Lisanti Capital Growth LLC Takes $5.49 Million Position in Magnite, Inc. $MGNI

Key Points

• Lisanti Capital Growth acquired 289,030 Magnite shares worth approximately $5.49 million, giving it a 0.20% stake. Institutional investors collectively own 73.40% of the company.
• Analysts remain broadly optimistic, with nine Buy ratings and two Holds; Magnite has an average “Moderate Buy” rating and a consensus price target of $28.30.
• Magnite exceeded quarterly expectations, reporting $0.26 EPS and $192.82 million in revenue, up 11.3% year over year. However, insiders sold 935,251 shares worth $19.05 million over the past 90 days, while the stock opened at $23.85 after a 2.8% decline.

Lisanti Capital Growth LLC bought a new position in Magnite, Inc. (NASDAQ:MGNI - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 289,030 shares of the company's stock, valued at approximately $5,486,000. Lisanti Capital Growth LLC owned 0.20% of Magnite at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. US Bancorp DE boosted its stake in Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company's stock worth $35,000 after acquiring an additional 688 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in Magnite by 106.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,783 shares of the company's stock worth $45,000 after purchasing an additional 1,949 shares during the period. Smartleaf Asset Management LLC increased its stake in shares of Magnite by 98.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 3,678 shares of the company's stock valued at $61,000 after purchasing an additional 1,824 shares in the last quarter. Harbor Investment Advisory LLC bought a new position in shares of Magnite during the second quarter valued at approximately $62,000. Finally, Optiver Holding B.V. lifted its holdings in shares of Magnite by 2,746.4% during the first quarter. Optiver Holding B.V. now owns 5,579 shares of the company's stock valued at $66,000 after purchasing an additional 5,383 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on MGNI. Wells Fargo & Company upped their price target on Magnite from $21.00 to $22.00 and gave the stock an "equal weight" rating in a research note on Friday, August 7th. Weiss Ratings reiterated a "hold (c)" rating on shares of Magnite in a research note on Friday, August 7th. Royal Bank Of Canada boosted their target price on Magnite from $20.00 to $27.00 and gave the stock an "outperform" rating in a report on Thursday, August 6th. Susquehanna increased their target price on Magnite from $22.00 to $30.00 and gave the stock a "positive" rating in a research note on Thursday, August 6th. Finally, Rosenblatt Securities raised their price target on Magnite from $39.00 to $40.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Nine investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $28.30.

Insiders Place Their Bets

In other Magnite news, CEO Michael G. Barrett sold 293,968 shares of the business's stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $22.72, for a total value of $6,678,952.96. Following the completion of the transaction, the chief executive officer owned 403,074 shares of the company's stock, valued at approximately $9,157,841.28. The trade was a 42.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Sean Patrick Buckley sold 67,179 shares of the business's stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $24.49, for a total value of $1,645,213.71. Following the completion of the transaction, the insider directly owned 315,805 shares of the company's stock, valued at approximately $7,734,064.45. This trade represents a 17.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 935,251 shares of company stock valued at $19,046,675. Company insiders own 3.20% of the company's stock.

Magnite Trading Down 2.8%

NASDAQ:MGNI opened at $23.85 on Thursday. The stock has a market cap of $3.42 billion, a price-to-earnings 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. The company's 50 day moving average price is $20.18 and its 200-day moving average price is $15.47. Magnite, Inc. has a 52 week low of $10.82 and a 52 week high of $26.65.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 earnings per share for the quarter, topping analysts' consensus estimates 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 previous year, the business earned $0.20 EPS. The firm's revenue for the quarter was up 11.3% on a year-over-year basis. On average, equities research analysts forecast that Magnite, Inc. will post 0.61 earnings per share for the current fiscal year.

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).

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