Lisanti Capital Growth LLC Sells 136,395 Shares of Magnite, Inc. (NASDAQ:MGNI)

Lisanti Capital Growth LLC cut its holdings in shares of Magnite, Inc. (NASDAQ:MGNI - Free Report) by 48.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 146,450 shares of the company's stock after selling 136,395 shares during the quarter. Lisanti Capital Growth LLC owned about 0.10% of Magnite worth $2,028,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Granite Investment Partners LLC purchased a new stake in shares of Magnite during the second quarter worth about $11,227,000. Driehaus Capital Management LLC purchased a new position in shares of Magnite during the second quarter worth $9,938,000. Marshall Wace LLP grew its position in Magnite by 59.0% in the 2nd quarter. Marshall Wace LLP now owns 1,559,520 shares of the company's stock valued at $20,726,000 after buying an additional 578,678 shares during the last quarter. Harbor Capital Advisors Inc. grew its position in shares of Magnite by 136.0% in the third quarter. Harbor Capital Advisors Inc. now owns 921,531 shares of the company's stock valued at $12,763,000 after purchasing an additional 531,069 shares during the period. Finally, Dana Investment Advisors Inc. acquired a new position in Magnite during the 2nd quarter worth $6,556,000. Institutional investors and hedge funds own 73.40% of the company's stock.

Magnite Price Performance

Shares of MGNI traded up $2.21 during trading hours on Monday, hitting $15.82. 4,867,405 shares of the company were exchanged, compared to its average volume of 1,617,680. Magnite, Inc. has a one year low of $6.88 and a one year high of $16.03. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.10 and a quick ratio of 1.10. The firm has a fifty day simple moving average of $12.80 and a 200-day simple moving average of $12.72. The company has a market capitalization of $2.23 billion, a PE ratio of 252.33, a PEG ratio of 1.27 and a beta of 2.43.

Insider Activity at Magnite

In related news, insider Adam Lee Soroca sold 7,910 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $12.59, for a total value of $99,586.90. Following the transaction, the insider now owns 436,001 shares of the company's stock, valued at $5,489,252.59. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Magnite news, insider Adam Lee Soroca sold 7,910 shares of the company's stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $12.59, for a total transaction of $99,586.90. Following the sale, the insider now owns 436,001 shares in the company, valued at $5,489,252.59. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CRO Sean Patrick Buckley sold 2,623 shares of Magnite stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $12.53, for a total transaction of $32,866.19. Following the sale, the executive now owns 331,742 shares in the company, valued at approximately $4,156,727.26. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 100,645 shares of company stock worth $1,275,215. Insiders own 4.30% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on MGNI shares. Lake Street Capital started coverage on Magnite in a research note on Thursday, July 25th. They issued a "buy" rating and a $21.00 price target for the company. Wolfe Research initiated coverage on Magnite in a report on Tuesday, July 16th. They issued an "outperform" rating and a $16.00 price target for the company. Craig Hallum reissued a "buy" rating and set a $20.00 price objective on shares of Magnite in a report on Wednesday, August 21st. Benchmark reissued a "buy" rating and set a $21.00 price target on shares of Magnite in a research report on Wednesday, October 2nd. Finally, Macquarie reissued an "outperform" rating and issued a $18.00 target price on shares of Magnite in a report on Friday. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $16.96.

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.