Granahan Investment Management LLC Has $84.36 Million Stock Holdings in Magnite, Inc. $MGNI

by · The Markets Daily

Granahan Investment Management LLC grew its stake in Magnite, Inc. (NASDAQ:MGNI – Free Report) by 6.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,873,179 shares of the company’s stock after purchasing an additional 230,393 shares during the quarter. Magnite makes up approximately 3.5% of Granahan Investment Management LLC’s holdings, making the stock its 4th biggest holding. Granahan Investment Management LLC’s holdings in Magnite were worth $84,358,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Neo Ivy Capital Management bought a new stake in Magnite in the third quarter valued at about $27,000. US Bancorp DE raised its stake in Magnite by 75.8% during the third quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after buying an additional 688 shares in the last quarter. State of Wyoming bought a new position in Magnite during the 3rd quarter worth approximately $39,000. USA Financial Formulas bought a new position in Magnite during the 3rd quarter worth approximately $40,000. Finally, MTM Investment Management LLC acquired a new position in shares of Magnite in the 2nd quarter worth approximately $58,000. Institutional investors own 73.40% of the company’s stock.

Magnite Stock Down 3.3%

NASDAQ:MGNI opened at $11.88 on Monday. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.38. The stock has a 50 day moving average of $13.64 and a 200-day moving average of $16.81. The firm has a market capitalization of $1.71 billion, a PE ratio of 12.64, a price-to-earnings-growth ratio of 0.64 and a beta of 2.34. Magnite, Inc. has a 52 week low of $8.22 and a 52 week high of $26.65.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on MGNI shares. Wells Fargo & Company lowered their price target on Magnite from $20.00 to $13.00 and set an “equal weight” rating for the company in a report on Friday, February 27th. Scotiabank reduced their price objective on Magnite from $30.00 to $16.00 and set a “sector outperform” rating on the stock in a research note on Thursday, February 26th. Evercore reaffirmed an “outperform” rating and issued a $20.00 price objective on shares of Magnite in a report on Thursday, February 26th. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a research note on Thursday, January 22nd. Finally, Rosenblatt Securities reissued a “buy” rating and set a $39.00 target price on shares of Magnite in a report on Thursday, February 26th. Nine analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Magnite presently has an average rating of “Moderate Buy” and an average price target of $24.10.

Check Out Our Latest Stock Report on MGNI

Insider Transactions at Magnite

In related news, insider Adam Lee Soroca sold 21,529 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $12.00, for a total transaction of $258,348.00. Following the completion of the transaction, the insider owned 388,425 shares in the company, valued at $4,661,100. The trade was a 5.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.30% of the stock is owned by corporate insiders.

About Magnite

(Free Report)

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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