Lisanti Capital Growth LLC Reduces Stock Holdings in Magnite, Inc. $MGNI

Lisanti Capital Growth LLC lowered its stake in shares of Magnite, Inc. (NASDAQ:MGNI) by 48.6% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 189,168 shares of the company’s stock after selling 178,847 shares during the quarter. Lisanti Capital Growth LLC’s holdings in Magnite were worth $4,120,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Dilation Capital Management LP bought a new position in Magnite during the second quarter valued at $8,074,000. Nippon Life Global Investors Americas Inc. purchased a new position in shares of Magnite during the 3rd quarter worth about $2,621,000. Maestria Partners LLC boosted its stake in shares of Magnite by 36.3% during the 2nd quarter. Maestria Partners LLC now owns 1,434,317 shares of the company’s stock worth $34,596,000 after purchasing an additional 382,000 shares during the period. Nordea Investment Management AB grew its holdings in Magnite by 35.2% during the 3rd quarter. Nordea Investment Management AB now owns 447,340 shares of the company’s stock valued at $9,694,000 after purchasing an additional 116,423 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its position in Magnite by 9.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 241,938 shares of the company’s stock worth $5,836,000 after purchasing an additional 21,394 shares during the period. 73.40% of the stock is currently owned by institutional investors.

Insider Activity at Magnite

In other news, Director Robert F. Spillane sold 12,500 shares of Magnite stock in a transaction on Friday, November 21st. The stock was sold at an average price of $14.22, for a total value of $177,750.00. Following the transaction, the director directly owned 53,917 shares in the company, valued at approximately $766,699.74. This trade represents a 18.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Sean Patrick Buckley sold 4,426 shares of the company’s stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $13.36, for a total value of $59,131.36. Following the sale, the insider owned 271,125 shares of the company’s stock, valued at $3,622,230. This trade represents a 1.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 44,439 shares of company stock valued at $663,671 over the last ninety days. 3.80% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Magnite in a research note on Thursday, January 22nd. Wall Street Zen downgraded Magnite from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Wells Fargo & Company dropped their price objective on Magnite from $22.00 to $20.00 and set an “equal weight” rating for the company in a report on Friday, November 7th. Rosenblatt Securities reiterated a “buy” rating and issued a $39.00 target price on shares of Magnite in a research note on Thursday, November 6th. Finally, Benchmark reiterated a “buy” rating on shares of Magnite in a research report on Monday, January 12th. 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 has an average rating of “Moderate Buy” and an average target price of $27.00.

Magnite Stock Performance

MGNI stock opened at $14.47 on Friday. Magnite, Inc. has a 1-year low of $8.22 and a 1-year high of $26.65. The business has a 50-day moving average price of $15.58 and a 200 day moving average price of $19.15. The company has a market capitalization of $2.08 billion, a P/E ratio of 38.08, a PEG ratio of 0.82 and a beta of 2.35. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.01 and a quick ratio of 1.01.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, November 5th. The company reported $0.20 EPS for the quarter, meeting analysts’ consensus estimates of $0.20. Magnite had a net margin of 8.25% and a return on equity of 8.74%. The business had revenue of $179.49 million for the quarter, compared to the consensus estimate of $163.29 million. During the same quarter last year, the firm posted $0.17 EPS. The company’s revenue for the quarter was up 11.6% on a year-over-year basis. As a group, equities research analysts forecast that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

About Magnite

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).