Lisanti Capital Growth LLC Takes Position in Magnite, Inc. $MGNI

Lisanti Capital Growth LLC purchased a new position in Magnite, Inc. (NASDAQ:MGNI) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 289,030 shares of the company’s stock, valued at approximately $5,486,000.

Several other large investors also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in Magnite during the second quarter valued at $241,296,000. Capital Research Global Investors grew its stake in shares of Magnite by 85.0% during the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock valued at $209,696,000 after purchasing an additional 5,937,428 shares during the period. Wellington Management Group LLP grew its stake in shares of Magnite by 67.7% during the 4th quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock valued at $140,053,000 after purchasing an additional 3,484,689 shares during the period. Ophir Asset Management Pty Ltd purchased a new stake in shares of Magnite during the 4th quarter valued at about $38,695,000. Finally, 325 Capital LLC increased its position in shares of Magnite by 208.5% during the 4th quarter. 325 Capital LLC now owns 2,005,387 shares of the company’s stock valued at $32,547,000 after purchasing an additional 1,355,326 shares during the last quarter. Institutional investors own 73.40% of the company’s stock.

Magnite Stock Down 2.8%

MGNI stock opened at $23.85 on Thursday. The business’s 50-day moving average price is $20.18 and its 200-day moving average price is $15.47. The stock has a market cap of $3.42 billion, a P/E ratio of 21.88, a PEG ratio of 1.07 and a beta of 2.26. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. Magnite, Inc. has a twelve month low of $10.82 and a twelve month high of $26.65.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.02. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The company had revenue of $192.82 million during the quarter, compared to analyst estimates of $179.15 million. During the same period in the prior year, the firm posted $0.20 EPS. The firm’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, equities research analysts forecast that Magnite, Inc. will post 0.61 EPS for the current year.

Insider Activity

In other news, CEO Michael G. Barrett sold 293,968 shares of the stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $22.72, for a total value of $6,678,952.96. Following the completion of the sale, the chief executive officer directly owned 403,074 shares of the company’s stock, valued at $9,157,841.28. This represents a 42.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas S. Knopper sold 37,337 shares of the stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $18.10, for a total transaction of $675,799.70. Following the completion of the sale, the director directly owned 125,810 shares of the company’s stock, valued at approximately $2,277,161. This trade represents a 22.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 935,251 shares of company stock valued at $19,046,675. Company insiders own 3.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on MGNI shares. B. Riley Financial raised their price objective on shares of Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Evercore reaffirmed an “outperform” rating and set a $25.00 target price on shares of Magnite in a report on Thursday, August 6th. Benchmark increased their price target on shares of Magnite from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Wells Fargo & Company lifted their price target on shares of Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Friday, August 7th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Magnite in a research note on Friday, August 7th. Nine research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $28.30.

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).