Granahan Investment Management LLC Sells 757,249 Shares of Magnite, Inc. $MGNI

Granahan Investment Management LLC decreased its position in Magnite, Inc. (NASDAQ:MGNI) by 19.6% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,115,930 shares of the company’s stock after selling 757,249 shares during the quarter. Magnite makes up 2.2% of Granahan Investment Management LLC’s portfolio, making the stock its 11th biggest holding. Granahan Investment Management LLC’s holdings in Magnite were worth $50,572,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of MGNI. Neo Ivy Capital Management bought a new position in shares of Magnite in the third quarter worth about $27,000. US Bancorp DE raised its stake in shares of Magnite by 75.8% in the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock worth $35,000 after buying an additional 688 shares during the period. Central Pacific Bank Trust Division bought a new position in shares of Magnite in the fourth quarter worth about $41,000. Strategic Advocates LLC bought a new position in shares of Magnite in the third quarter worth about $42,000. Finally, PNC Financial Services Group Inc. raised its stake in shares of Magnite by 45.1% in the third quarter. PNC Financial Services Group Inc. now owns 2,428 shares of the company’s stock worth $53,000 after buying an additional 755 shares during the period. Institutional investors own 73.40% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented 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 Friday, May 8th. Royal Bank Of Canada reaffirmed an “outperform” rating on shares of Magnite in a research note on Thursday, May 28th. Evercore reaffirmed an “outperform” rating and issued a $21.00 price objective on shares of Magnite in a research note on Thursday, May 7th. Benchmark decreased their price objective on Magnite from $31.00 to $30.00 and set a “buy” rating on the stock in a research note on Thursday, February 26th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $39.00 price objective on shares of Magnite in a research note on Thursday, February 26th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Magnite presently has a consensus rating of “Moderate Buy” and an average target price of $23.89.

Magnite Stock Performance

NASDAQ:MGNI opened at $18.55 on Wednesday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. Magnite, Inc. has a 12-month low of $10.82 and a 12-month high of $26.65. The stock has a 50-day moving average price of $13.73 and a 200 day moving average price of $13.91. The stock has a market capitalization of $2.66 billion, a P/E ratio of 17.84, a P/E/G ratio of 0.79 and a beta of 2.32.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.02. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The firm had revenue of $164.37 million during the quarter, compared to analysts’ expectations of $159.24 million. During the same quarter last year, the business posted $0.12 earnings per share. The firm’s revenue was up 5.5% on a year-over-year basis. Equities research analysts forecast that Magnite, Inc. will post 0.6 EPS for the current fiscal year.

Insider Buying and Selling at Magnite

In other Magnite news, Director Robert F. Spillane sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $13.33, for a total transaction of $133,300.00. Following the completion of the transaction, the director owned 43,917 shares in the company, valued at $585,413.61. This trade represents a 18.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Douglas S. Knopper sold 10,766 shares of the firm’s stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $15.73, for a total value of $169,349.18. Following the transaction, the director owned 163,147 shares of the company’s stock, valued at $2,566,302.31. This represents a 6.19% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 32,941 shares of company stock worth $492,272 in the last quarter. 4.30% of the stock is owned by corporate insiders.

Magnite Company Profile

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).