Perkins Capital Management Inc. Buys 1,300 Shares of Magnite, Inc. (NASDAQ:MGNI)

Perkins Capital Management Inc. raised its stake in Magnite, Inc. (NASDAQ:MGNI) by 0.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 145,125 shares of the company’s stock after acquiring an additional 1,300 shares during the period. Magnite makes up 1.7% 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 $1,656,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Capital Research Global Investors purchased a new stake in Magnite during the 4th quarter valued at about $122,986,000. Pacer Advisors Inc. bought a new position in shares of Magnite in the first quarter worth approximately $12,576,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Magnite during the fourth quarter valued at approximately $11,076,000. CenterBook Partners LP bought a new stake in shares of Magnite during the fourth quarter valued at approximately $9,962,000. Finally, Nine Ten Capital Management LLC increased its position in shares of Magnite by 18.8% during the fourth quarter. Nine Ten Capital Management LLC now owns 3,115,849 shares of the company’s stock valued at $49,604,000 after acquiring an additional 493,983 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors.

Magnite Stock Performance

Shares of NASDAQ MGNI opened at $23.52 on Friday. Magnite, Inc. has a 12-month low of $8.22 and a 12-month high of $25.27. The firm has a market capitalization of $3.32 billion, a price-to-earnings ratio of 117.61, a price-to-earnings-growth ratio of 1.92 and a beta of 2.96. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.47. The firm has a 50 day moving average of $20.02 and a 200 day moving average of $16.35.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.06. Magnite had a net margin of 4.58% and a return on equity of 6.71%. The firm had revenue of $145.85 million during the quarter, compared to the consensus estimate of $142.18 million. During the same quarter in the previous year, the firm posted $0.05 EPS. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. On average, research analysts anticipate that Magnite, Inc. will post 0.33 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Paul Caine sold 5,000 shares of Magnite stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $23.53, for a total transaction of $117,650.00. Following the transaction, the director directly owned 183,603 shares of the company’s stock, valued at $4,320,178.59. The trade was a 2.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Adam Lee Soroca sold 42,584 shares of the stock in a transaction that occurred on Thursday, July 3rd. The stock was sold at an average price of $25.00, for a total transaction of $1,064,600.00. Following the completion of the sale, the insider directly owned 366,672 shares of the company’s stock, valued at $9,166,800. This represents a 10.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 959,227 shares of company stock valued at $18,854,021. 3.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have commented on MGNI shares. Needham & Company LLC increased their target price on Magnite from $14.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, May 12th. Royal Bank Of Canada dropped their price objective on Magnite from $22.00 to $19.00 and set an “outperform” rating on the stock in a research report on Friday, May 2nd. Wells Fargo & Company lifted their price objective on Magnite from $13.00 to $24.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 8th. Benchmark upped their target price on shares of Magnite from $24.00 to $30.00 and gave the company a “buy” rating in a research note on Tuesday, July 22nd. Finally, Lake Street Capital reduced their price target on shares of Magnite from $21.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. 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, Magnite currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.83.

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.