Magnite, Inc. $MGNI Stock: Lisanti Capital Growth LLC Grows Holdings

Lisanti Capital Growth LLC boosted its holdings in shares of Magnite, Inc. (NASDAQ:MGNI) by 24.9% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 360,985 shares of the company’s stock after purchasing an additional 71,955 shares during the period. Magnite makes up 2.4% of Lisanti Capital Growth LLC’s investment portfolio, making the stock its 4th largest holding. Lisanti Capital Growth LLC owned about 0.25% of Magnite worth $9,118,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. BlackRock Inc. purchased a new position in shares of Magnite during the 2nd quarter worth approximately $241,296,000. Canada Pension Plan Investment Board purchased a new position in Magnite in the second quarter worth $56,847,000. Bank of America Corp DE acquired a new stake in Magnite in the second quarter valued at $22,431,000. Bank of New York Mellon Corp acquired a new stake in Magnite in the second quarter valued at $22,059,000. Finally, Meros Investment Management LP acquired a new stake in Magnite in the second quarter valued at $18,815,538. 73.40% of the stock is owned by institutional investors and hedge funds.

Magnite Trading Up 2.4%

Shares of MGNI stock opened at $29.21 on Thursday. The firm has a market cap of $4.19 billion, a P/E ratio of 41.94, a PEG ratio of 0.96 and a beta of 2.44. The firm’s 50-day simple moving average is $24.39 and its 200-day simple moving average is $18.06. Magnite, Inc. has a 1-year low of $10.82 and a 1-year high of $29.67. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.04 and a quick ratio of 1.04.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, November 4th. The company reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. The business had revenue of $204.20 million during the quarter, compared to the consensus estimate of $190.19 million. Magnite had a return on equity of 10.94% and a net margin of 23.58%. The business’s revenue for the quarter was up 22.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.20 EPS. As a group, equities analysts forecast that Magnite, Inc. will post 0.61 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have commented on MGNI. Needham & Company LLC boosted their target price on shares of Magnite from $25.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, September 3rd. Scotiabank raised their price objective on Magnite from $27.00 to $30.00 and gave the company a “sector outperform” rating in a research note on Thursday, November 5th. Benchmark raised their price objective on Magnite from $30.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Evercore restated an “outperform” rating and issued a $25.00 price target on shares of Magnite in a research report on Thursday, August 6th. Finally, BTIG Research lifted their price target on Magnite from $27.00 to $33.00 and gave the stock a “buy” rating in a research note on Monday. Ten research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $31.00.

Insider Transactions at Magnite

In other news, CTO David Buonasera sold 5,706 shares of the company’s stock in a transaction on Thursday, November 5th. The shares were sold at an average price of $27.25, for a total value of $155,488.50. Following the completion of the transaction, the chief technology officer directly owned 239,449 shares in the company, valued at approximately $6,524,985.25. This represents a 2.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Sean Buckley sold 10,991 shares of the firm’s stock in a transaction dated Thursday, November 5th. The shares were sold at an average price of $27.00, for a total value of $296,757.00. Following the sale, the insider owned 282,069 shares of the company’s stock, valued at $7,615,863. This represents a 3.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 243,344 shares of company stock worth $5,942,249 in the last quarter. 3.20% of the stock is owned by corporate insiders.

Magnite Company Profile

Magnite, Inc. operates a sell-side advertising platform that helps publishers, streaming services and app developers sell digital advertising inventory through programmatic auctions. Its technology connects those sellers with advertisers and their agencies seeking to buy ad placements. The company supports advertising across connected TV, online video, mobile applications and desktop formats. Its offerings include tools for managing and monetizing ad inventory, including streaming-focused ad-serving technology.