Perkins Capital Management Inc. Reduces Holdings in Magnite, Inc. (NASDAQ:MGNI)

Perkins Capital Management Inc. lowered its position in Magnite, Inc. (NASDAQ:MGNI) by 3.5% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 143,825 shares of the company’s stock after selling 5,250 shares during the period. Magnite accounts for approximately 2.0% of Perkins Capital Management Inc.’s portfolio, making the stock its 17th biggest holding. Perkins Capital Management Inc.’s holdings in Magnite were worth $2,290,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its position in shares of Magnite by 552.2% in the third quarter. Principal Financial Group Inc. now owns 107,515 shares of the company’s stock valued at $1,489,000 after buying an additional 91,031 shares during the last quarter. Quest Partners LLC purchased a new stake in Magnite during the 3rd quarter valued at about $233,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Magnite in the 3rd quarter valued at about $2,065,000. Intech Investment Management LLC purchased a new position in Magnite in the 3rd quarter worth approximately $649,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in Magnite by 2.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,033,104 shares of the company’s stock worth $14,308,000 after purchasing an additional 26,656 shares in the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Analyst Ratings Changes

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

Magnite Stock Performance

Shares of MGNI stock opened at $13.30 on Monday. The firm has a 50 day moving average of $16.36 and a two-hundred day moving average of $15.22. The stock has a market capitalization of $1.90 billion, a PE ratio of 221.67, a P/E/G ratio of 1.00 and a beta of 2.79. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite, Inc. has a 52 week low of $8.38 and a 52 week high of $21.29.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, February 26th. The company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.14). Magnite had a net margin of 2.62% and a return on equity of 4.64%. The company had revenue of $180.20 million during the quarter, compared to analysts’ expectations of $183.90 million. On average, research analysts predict that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

Insider Transactions at Magnite

In related news, CAO Brian Gephart sold 6,250 shares of Magnite stock in a transaction that occurred on Monday, March 3rd. The shares were 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 in the company, valued at $2,126,544. The trade was a 4.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Adam Lee Soroca sold 15,499 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $15.75, for a total transaction of $244,109.25. Following the transaction, the insider now owns 458,386 shares of the company’s stock, valued at $7,219,579.50. This trade represents a 3.27 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 258,250 shares of company stock valued at $4,945,720. 4.30% of the stock is currently owned by corporate insiders.

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.