Magnite, Inc. (NASDAQ:MGNI) is P.A.W. Capital Corp’s 8th Largest Position

P.A.W. Capital Corp cut its holdings in Magnite, Inc. (NASDAQ:MGNI) by 39.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 195,000 shares of the company’s stock after selling 125,000 shares during the quarter. Magnite comprises 5.9% of P.A.W. Capital Corp’s holdings, making the stock its 8th largest position. P.A.W. Capital Corp owned 0.14% of Magnite worth $3,104,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MGNI. Quarry LP raised its stake in Magnite by 446.8% in the third quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after buying an additional 4,508 shares during the last quarter. KBC Group NV raised its stake in Magnite by 66.5% in the fourth quarter. KBC Group NV now owns 5,943 shares of the company’s stock valued at $95,000 after buying an additional 2,374 shares during the last quarter. Blue Trust Inc. raised its stake in shares of Magnite by 87.0% in the third quarter. Blue Trust Inc. now owns 7,931 shares of the company’s stock worth $105,000 after purchasing an additional 3,689 shares during the last quarter. Lebenthal Global Advisors LLC purchased a new position in shares of Magnite in the third quarter worth about $141,000. Finally, Seelaus Asset Management LLC purchased a new position in shares of Magnite in the third quarter worth about $175,000. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on MGNI shares. Wells Fargo & Company raised their price objective on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 16th. Wolfe Research raised their price objective on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Macquarie restated an “outperform” rating and issued a $18.00 price objective on shares of Magnite in a research note on Friday, November 8th. Royal Bank of Canada raised their price objective on Magnite from $19.00 to $22.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. Finally, Needham & Company LLC restated a “buy” rating and issued a $20.00 price objective on shares of Magnite in a research note on Friday, January 17th. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.35.

Insider Buying and Selling at Magnite

In other news, CTO David Buonasera sold 1,969 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $16.31, for a total value of $32,114.39. Following the transaction, the chief technology officer now owns 223,795 shares in the company, valued at $3,650,096.45. This trade represents a 0.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO David Day sold 11,644 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $16.44, for a total value of $191,427.36. Following the completion of the transaction, the chief financial officer now owns 400,859 shares in the company, valued at approximately $6,590,121.96. This trade represents a 2.82 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 431,655 shares of company stock valued at $8,008,280. Company insiders own 4.30% of the company’s stock.

Magnite Stock Down 3.2 %

Shares of MGNI opened at $17.68 on Friday. 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, Inc. has a 12 month low of $8.38 and a 12 month high of $21.29. The stock’s 50 day moving average is $17.23 and its two-hundred day moving average is $15.08. The firm has a market cap of $2.49 billion, a P/E ratio of 294.67, a PEG ratio of 1.00 and a beta of 2.52.

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.