Lisanti Capital Growth LLC Buys Shares of 284,930 Magnite, Inc. (NASDAQ:MGNI)

Lisanti Capital Growth LLC purchased a new position in shares of Magnite, Inc. (NASDAQ:MGNI) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 284,930 shares of the company’s stock, valued at approximately $3,063,000. Lisanti Capital Growth LLC owned approximately 0.20% of Magnite as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. Fulton Bank N.A. raised its stake in Magnite by 32.9% during the fourth quarter. Fulton Bank N.A. now owns 20,350 shares of the company’s stock worth $190,000 after acquiring an additional 5,035 shares in the last quarter. Kopion Asset Management LLC increased its position in Magnite by 5.8% during the 4th quarter. Kopion Asset Management LLC now owns 1,087,041 shares of the company’s stock worth $10,153,000 after purchasing an additional 59,426 shares in the last quarter. Legato Capital Management LLC bought a new position in Magnite in the 4th quarter valued at approximately $103,000. Raymond James Financial Services Advisors Inc. bought a new position in Magnite in the 4th quarter valued at approximately $299,000. Finally, Valeo Financial Advisors LLC boosted its position in Magnite by 22.5% in the fourth quarter. Valeo Financial Advisors LLC now owns 18,192 shares of the company’s stock valued at $170,000 after buying an additional 3,340 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors.

Magnite Trading Up 1.3 %

Magnite stock traded up $0.18 during mid-day trading on Friday, hitting $14.22. 1,281,072 shares of the stock were exchanged, compared to its average volume of 1,314,794. The stock has a market capitalization of $1.99 billion, a price-to-earnings ratio of -22.22, a PEG ratio of 0.98 and a beta of 2.35. Magnite, Inc. has a 12 month low of $6.28 and a 12 month high of $15.73. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.79. The firm’s fifty day simple moving average is $12.40 and its two-hundred day simple moving average is $10.69.

Magnite (NASDAQ:MGNI) last announced its earnings results on Wednesday, May 8th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.05. The business had revenue of $130.55 million during the quarter, compared to the consensus estimate of $123.77 million. Magnite had a negative net margin of 12.24% and a positive return on equity of 3.23%. Analysts forecast that Magnite, Inc. will post 0.38 EPS for the current year.

Insider Activity at Magnite

In other Magnite news, insider Adam Lee Soroca sold 10,597 shares of Magnite stock in a transaction that occurred on Friday, May 17th. The stock was sold at an average price of $12.30, for a total value of $130,343.10. Following the completion of the sale, the insider now directly owns 450,655 shares in the company, valued at $5,543,056.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CRO Sean Patrick Buckley sold 2,682 shares of the stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $12.50, for a total transaction of $33,525.00. Following the transaction, the executive now owns 404,875 shares of the company’s stock, valued at approximately $5,060,937.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Adam Lee Soroca sold 10,597 shares of the firm’s stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $12.30, for a total value of $130,343.10. Following the completion of the sale, the insider now owns 450,655 shares of the company’s stock, valued at $5,543,056.50. The disclosure for this sale can be found here. Insiders have sold a total of 99,629 shares of company stock worth $1,323,232 in the last 90 days. Corporate insiders own 4.30% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on MGNI shares. Bank of America upgraded shares of Magnite from a “neutral” rating to a “buy” rating and upped their price target for the stock from $13.00 to $15.00 in a report on Friday, May 24th. Royal Bank of Canada increased their target price on Magnite from $17.00 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, June 5th. Susquehanna reissued a “positive” rating and set a $14.00 price target on shares of Magnite in a research note on Thursday, May 16th. Needham & Company LLC reaffirmed a “buy” rating and issued a $15.00 price objective on shares of Magnite in a research note on Tuesday. Finally, B. Riley initiated coverage on shares of Magnite in a research report on Friday, April 19th. They set a “buy” rating and a $14.50 target price on the stock. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $15.65.

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.