Lisanti Capital Growth LLC Lowers Stake in Magnite, Inc. (NASDAQ:MGNI)

Lisanti Capital Growth LLC reduced its stake in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 14.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 143,855 shares of the company's stock after selling 24,190 shares during the quarter. Lisanti Capital Growth LLC owned 0.10% of Magnite worth $1,641,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of MGNI. JPMorgan Chase & Co. increased its holdings in shares of Magnite by 5.9% during the 4th quarter. JPMorgan Chase & Co. now owns 1,511,439 shares of the company's stock valued at $24,062,000 after purchasing an additional 84,497 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Magnite by 14.5% during the 4th quarter. Principal Financial Group Inc. now owns 123,073 shares of the company's stock valued at $1,959,000 after buying an additional 15,558 shares in the last quarter. Farther Finance Advisors LLC grew its stake in Magnite by 7,043.0% in the 1st quarter. Farther Finance Advisors LLC now owns 6,643 shares of the company's stock valued at $76,000 after acquiring an additional 6,550 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Magnite by 7.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 368,620 shares of the company's stock worth $5,868,000 after acquiring an additional 24,659 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in Magnite by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 13,605,104 shares of the company's stock worth $216,593,000 after acquiring an additional 257,032 shares during the period. 73.40% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Magnite

In other Magnite news, Director James Rossman sold 137,007 shares of Magnite stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $18.78, for a total value of $2,572,991.46. Following the sale, the director owned 93,679 shares in the company, valued at $1,759,291.62. The trade was a 59.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO David Day sold 38,146 shares of the stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $18.95, for a total value of $722,866.70. Following the transaction, the chief financial officer owned 443,528 shares of the company's stock, valued at approximately $8,404,855.60. This represents a 7.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 840,743 shares of company stock valued at $16,021,928 over the last ninety days. Corporate insiders own 3.80% of the company's stock.

Magnite Price Performance

Shares of NASDAQ:MGNI traded up $0.55 during midday trading on Wednesday, hitting $24.67. The company had a trading volume of 3,013,408 shares, compared to its average volume of 2,196,718. The business's 50-day simple moving average is $16.36 and its 200-day simple moving average is $15.43. The stock has a market cap of $3.48 billion, a price-to-earnings ratio of 123.36, a price-to-earnings-growth ratio of 1.97 and a beta of 2.96. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.98. Magnite, Inc. has a twelve month low of $8.22 and a twelve month high of $24.80.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 EPS for the quarter, topping the consensus estimate of $0.06 by $0.06. Magnite had a return on equity of 6.71% and a net margin of 4.58%. The business had revenue of $145.85 million for the quarter, compared to analyst estimates of $142.18 million. During the same quarter in the previous year, the firm earned $0.05 EPS. The company's quarterly revenue was up 4.3% compared to the same quarter last year. On average, research analysts predict that Magnite, Inc. will post 0.33 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have recently issued reports on MGNI shares. Wall Street Zen upgraded shares of Magnite from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. Lake Street Capital lowered their price objective on Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Needham & Company LLC increased their target price on Magnite from $14.00 to $18.00 and gave the company a "buy" rating in a report on Monday, May 12th. Craig Hallum set a $24.00 target price on Magnite and gave the company a "buy" rating in a research report on Tuesday, May 20th. Finally, Royal Bank Of Canada dropped their price target on Magnite from $22.00 to $19.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Magnite has an average rating of "Moderate Buy" and an average price target of $19.58.

Magnite Company Profile

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.