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% during the second quarter, HoldingsChannel.com reports. The firm 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 SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MGNI. MCF Advisors LLC raised its stake in shares of Magnite by 2,100.0% during the 1st quarter. MCF Advisors LLC now owns 2,200 shares of the company’s stock valued at $25,000 after purchasing an additional 2,100 shares during the period. Smartleaf Asset Management LLC raised its stake in shares of Magnite by 74.9% during the 1st quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company’s stock valued at $33,000 after purchasing an additional 1,203 shares during the period. GAMMA Investing LLC raised its stake in shares of Magnite by 355.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,517 shares of the company’s stock valued at $37,000 after purchasing an additional 1,184 shares during the period. AllSquare Wealth Management LLC raised its stake in shares of Magnite by 76.8% during the 1st quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company’s stock valued at $41,000 after purchasing an additional 1,555 shares during the period. Finally, CWM LLC raised its stake in shares of Magnite by 133.6% during the 2nd quarter. CWM LLC now owns 1,775 shares of the company’s stock valued at $43,000 after purchasing an additional 1,015 shares during the period. 73.40% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on MGNI shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a research note on Wednesday, October 8th. Rosenblatt Securities restated a “buy” rating and set a $39.00 target price on shares of Magnite in a research report on Friday, September 26th. Benchmark boosted their target price on Magnite from $30.00 to $31.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th. Susquehanna boosted their target price on Magnite from $22.00 to $28.00 and gave the stock a “positive” rating in a research report on Thursday, August 7th. Finally, Needham & Company LLC boosted their target price on Magnite from $18.00 to $25.00 and gave the stock a “buy” rating in a research report on Thursday, August 7th. Ten analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $25.64.

Insider Activity

In other news, Director Diane Yu sold 20,000 shares of the stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $25.23, for a total transaction of $504,600.00. Following the transaction, the director directly owned 67,481 shares in the company, valued at approximately $1,702,545.63. This represents a 22.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Brian Gephart sold 27,671 shares of the stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $24.71, for a total value of $683,750.41. Following the transaction, the chief accounting officer owned 92,898 shares in the company, valued at $2,295,509.58. This trade represents a 22.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 323,275 shares of company stock worth $7,877,776. 4.30% of the stock is currently owned by insiders.

Magnite Price Performance

Shares of Magnite stock opened at $17.50 on Tuesday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. The firm has a market capitalization of $2.49 billion, a PE ratio of 60.35, a price-to-earnings-growth ratio of 1.20 and a beta of 3.02. The business’s 50-day moving average price is $22.91 and its 200-day moving average price is $19.04. Magnite, Inc. has a 12 month low of $8.22 and a 12 month high of $26.65.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.17 by $0.03. The firm 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%.The company’s revenue was up 6.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.14 EPS. Sell-side analysts forecast that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

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.