Granahan Investment Management LLC Sells 562,517 Shares of Magnite, Inc. $MGNI

Granahan Investment Management LLC trimmed its position in Magnite, Inc. (NASDAQ:MGNI) by 18.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,553,413 shares of the company’s stock after selling 562,517 shares during the quarter. Magnite accounts for approximately 1.5% of Granahan Investment Management LLC’s holdings, making the stock its 18th biggest holding. Granahan Investment Management LLC owned about 1.78% of Magnite worth $30,335,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of MGNI. US Bancorp DE increased its stake in shares of Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after buying an additional 688 shares during the period. PNC Financial Services Group Inc. grew its position in shares of Magnite by 106.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock worth $45,000 after buying an additional 1,949 shares during the period. Smartleaf Asset Management LLC increased its stake in shares of Magnite by 98.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 3,678 shares of the company’s stock worth $61,000 after acquiring an additional 1,824 shares in the last quarter. Rachor Investment Advisory Services LLC bought a new position in shares of Magnite in the 4th quarter worth about $68,000. Finally, State of Wyoming lifted its position in Magnite by 159.3% during the 4th quarter. State of Wyoming now owns 4,600 shares of the company’s stock valued at $75,000 after acquiring an additional 2,826 shares during the period. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on MGNI. Evercore reiterated an “outperform” rating and set a $21.00 price objective on shares of Magnite in a research note on Thursday, May 7th. Weiss Ratings upgraded shares of Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Needham & Company LLC reissued a “buy” rating and issued a $25.00 target price on shares of Magnite in a report on Thursday, April 16th. Royal Bank Of Canada reissued an “outperform” rating on shares of Magnite in a research report on Thursday, May 28th. Finally, BTIG Research began coverage on Magnite in a research note on Tuesday, June 9th. They set a “buy” rating and a $20.00 price target for the company. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $24.56.

Magnite Price Performance

Shares of NASDAQ MGNI opened at $18.51 on Friday. The stock’s 50-day simple moving average is $17.24 and its 200-day simple moving average is $14.61. The firm has a market capitalization of $2.65 billion, a PE ratio of 17.80, a price-to-earnings-growth ratio of 0.91 and a beta of 2.25. Magnite, Inc. has a fifty-two week low of $10.82 and a fifty-two week high of $26.65. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.02 and a current ratio of 1.02.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $159.24 million. During the same period in the prior year, the company posted $0.12 earnings per share. The firm’s quarterly revenue was up 5.5% compared to the same quarter last year. As a group, equities research analysts forecast that Magnite, Inc. will post 0.55 EPS for the current fiscal year.

Insider Transactions at Magnite

In other Magnite news, Director Douglas S. Knopper sold 37,337 shares of the company’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $18.10, for a total value of $675,799.70. Following the completion of the transaction, the director owned 125,810 shares in the company, valued at $2,277,161. This represents a 22.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO David Buonasera sold 11,233 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $18.00, for a total value of $202,194.00. Following the transaction, the chief technology officer directly owned 280,494 shares in the company, valued at approximately $5,048,892. The trade was a 3.85% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 491,639 shares of company stock worth $8,676,734. Insiders own 3.20% of the company’s stock.

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).