Magnite, Inc. (NASDAQ:MGNI) is Granahan Investment Management LLC's 9th Largest Position

Granahan Investment Management LLC decreased its position in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 9.7% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 3,613,084 shares of the company's stock after selling 387,635 shares during the period. Magnite comprises about 2.4% of Granahan Investment Management LLC's holdings, making the stock its 9th largest holding. Granahan Investment Management LLC owned about 2.57% of Magnite worth $57,520,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Merit Financial Group LLC purchased a new stake in Magnite in the fourth quarter worth $586,000. Rice Hall James & Associates LLC bought a new stake in shares of Magnite during the 4th quarter valued at $3,000,000. Jennison Associates LLC purchased a new stake in shares of Magnite in the 4th quarter worth about $818,000. JPMorgan Chase & Co. lifted its position in 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 acquiring an additional 84,497 shares during the period. Finally, Penbrook Management LLC lifted its position in Magnite by 60.8% during the 4th quarter. Penbrook Management LLC now owns 38,480 shares of the company's stock valued at $613,000 after acquiring an additional 14,550 shares during the period. Institutional investors own 73.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on MGNI. Wells Fargo & Company raised their target price on shares of Magnite from $13.00 to $15.00 and gave the company an "equal weight" rating in a research note on Thursday, January 16th. Needham & Company LLC reiterated a "buy" rating and set a $14.00 price objective on shares of Magnite in a research note on Monday, April 21st. Lake Street Capital cut their target price on Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a research note on Thursday. Benchmark lowered their price target on Magnite from $25.00 to $24.00 and set a "buy" rating for the company in a research report on Thursday. Finally, Rosenblatt Securities reissued a "buy" rating and set a $18.00 price objective on shares of Magnite in a research report on Thursday. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.62.

Magnite Stock Performance

Shares of MGNI stock opened at $15.10 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. The company has a 50 day moving average price of $11.86 and a 200-day moving average price of $14.83. Magnite, Inc. has a 52 week low of $8.22 and a 52 week high of $21.29. The firm has a market capitalization of $2.13 billion, a PE ratio of 251.67, a P/E/G ratio of 1.00 and a beta of 2.73.

Magnite (NASDAQ:MGNI - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $0.12 EPS for the quarter, topping analysts' consensus estimates of $0.06 by $0.06. The business had revenue of $145.85 million during the quarter, compared to the consensus estimate of $142.18 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. The firm's revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.05 EPS. As a group, equities research analysts expect that Magnite, Inc. will post 0.33 earnings per share for the current year.

Insider Buying and Selling at Magnite

In other news, Director Paul Caine sold 5,000 shares of Magnite stock in a transaction on Monday, February 10th. The shares were sold at an average price of $20.35, for a total transaction of $101,750.00. Following the transaction, the director now owns 182,837 shares in the company, valued at $3,720,732.95. This trade represents a 2.66 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Sean Patrick Buckley sold 10,527 shares of the business's stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $19.13, for a total transaction of $201,381.51. Following the sale, the insider now directly owns 370,558 shares of the company's stock, valued at approximately $7,088,774.54. The trade was a 2.76 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 37,276 shares of company stock valued at $647,241. 3.80% of the stock is owned by company insiders.

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.

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