P.A.W. Capital Corp Sells 30,000 Shares of Magnite, Inc. (NASDAQ:MGNI)

P.A.W. Capital Corp decreased its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 8.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 320,000 shares of the company’s stock after selling 30,000 shares during the period. Magnite makes up 10.0% of P.A.W. Capital Corp’s portfolio, making the stock its 4th biggest position. P.A.W. Capital Corp’s holdings in Magnite were worth $4,432,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of MGNI. UMB Bank n.a. increased its stake in Magnite by 111.8% during the 2nd quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock valued at $30,000 after buying an additional 1,188 shares during the period. Asset Dedication LLC bought a new position in shares of Magnite during the 2nd quarter valued at about $52,000. Blue Trust Inc. bought a new position in shares of Magnite during the 2nd quarter valued at about $56,000. Benjamin F. Edwards & Company Inc. boosted its position in shares of Magnite by 973.5% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock valued at $58,000 after purchasing an additional 3,972 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new position in shares of Magnite during the 2nd quarter valued at about $93,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MGNI. Needham & Company LLC restated a “buy” rating and set a $15.00 price objective on shares of Magnite in a research report on Wednesday, October 2nd. Craig Hallum restated a “buy” rating and set a $20.00 price objective on shares of Magnite in a research report on Wednesday, August 21st. Benchmark reiterated a “buy” rating and issued a $21.00 target price on shares of Magnite in a report on Wednesday, October 2nd. Royal Bank of Canada reiterated an “outperform” rating and issued a $19.00 target price on shares of Magnite in a report on Friday, September 27th. Finally, Wells Fargo & Company initiated coverage on shares of Magnite in a report on Monday, October 28th. They issued an “equal weight” rating and a $13.00 target price for the company. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $16.86.

Magnite Price Performance

NASDAQ MGNI opened at $12.41 on Friday. The company has a 50 day simple moving average of $12.88 and a 200-day simple moving average of $12.51. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.10 and a quick ratio of 1.10. The firm has a market capitalization of $1.75 billion, a price-to-earnings ratio of -112.82, a price-to-earnings-growth ratio of 1.11 and a beta of 2.41. Magnite, Inc. has a 52-week low of $6.55 and a 52-week high of $15.92.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). The company had revenue of $162.88 million during the quarter, compared to analysts’ expectations of $144.04 million. Magnite had a positive return on equity of 3.74% and a negative net margin of 0.83%. Magnite’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period last year, the company earned ($0.04) earnings per share. Equities research analysts predict that Magnite, Inc. will post 0.31 earnings per share for the current fiscal year.

Insider Activity at Magnite

In related news, CEO Michael G. Barrett sold 75,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $12.63, for a total transaction of $947,250.00. Following the transaction, the chief executive officer now owns 944,552 shares of the company’s stock, valued at approximately $11,929,691.76. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CRO Sean Patrick Buckley sold 2,623 shares of Magnite stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $12.53, for a total value of $32,866.19. Following the transaction, the executive now owns 331,742 shares of the company’s stock, valued at $4,156,727.26. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Michael G. Barrett sold 75,000 shares of Magnite stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $12.63, for a total transaction of $947,250.00. Following the completion of the transaction, the chief executive officer now directly owns 944,552 shares in the company, valued at approximately $11,929,691.76. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 95,533 shares of company stock valued at $1,206,203. 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.