted $0.12 EPS. Research analysts expect that Magnite, Inc. will post 0.55 earnings per share for the current fiscal year.

Magnite Profile

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).

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