Magnite, Inc. $MGNI Shares Sold by Granahan Investment Management LLC

Granahan Investment Management LLC cut its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 18.1% during the first quarter, HoldingsChannel.com reports. The fund owned 2,553,413 shares of the company’s stock after selling 562,517 shares during the quarter. Magnite makes up 1.5% of Granahan Investment Management LLC’s holdings, making the stock its 18th largest position. Granahan Investment Management LLC’s holdings in Magnite were worth $30,335,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Entropy Technologies LP purchased a new position in Magnite during the 1st quarter worth $294,000. Gabelli Funds LLC increased its stake in Magnite by 48.7% in the first quarter. Gabelli Funds LLC now owns 45,820 shares of the company’s stock valued at $544,000 after purchasing an additional 15,000 shares during the period. Gamco Investors INC. ET AL raised its holdings in shares of Magnite by 36.4% in the first quarter. Gamco Investors INC. ET AL now owns 60,653 shares of the company’s stock valued at $721,000 after buying an additional 16,174 shares during the last quarter. Sei Investments Co. raised its holdings in shares of Magnite by 65.9% in the first quarter. Sei Investments Co. now owns 350,862 shares of the company’s stock valued at $4,168,000 after buying an additional 139,325 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in shares of Magnite by 106.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company’s stock valued at $45,000 after buying an additional 1,949 shares during the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Magnite news, Director Douglas S. Knopper sold 37,337 shares of the business’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $18.10, for a total transaction of $675,799.70. Following the sale, the director directly owned 125,810 shares in the company, valued at approximately $2,277,161. The trade was a 22.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul Caine sold 5,000 shares of the company’s stock in a transaction on Friday, July 10th. The stock was sold at an average price of $20.64, for a total transaction of $103,200.00. Following the transaction, the director directly owned 162,401 shares in the company, valued at approximately $3,351,956.64. This trade represents a 2.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 491,639 shares of company stock valued at $8,676,734 in the last quarter. Corporate insiders own 3.20% of the company’s stock.

Magnite Stock Up 3.3%

MGNI opened at $18.51 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02. The business has a 50 day simple moving average of $17.24 and a 200-day simple moving average of $14.61. The stock has a market capitalization of $2.65 billion, a P/E ratio of 17.80, a P/E/G ratio of 0.91 and a beta of 2.25. Magnite, Inc. has a 12 month low of $10.82 and a 12 month high of $26.65.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $159.24 million. During the same quarter in the prior year, the company posted $0.12 earnings per share. Magnite’s quarterly revenue was up 5.5% on a year-over-year basis. On average, equities analysts anticipate that Magnite, Inc. will post 0.55 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Royal Bank Of Canada reissued an “outperform” rating on shares of Magnite in a report on Thursday, May 28th. Wells Fargo & Company upped their price objective on Magnite from $15.00 to $21.00 and gave the company an “equal weight” rating in a research note on Friday, July 17th. Scotiabank increased their price objective on Magnite from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a research report on Thursday, May 7th. Weiss Ratings upgraded Magnite from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, May 11th. Finally, BTIG Research started coverage on Magnite in a report on Tuesday, June 9th. They issued a “buy” rating and a $20.00 target price on the stock. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $24.56.

Magnite 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).