Granahan Investment Management LLC Has $30.24 Million Position in Magnite, Inc. $MGNI

Key Points

• Granahan Investment Management LLC reduced its stake in Magnite, Inc. by 26.7%, selling 963,094 shares during the 1st quarter.
• CEO Michael G. Barrett and Director James Rossman sold a combined 437,007 shares of Magnite stock, each experiencing significant decreases in their positions.
• Several investment firms, including Cambridge Investment Research Advisors, increased their holdings in Magnite, indicating ongoing interest among institutional investors.

Granahan Investment Management LLC decreased its position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 26.7% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 2,649,990 shares of the company's stock after selling 963,094 shares during the quarter. Magnite makes up 1.5% of Granahan Investment Management LLC's investment portfolio, making the stock its 18th largest position. Granahan Investment Management LLC owned approximately 1.88% of Magnite worth $30,236,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of MGNI. MCF Advisors LLC lifted its position in Magnite by 2,100.0% in the first quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock valued at $25,000 after purchasing an additional 2,100 shares during the last quarter. Smartleaf Asset Management LLC raised its stake in shares of Magnite by 74.9% in the first quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company's stock worth $33,000 after buying an additional 1,203 shares during the period. AllSquare Wealth Management LLC grew its position in shares of Magnite by 76.8% during the first quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company's stock worth $41,000 after purchasing an additional 1,555 shares in the last quarter. GAMMA Investing LLC grew its holdings in Magnite by 10,170.3% during the 1st quarter. GAMMA Investing LLC now owns 3,800 shares of the company's stock valued at $43,000 after buying an additional 3,763 shares in the last quarter. Finally, Smithfield Trust Co boosted its holdings in shares of Magnite by 38.9% in the 1st quarter. Smithfield Trust Co now owns 5,930 shares of the company's stock worth $67,000 after purchasing an additional 1,660 shares during the period. 73.40% of the stock is owned by institutional investors.

Insider Activity at Magnite

In other news, insider Aaron Saltz sold 12,403 shares of the stock in a transaction on Friday, August 29th. The stock was sold at an average price of $26.07, for a total value of $323,346.21. Following the completion of the sale, the insider owned 229,781 shares in the company, valued at $5,990,390.67. This represents a 5.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Brian Gephart sold 27,671 shares of the stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $24.71, for a total transaction of $683,750.41. Following the transaction, the chief accounting officer directly owned 92,898 shares in the company, valued at $2,295,509.58. The trade was a 22.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,102,017 shares of company stock worth $23,311,109. 4.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on MGNI shares. Scotiabank reaffirmed an "outperform" rating and set a $30.00 target price (up from $22.00) on shares of Magnite in a research report on Thursday, August 7th. Benchmark boosted their price target on Magnite from $30.00 to $31.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Wells Fargo & Company boosted their price objective on Magnite from $13.00 to $24.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Susquehanna increased their target price on Magnite from $22.00 to $28.00 and gave the company a "positive" rating in a report on Thursday, August 7th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $39.00 price target on shares of Magnite in a report on Thursday, August 7th. Ten investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $25.82.

Magnite Trading Down 3.2%

Shares of MGNI traded down $0.79 during trading hours on Wednesday, hitting $23.61. The stock had a trading volume of 2,103,644 shares, compared to its average volume of 2,741,348. The company's fifty day simple moving average is $23.72 and its 200 day simple moving average is $17.69. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.00. Magnite, Inc. has a 12-month low of $8.22 and a 12-month high of $26.65. The firm has a market cap of $3.36 billion, a P/E ratio of 81.47, a P/E/G ratio of 1.74 and a beta of 3.05.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.17 by $0.03. The business had revenue of $162.00 million for the quarter, compared to analyst estimates of $157.05 million. Magnite had a return on equity of 8.07% and a net margin of 6.30%.The company's revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.14 earnings per share. Equities research analysts forecast that Magnite, Inc. will post 0.33 EPS for the current fiscal year.

About Magnite

Magnite, Inc, together with its subsidiaries, operates an independent omni-channel sell-side advertising platform in the United States and internationally. The company's platform offers applications and services for sellers of digital advertising inventory or publishers that own and operate CTV channels, applications, websites, and other digital media properties to manage and monetize their inventory; and applications and services for buyers, including advertisers, agencies, agency trading desks, and demand side platforms to buy digital advertising inventory, as well as an independent marketplace that connects buyers and sellers.