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

Granahan Investment Management LLC trimmed its position in Magnite, Inc. (NASDAQ:MGNI - Free Report) by 19.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,115,930 shares of the company's stock after selling 757,249 shares during the period. Magnite accounts for 2.2% of Granahan Investment Management LLC's portfolio, making the stock its 11th biggest position. Granahan Investment Management LLC owned approximately 2.17% of Magnite worth $50,572,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Neo Ivy Capital Management purchased a new stake in Magnite in the third quarter worth $27,000. US Bancorp DE grew its stake in 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 purchasing an additional 688 shares during the period. Strategic Advocates LLC purchased a new stake in Magnite in the third quarter worth $42,000. PNC Financial Services Group Inc. grew its stake in 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 purchasing an additional 755 shares during the period. Finally, Central Pacific Bank Trust Division purchased a new stake in Magnite in the fourth quarter worth $41,000. 73.40% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Douglas S. Knopper sold 10,766 shares of the company's stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $15.73, for a total transaction of $169,349.18. Following the completion of the sale, the director owned 163,147 shares in the company, valued at approximately $2,566,302.31. This represents a 6.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert F. Spillane sold 10,000 shares of the stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $13.33, for a total value of $133,300.00. Following the completion of the transaction, the director directly owned 43,917 shares in the company, valued at approximately $585,413.61. This represents a 18.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 32,941 shares of company stock valued at $492,272 in the last ninety days. 4.30% of the stock is currently owned by company insiders.

Magnite Stock Performance

Shares of NASDAQ MGNI opened at $18.55 on Wednesday. The firm's 50-day moving average price is $13.73 and its 200-day moving average price is $13.91. Magnite, Inc. has a 52-week low of $10.82 and a 52-week high of $26.65. The company has a market cap of $2.66 billion, a PE ratio of 17.84, a PEG ratio of 0.79 and a beta of 2.32. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38.

Magnite (NASDAQ:MGNI - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, beating analysts' consensus estimates of $0.11 by $0.02. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The company had revenue of $164.37 million for the quarter, compared to the consensus estimate of $159.24 million. During the same quarter in the prior year, the firm earned $0.12 earnings per share. The firm's revenue for the quarter was up 5.5% compared to the same quarter last year. As a group, analysts anticipate that Magnite, Inc. will post 0.6 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Royal Bank Of Canada reaffirmed an "outperform" rating on shares of Magnite in a research note on Thursday, May 28th. Benchmark cut their target price on Magnite from $31.00 to $30.00 and set a "buy" rating on the stock in a research note on Thursday, February 26th. Needham & Company LLC restated a "buy" rating and set a $25.00 price target on shares of Magnite in a report on Thursday, April 16th. Weiss Ratings raised Magnite from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, May 11th. Finally, Evercore reiterated an "outperform" rating and issued a $21.00 price target on shares of Magnite in a research note on Thursday, May 7th. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Magnite presently has an average rating of "Moderate Buy" and an average price target of $23.89.

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).

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