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

Penbrook Management LLC boosted its position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 60.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 38,480 shares of the company's stock after buying an additional 14,550 shares during the period. Penbrook Management LLC's holdings in Magnite were worth $613,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Mount Yale Investment Advisors LLC raised its position in shares of Magnite by 4.7% during the 4th 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 in the last quarter. KBC Group NV increased its stake in Magnite by 66.5% during the fourth quarter. KBC Group NV now owns 5,943 shares of the company's stock worth $95,000 after acquiring an additional 2,374 shares during the last quarter. Blue Trust Inc. raised its position in Magnite by 182.0% during the fourth quarter. Blue Trust Inc. now owns 22,364 shares of the company's stock valued at $356,000 after purchasing an additional 14,433 shares during the period. Merit Financial Group LLC bought a new stake in shares of Magnite in the 4th quarter valued at approximately $586,000. Finally, Financial Enhancement Group LLC purchased a new position in shares of Magnite in the 4th quarter worth approximately $1,509,000. Hedge funds and other institutional investors own 73.40% of the company's stock.

Magnite Stock Down 0.1 %

Shares of NASDAQ:MGNI traded down $0.02 during trading hours on Monday, hitting $17.19. The company's stock had a trading volume of 1,194,250 shares, compared to its average volume of 1,667,406. The firm's fifty day moving average price is $16.54 and its 200 day moving average price is $14.55. Magnite, Inc. has a 52 week low of $8.38 and a 52 week high of $18.38. The company has a market capitalization of $2.42 billion, a price-to-earnings ratio of 286.58, a P/E/G ratio of 0.90 and a beta of 2.51. 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 - Get Free Report) last posted its earnings results on Thursday, November 7th. The company reported $0.07 earnings per share for the quarter, missing analysts' consensus estimates of $0.16 by ($0.09). The company had revenue of $162.00 million for the quarter, compared to analysts' expectations of $147.94 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. During the same quarter in the prior year, the company earned $0.02 EPS. As a group, research analysts expect that Magnite, Inc. will post 0.33 EPS for the current year.

Insider Buying and Selling at Magnite

In other Magnite news, insider Aaron Saltz sold 5,112 shares of the firm's stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $13.50, for a total value of $69,012.00. Following the completion of the sale, the insider now directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael G. Barrett sold 27,004 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $17.63, for a total value of $476,080.52. Following the sale, the chief executive officer now owns 782,910 shares of the company's stock, valued at approximately $13,802,703.30. This represents a 3.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 366,097 shares of company stock worth $6,165,147 over the last quarter. Insiders own 4.30% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Wells Fargo & Company raised their price target on Magnite from $13.00 to $15.00 and gave the stock an "equal weight" rating in a research report on Thursday, January 16th. Needham & Company LLC reissued a "buy" rating and issued a $20.00 price objective on shares of Magnite in a research note on Friday, January 17th. Macquarie reaffirmed an "outperform" rating and set a $18.00 target price on shares of Magnite in a research note on Friday, November 8th. Wolfe Research increased their price target on Magnite from $14.00 to $19.00 and gave the stock an "outperform" rating in a report on Friday, January 3rd. Finally, Royal Bank of Canada boosted their price objective on Magnite from $19.00 to $22.00 and gave the company an "outperform" rating in a report on Friday, January 3rd. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, Magnite currently has an average rating of "Moderate Buy" and a consensus target price of $18.35.

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.