Perkins Capital Management Inc. Sells 5,250 Shares of Magnite, Inc. (NASDAQ:MGNI)

Perkins Capital Management Inc. lessened its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 3.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 143,825 shares of the company’s stock after selling 5,250 shares during the quarter. Magnite makes up about 2.0% of Perkins Capital Management Inc.’s portfolio, making the stock its 17th biggest position. Perkins Capital Management Inc. owned approximately 0.10% of Magnite worth $2,290,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in MGNI. Principal Financial Group Inc. lifted its position in Magnite by 552.2% during the third quarter. Principal Financial Group Inc. now owns 107,515 shares of the company’s stock valued at $1,489,000 after acquiring an additional 91,031 shares during the last quarter. Quest Partners LLC purchased a new stake in shares of Magnite during the 3rd quarter valued at $233,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Magnite in the 3rd quarter worth $2,065,000. Intech Investment Management LLC purchased a new position in Magnite during the 3rd quarter worth $649,000. Finally, Charles Schwab Investment Management Inc. raised its stake in Magnite by 2.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,033,104 shares of the company’s stock valued at $14,308,000 after buying an additional 26,656 shares during the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Magnite Stock Down 0.8 %

Shares of MGNI stock opened at $13.30 on Monday. Magnite, Inc. has a twelve month low of $8.38 and a twelve month high of $21.29. The stock has a market cap of $1.90 billion, a P/E ratio of 221.67, a P/E/G ratio of 1.00 and a beta of 2.79. The stock has a 50 day moving average of $16.36 and a 200 day moving average of $15.22. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.14). Magnite had a net margin of 2.62% and a return on equity of 4.64%. The firm had revenue of $180.20 million for the quarter, compared to analysts’ expectations of $183.90 million. As a group, sell-side analysts expect that Magnite, Inc. will post 0.33 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Susquehanna boosted their price target on Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a research note on Thursday, February 27th. Wells Fargo & Company upped their price target on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. Needham & Company LLC reiterated a “buy” rating and set a $20.00 price objective on shares of Magnite in a research note on Thursday, February 27th. Benchmark reissued a “buy” rating and issued a $25.00 target price on shares of Magnite in a research report on Monday, March 10th. Finally, Scotiabank started coverage on Magnite in a research report on Thursday, December 5th. They set a “sector outperform” rating and a $22.00 price target for the company. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Magnite presently has an average rating of “Moderate Buy” and a consensus price target of $19.27.

Insiders Place Their Bets

In related news, CAO Brian Gephart sold 6,250 shares of the company’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $16.00, for a total value of $100,000.00. Following the completion of the transaction, the chief accounting officer now owns 132,909 shares of the company’s stock, valued at approximately $2,126,544. This represents a 4.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director James Rossman sold 149,936 shares of the stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $19.46, for a total value of $2,917,754.56. Following the transaction, the director now owns 219,920 shares in the company, valued at $4,279,643.20. This represents a 40.54 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 258,250 shares of company stock worth $4,945,720. Company insiders own 4.30% of the company’s stock.

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.