Magnite (MGNI)
Market Price (9/23/2026): $24.64 | Market Cap: $3.5 BilSector: Communication Services | Industry: Advertising
Magnite (MGNI)
Market Price (9/23/2026): $24.64Market Cap: $3.5 BilSector: Communication ServicesIndustry: Advertising
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27% Attractive yieldFCF Yield is 5.6% Megatrend and thematic driversMegatrends include Digital Advertising, Social Media & Creator Economy, and Digital Content & Streaming. Themes include Ad-Tech Platforms, Show more. | Trading close to highsDist 52W High is -3.2% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 31x Stock price has recently run up significantly6M Rtn6 month market price return is 106% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 10% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 103% Key risksMGNI key risks include [1] intense competition from dominant "walled garden" platforms and [2] evolving privacy regulations and the deprecation of third-party cookies that threaten its ad targeting effectiveness. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27% |
| Attractive yieldFCF Yield is 5.6% |
| Megatrend and thematic driversMegatrends include Digital Advertising, Social Media & Creator Economy, and Digital Content & Streaming. Themes include Ad-Tech Platforms, Show more. |
| Trading close to highsDist 52W High is -3.2% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 31x |
| Stock price has recently run up significantly6M Rtn6 month market price return is 106% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 10% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 103% |
| Key risksMGNI key risks include [1] intense competition from dominant "walled garden" platforms and [2] evolving privacy regulations and the deprecation of third-party cookies that threaten its ad targeting effectiveness. |
Qualitative Assessment
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Magnite (MGNI) stock has gained about 75% since 5/31/2026 because of the following key factors:
1. Magnite reported robust financial results for fiscal Q2 2026 (ended June 30, 2026), significantly exceeding analyst expectations for both revenue and earnings. The company announced on August 5, 2026, a non-GAAP earnings per share of $0.26, surpassing analyst estimates of $0.22 by 18.18%. Additionally, revenue reached $192.8 million, exceeding estimates of $179.15 million. This strong performance was underpinned by a 17% year-over-year growth in Contribution ex-TAC to $189.6 million, outperforming the high end of its own guidance. Following these results, Magnite raised its full-year 2026 outlook, increasing total Contribution ex-TAC growth to between 13% and 14% (up from at least 11%) and Adjusted EBITDA percentage growth to greater than 20% (from mid-teens).
2. The company demonstrated exceptional growth in its Connected TV (CTV) segment, which served as a primary catalyst. In fiscal Q2 2026, Contribution ex-TAC attributable to CTV surged 36% year-over-year to $97.1 million, surpassing the high end of the guidance range. This strong CTV momentum, driven by broad-based publisher partnerships and the strategic differentiation of its SpringServe platform, was highlighted as a key factor in Magnite's overall outperformance and raised guidance. Magnite has further solidified its position in this high-growth area, reporting a 56% year-over-year increase in global live sports ad spend from January to July 2026.
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Magnite (MGNI) stock has gained about 75% since 5/31/2026 because of the following key factors:
1. Magnite reported robust financial results for fiscal Q2 2026 (ended June 30, 2026), significantly exceeding analyst expectations for both revenue and earnings. The company announced on August 5, 2026, a non-GAAP earnings per share of $0.26, surpassing analyst estimates of $0.22 by 18.18%. Additionally, revenue reached $192.8 million, exceeding estimates of $179.15 million. This strong performance was underpinned by a 17% year-over-year growth in Contribution ex-TAC to $189.6 million, outperforming the high end of its own guidance. Following these results, Magnite raised its full-year 2026 outlook, increasing total Contribution ex-TAC growth to between 13% and 14% (up from at least 11%) and Adjusted EBITDA percentage growth to greater than 20% (from mid-teens).
2. The company demonstrated exceptional growth in its Connected TV (CTV) segment, which served as a primary catalyst. In fiscal Q2 2026, Contribution ex-TAC attributable to CTV surged 36% year-over-year to $97.1 million, surpassing the high end of the guidance range. This strong CTV momentum, driven by broad-based publisher partnerships and the strategic differentiation of its SpringServe platform, was highlighted as a key factor in Magnite's overall outperformance and raised guidance. Magnite has further solidified its position in this high-growth area, reporting a 56% year-over-year increase in global live sports ad spend from January to July 2026.
3. A favorable remedy ruling in the Google antitrust case provided a significant boost to market sentiment for Magnite. The unsealing of a ruling around September 17, 2026, addressing Google's ad tech practices, mandated that Google's AdX and DFP integrate with Prebid via API on a functionally equivalent basis and barred AdWords from favoring Google's ad tech stack. This development is expected to foster a more equitable and open advertising ecosystem, benefiting independent sell-side platforms like Magnite. Following this news, analysts, including StoneX, raised their price target on Magnite shares to $43 from $30, citing the company as one of their "best ideas".
4. Magnite's continuous innovation and expansion in live streaming advertising and AI solutions further strengthened its market position. On September 3, 2026, Magnite announced major milestones in its live streaming business, establishing itself as a premier partner by offering verified, event-level transparency and streamlining access to live inventory for buyers. Its Live Scheduler technology has been utilized by 37 media owners globally for over 4,000 live events. The company is also advancing its "agentic vision" by introducing new AI assistance tools for media owners and buyers, including an AI solution for local linear TV.
5. Analyst ratings reflected strong confidence in Magnite's trajectory, leading to upgraded price targets and a consensus "Strong Buy" rating. Following the positive fiscal Q2 2026 earnings and the Google antitrust ruling, multiple Wall Street analysts reiterated or raised their price targets for Magnite. The average twelve-month stock price forecast by analysts stands at approximately $29.36 to $29.71, with the highest forecast reaching $43.00. The overall consensus rating for Magnite from analysts is "Strong Buy" or "Moderate Buy," indicating a positive outlook for the stock's future performance.
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Stock Movement Drivers
Fundamental Drivers
The 73.1% change in MGNI stock from 5/31/2026 to 9/22/2026 was primarily driven by a 63.9% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.33 | 24.80 | 73.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 723 | 742 | 2.7% |
| Net Income Margin (%) | 22.0% | 22.5% | 2.4% |
| P/E Multiple | 13.0 | 21.3 | 63.9% |
| Shares Outstanding (Mil) | 144 | 143 | 0.4% |
| Cumulative Contribution | 73.1% |
Market Drivers
5/31/2026 to 9/22/2026| Return | Correlation | |
|---|---|---|
| MGNI | 73.1% | |
| Market (SPY) | 2.5% | 18.3% |
| Sector (XLC) | -1.6% | 40.2% |
Fundamental Drivers
The 82.1% change in MGNI stock from 2/28/2026 to 9/22/2026 was primarily driven by a 57.0% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.62 | 24.80 | 82.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 714 | 742 | 3.9% |
| Net Income Margin (%) | 20.3% | 22.5% | 11.0% |
| P/E Multiple | 13.5 | 21.3 | 57.0% |
| Shares Outstanding (Mil) | 144 | 143 | 0.5% |
| Cumulative Contribution | 82.1% |
Market Drivers
2/28/2026 to 9/22/2026| Return | Correlation | |
|---|---|---|
| MGNI | 82.1% | |
| Market (SPY) | 13.3% | 18.4% |
| Sector (XLC) | -3.3% | 36.6% |
Fundamental Drivers
The -4.4% change in MGNI stock from 8/31/2025 to 9/22/2026 was primarily driven by a -75.1% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.95 | 24.80 | -4.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 685 | 742 | 8.3% |
| Net Income Margin (%) | 6.3% | 22.5% | 257.3% |
| P/E Multiple | 85.2 | 21.3 | -75.1% |
| Shares Outstanding (Mil) | 142 | 143 | -1.0% |
| Cumulative Contribution | -4.4% |
Market Drivers
8/31/2025 to 9/22/2026| Return | Correlation | |
|---|---|---|
| MGNI | -4.4% | |
| Market (SPY) | 21.2% | 23.8% |
| Sector (XLC) | 3.2% | 38.8% |
Fundamental Drivers
The 200.6% change in MGNI stock from 8/31/2023 to 9/22/2026 was primarily driven by a 157.0% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9222026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.25 | 24.80 | 200.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 604 | 742 | 22.9% |
| P/S Multiple | 1.9 | 4.8 | 157.0% |
| Shares Outstanding (Mil) | 136 | 143 | -4.8% |
| Cumulative Contribution | 200.6% |
Market Drivers
8/31/2023 to 9/22/2026| Return | Correlation | |
|---|---|---|
| MGNI | 200.6% | |
| Market (SPY) | 78.3% | 42.9% |
| Sector (XLC) | 73.4% | 46.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MGNI Return | -43% | -39% | -12% | 70% | 2% | 56% | -18% |
| Peers Return | -16% | -58% | 70% | 32% | -28% | 21% | -30% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| MGNI Win Rate | 25% | 33% | 58% | 50% | 50% | 67% | |
| Peers Win Rate | 47% | 33% | 60% | 55% | 52% | 51% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| MGNI Max Drawdown | -73% | -68% | -58% | -31% | -57% | -34% | |
| Peers Max Drawdown | -57% | -63% | -36% | -39% | -60% | -36% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PUBM, TTD, ROKU, DV, DSP.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/22/2026 (YTD)
How Low Can It Go
| Event | MGNI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -52.8% | -18.8% |
| % Gain to Breakeven | 112.0% | 23.1% |
| Time to Breakeven | 77 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -54.8% | -9.5% |
| % Gain to Breakeven | 121.2% | 10.5% |
| Time to Breakeven | 263 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.8% | -6.7% |
| % Gain to Breakeven | 42.4% | 7.1% |
| Time to Breakeven | 68 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -64.4% | -24.5% |
| % Gain to Breakeven | 180.8% | 32.4% |
| Time to Breakeven | 802 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -67.5% | -33.7% |
| % Gain to Breakeven | 207.2% | 50.9% |
| Time to Breakeven | 230 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -14.0% | -19.2% |
| % Gain to Breakeven | 16.3% | 23.8% |
| Time to Breakeven | 5 days | 105 days |
In The Past
Magnite's stock fell -52.8% during the 2025 US Tariff Shock. Such a loss loss requires a 112.0% gain to breakeven.
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Asset Allocation
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| Event | MGNI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -52.8% | -18.8% |
| % Gain to Breakeven | 112.0% | 23.1% |
| Time to Breakeven | 77 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -54.8% | -9.5% |
| % Gain to Breakeven | 121.2% | 10.5% |
| Time to Breakeven | 263 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.8% | -6.7% |
| % Gain to Breakeven | 42.4% | 7.1% |
| Time to Breakeven | 68 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -64.4% | -24.5% |
| % Gain to Breakeven | 180.8% | 32.4% |
| Time to Breakeven | 802 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -67.5% | -33.7% |
| % Gain to Breakeven | 207.2% | 50.9% |
| Time to Breakeven | 230 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -44.2% | -3.7% |
| % Gain to Breakeven | 79.3% | 3.9% |
| Time to Breakeven | 785 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -22.1% | -12.2% |
| % Gain to Breakeven | 28.4% | 13.9% |
| Time to Breakeven | 13 days | 62 days |
| 2013 Taper Tantrum | ||
| % Loss | -28.5% | -0.2% |
| % Gain to Breakeven | 39.8% | 0.2% |
| Time to Breakeven | 721 days | 1 days |
In The Past
Magnite's stock fell -52.8% during the 2025 US Tariff Shock. Such a loss loss requires a 112.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Magnite (MGNI)
Magnite, Inc. (MGNI) operates as an independent, global sell-side advertising platform. Essentially, the company serves as a vital intermediary in the digital advertising ecosystem, connecting those who have digital ad space to sell with those who wish to purchase it. Its primary function is to facilitate the buying and selling of digital advertising inventory across various online channels.
For sellers, who are primarily publishers owning and operating digital media properties such as Connected TV (CTV) channels, mobile applications, and websites, Magnite offers a comprehensive suite of applications and services. These tools empower publishers to efficiently manage their valuable digital advertising inventory and maximize the revenue generated from ad placements on their platforms.
Conversely, Magnite also provides sophisticated applications and services for buyers of digital advertising inventory. This diverse customer base includes advertisers, advertising agencies, agency trading desks, and demand-side platforms (DSPs). These buyers leverage Magnite's platform to seamlessly purchase digital ad space across a wide array of online channels internationally, ensuring their campaigns reach their intended audiences effectively.
AI Analysis | Feedback
Here are 1-3 brief analogies for Magnite (MGNI):
- The eBay of digital advertising.
- Like the NASDAQ, but for digital ad space.
- Shopify for online publishers selling ad space.
AI Analysis | Feedback
- Sell-Side Platform (SSP) Solutions: Magnite provides applications and services for publishers to manage and monetize their digital advertising inventory across CTV channels, applications, websites, and other digital media properties.
- Advertising Inventory Purchase Solutions: Magnite offers applications and services that enable advertisers, agencies, and demand-side platforms to buy digital advertising inventory from publishers.
AI Analysis | Feedback
Magnite, Inc. operates an independent sell-side advertising platform and primarily serves other businesses (B2B) within the digital advertising ecosystem. Due to the nature of its platform business, which facilitates numerous transactions for a broad and diverse client base, and the company's publicly stated lack of revenue concentration in any single client, Magnite does not have a few traditional "major customers" that account for a dominant share of its revenue.
However, Magnite works with a wide array of major companies on both the supply (publisher) and demand (buyer) sides of the advertising marketplace. Prominent examples of companies that utilize Magnite's platform for managing and monetizing their advertising inventory or for purchasing digital ad space include:
- Warner Bros. Discovery (WBD) - A major media company and publisher of Connected TV (CTV) and digital content, utilizing Magnite for inventory monetization.
- The Walt Disney Company (DIS) - Another leading global media and entertainment company, leveraging Magnite for its advertising initiatives across various properties.
- Roku, Inc. (ROKU) - A prominent streaming platform and media company that uses Magnite to monetize its ad inventory.
- The Trade Desk, Inc. (TTD) - A leading independent demand-side platform (DSP) that integrates with Magnite to purchase advertising inventory for its clients.
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Michael Barrett Chief Executive Officer
Michael Barrett has served as Magnite's Chief Executive Officer since March 2017, a role he also held at Rubicon Project before its merger with Telaria to form Magnite in 2020. Prior to Magnite, he was the President and Chief Executive Officer of Millennial Media, an independent mobile ad technology company that was acquired by AOL/Verizon in October 2015. He also served as Chief Executive Officer of AdMeld, a programmatic supply-side platform, which was acquired by Google in 2011. Barrett's extensive career in digital advertising includes leadership positions at Yahoo! Inc. as Global Chief Revenue Officer and Executive Vice President, as well as senior roles at AOL, Fox Interactive Media, and Disney Online. He also founded Ichabod Farm Ventures LLC, a private investment firm.
David Day Chief Financial Officer
David Day is Magnite's Chief Financial Officer, overseeing the company's financial operations. He previously served as Chief Financial Officer for Rubicon Project before its merger with Telaria to create Magnite. His background includes various financial executive roles in high-growth technology-based advertising companies. Day was the Chief Accounting Officer at ReachLocal, and Vice President of Finance at Spot Runner. He also held the position of Senior Vice President of Finance and Corporate Controller of Overture Services, which originated the paid search advertising model and was later acquired by Yahoo!, where he subsequently served as Senior Vice President of Finance for Yahoo Search Marketing. Day co-founded SignJammer, a startup focused on the out-of-home advertising market.
Katie Evans President, Operations
Katie Evans serves as Magnite's President of Operations.
Adam Soroca Chief Product Officer
Adam Soroca is the Chief Product Officer at Magnite.
Sean Buckley President, Revenue
Sean Buckley holds the title of President of Revenue at Magnite. He is also referred to as Chief Revenue Officer.
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The key risks to Magnite's (MGNI) business operations are primarily rooted in its ongoing legal battle with Google, the intense competition within the digital advertising market, and its susceptibility to broader economic fluctuations affecting advertising demand.
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Regulatory and Legal Risks (Google Lawsuit): Magnite is engaged in high-stakes litigation against Google, alleging anticompetitive practices in the ad tech market. This lawsuit poses a material risk to Magnite's revenue and reputation, and could divert significant management attention and resources. The outcome of this legal challenge could also impact regulatory dynamics and competitive positioning within the industry.
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Intense Market Competition: Magnite operates in a highly competitive digital advertising landscape, facing substantial challenges from larger companies with greater financial, technical, and marketing resources, including major players like Google, Amazon, Meta Platforms, Microsoft, and Comcast. This intense competition can hinder Magnite's ability to maintain and grow its market share and could reduce future growth.
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Dependence on Advertising Demand and Macroeconomic Challenges: Magnite's revenue is closely tied to the overall demand for digital advertising, which is vulnerable to macroeconomic factors such as economic downturns, inflation, and geopolitical events. Significant reductions in ad spending, particularly within the Connected TV (CTV) market, could negatively impact Magnite's financial stability and growth prospects.
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Magnite, Inc. (MGNI) operates within the expansive digital advertising landscape, primarily focusing on programmatic advertising, particularly in the Connected TV (CTV) sector, through its sell-side platform (SSP) services. The addressable markets for Magnite's main products and services are substantial and are projected to grow significantly in the coming years.
Global Programmatic Advertising Market
The global programmatic advertising market was estimated at USD 678.37 billion in 2023 and is projected to reach USD 2,753.03 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 22.8% from 2024 to 2030. Another estimate valued the global programmatic advertising market at USD 595.4 billion in 2024, with a projection to grow from USD 716.86 billion in 2025 to USD 3,165.54 billion by 2033, at a CAGR of 20.4% during that period. North America held the largest global market share of 32.6% in 2023 for programmatic advertising.
U.S. Programmatic Connected TV (CTV) Advertising Market
The U.S. programmatic CTV advertising market is a significant growth area for Magnite. CTV programmatic ad spending is projected to reach $33 billion in 2025. The U.S. connected TV advertising market is projected to reach $33.35 billion in 2025, according to eMarketer's forecast. Furthermore, programmatic CTV advertising spending is expected to increase from $24.6 billion in 2023 to $42.4 billion by 2027. Over 90% of CTV display ad spend is transacted programmatically, indicating a major shift in how advertisers are purchasing streaming inventory.
Global Sell-Side Platform (SSP) Market
The global Supply Side Platform (SSP) market, which represents Magnite's core offering, was valued at approximately USD 57.46 billion in 2024. It is projected to grow from USD 65.58 billion in 2025 to USD 245.95 billion by 2035. Another estimate indicates the global SSP market was valued at USD 26.4 billion in 2025, with a projected growth at a CAGR of around 11.8% through 2033, potentially exceeding USD 64.5 billion. North America is the largest market for SSPs, holding approximately 45% of the global market share. This region is expected to expand at an 11.8% CAGR within the forecast period, reaching a market size of USD 16.3 billion by the end of 2033.
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Here are 3-5 expected drivers of future revenue growth for Magnite (MGNI) over the next 2-3 years:
- Continued Growth in Connected TV (CTV) Advertising: Magnite's primary growth driver is the expansion of Connected TV (CTV) advertising. The company is prioritizing integrations with tier-1 publishers and streamers to increase its premium CTV inventory. Analysts project the U.S. CTV ad spend to exceed $40 billion by 2027, with programmatic advertising capturing an increasing share, and Magnite is targeting mid-to-high teens CTV revenue growth in the medium term. Magnite's SpringServe platform, a unified ad serving and programmatic supply-side platform, is central to its strong performance in this area.
- Expansion of Direct and Curated Demand Pathways: Magnite expects revenue growth from the broader adoption of its ClearLine platform and curated marketplaces. These initiatives enable agencies and brands to directly purchase publisher CTV inventory, facilitating higher-value direct deals and improving supply path efficiency. ClearLine gained significant traction with agency marketplaces and its adoption is cited as a key growth driver.
- Advancements in Ad Serving Technology and Live Events: Enhancements to Magnite's SpringServe platform, including features like pod-bidding, frequency-aware serving, and tighter Server-Side Ad Insertion (SSAI), are expected to unify ad decisioning across live sports, AVOD, and Free Ad-Supported Streaming TV (FAST) channels. This focus allows Magnite to capitalize on the double-digit year-over-year growth in CTV spend within these categories. The next generation of SpringServe, combining ad server with programmatic SSP capabilities, reached general availability in July 2025.
- International Market Expansion: Magnite is focused on expanding its global footprint, particularly in EMEA and APAC regions. The company aims to capture local CTV demand through partnerships related to Broadcast Video On Demand (BVOD), FAST channels, and device OEM alliances in markets such as the UK, Germany, Australia, Japan, and India.
- Growth in Retail Media and Enhanced Identity/Measurement Solutions: Retail media is emerging as a new revenue stream for Magnite, with the company announcing over 15 commerce media partnerships by the end of Q4 2025. Additionally, Magnite is investing in advancing its identity and measurement capabilities, including clean-room collaborations and commerce/retail media tie-ups, to connect shopper data with CTV demand, further enhancing its data-driven advertising offerings. The company is also exploring the integration of AI to drive platform efficiencies and long-term growth.
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Share Repurchases
- On December 13, 2021, Magnite announced a share repurchase program authorizing the purchase of up to $50 million of its common stock over the subsequent twelve-month period.
- During 2025, Magnite repurchased approximately 5.2 million shares of its common stock for $79.2 million, which included shares withheld upon vesting of RSUs or PSUs.
- On February 23, 2026, the Board of Directors approved a new share repurchase program, authorizing the repurchase of common stock with an aggregate market value of up to $200 million through February 29, 2028.
Outbound Investments
- In February 2021, Magnite acquired SpotX for $1.17 billion in cash and stock, a strategic move to solidify its Connected TV (CTV) leadership.
- In July 2021, Magnite acquired SpringServe for $31 million, integrating critical ad-serving technology into its platform.
- In September 2025, Magnite acquired streamr.ai, an AI-powered platform designed to make CTV advertising accessible to Small and Medium-sized Businesses (SMBs), with the financial terms of the transaction not disclosed.
Capital Expenditures
- Capital expenditures for the fourth quarter of 2025 were $23 million.
- For the full year 2026, capital expenditures are anticipated to be approximately $60 million, representing a reduction from the prior year.
- The primary focus of capital expenditures has been on supporting the growth of the CTV business and investing in CTV-related features and functionality, including higher cloud and data center costs and increased personnel-related expenses.
Peer Outperformance in Advertising
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| MGNI | Magnite | 7.1% | 21.3x | 2.6% | 236.7% | -23.3% | — |
| STGW | Stagwell | 5.1% | 129.3x | 58.2% | 81.4% | 13.2% | +36pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Wireless Telecommunication Services | 3 | -9.7% | 22.6% | 30.5% | ECHO 266% · TMUS 30% · SHEN -58% |
| Publishing | 5 | 14.6% | 23.8% | 17.0% | NYT 35% · NWSA 27% · SCHL 17% |
| Integrated Telecommunication Services | 23 | -9.1% | 8.5% | -26.2% | IQST 1507% · TIGO 293% · GSAT 209% |
| Movies & Entertainment | 25 | 0.9% | 63.6% | -37.9% | IMAX 200% · MSGS 117% · BATRA 113% |
| Alternative Carriers | 4 | 24.9% | 20.5% | -42.6% | IRDM 21% · UNIT -40% · LUMN -45% |
| Advertising ← | 20 | -16.3% | 5.6% | -66.0% | APP 322% · EVC 45% · OMC 21% |
| Broadcasting | 15 | -11.2% | -20.1% | -68.6% | FOXA 78% · NXST 29% · WBD 21% |
| Interactive Media & Services | 33 | -35.5% | -20.1% | -68.9% | GOOGL 151% · META 115% · SPOT 113% |
| Interactive Home Entertainment | 8 | -50.6% | -48.2% | -86.8% | TTWO 40% · RBLX -39% · PINS -66% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 15.59 |
| Mkt Cap | 2.8 |
| Rev LTM | 755 |
| Op Inc LTM | 107 |
| FCF LTM | 180 |
| FCF 3Y Avg | 162 |
| CFO LTM | 243 |
| CFO 3Y Avg | 208 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.0% |
| Rev Chg 3Y Avg | 16.4% |
| Rev Chg Q | 10.9% |
| QoQ Delta Rev Chg LTM | 2.7% |
| Op Inc Chg LTM | 38.2% |
| Op Inc Chg 3Y Avg | 84.0% |
| Op Mgn LTM | 9.0% |
| Op Mgn 3Y Avg | 4.9% |
| QoQ Delta Op Mgn LTM | 1.0% |
| CFO/Rev LTM | 28.5% |
| CFO/Rev 3Y Avg | 27.0% |
| FCF/Rev LTM | 19.8% |
| FCF/Rev 3Y Avg | 18.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 2.8 |
| P/S | 2.8 |
| P/Op Inc | 24.4 |
| P/EBIT | 24.6 |
| P/E | 25.2 |
| P/CFO | 9.7 |
| Total Yield | 3.1% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 6.6% |
| D/E | 0.1 |
| Net D/E | -0.1 |
Price Behavior
| Market Price | $24.80 | |
| Market Cap ($ Bil) | 3.5 | |
| First Trading Date | 04/02/2014 | |
| Distance from 52W High | -3.2% | |
| 50 Days | 200 Days | |
| DMA Price | $22.52 | $16.47 |
| DMA Trend | up | up |
| Distance from DMA | 10.1% | 50.6% |
| 3M | 1YR | |
| Volatility | 57.7% | 57.9% |
| Downside Capture | -9.19 | 105.33 |
| Upside Capture | 150.67 | 89.23 |
| Correlation (SPY) | 19.6% | 24.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.40 | 1.24 | 0.63 | 0.63 | 1.04 | 1.69 |
| Up Beta | 3.73 | 1.33 | 1.63 | 0.90 | 1.05 | 1.58 |
| Down Beta | 6.16 | 2.37 | 1.42 | 1.24 | 1.74 | 2.06 |
| Up Capture | 119% | 148% | 121% | 90% | 55% | 552% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 13 | 23 | 35 | 70 | 128 | 381 |
| Down Capture | -353% | 38% | -154% | -35% | 98% | 109% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 8 | 19 | 29 | 56 | 118 | 354 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MGNI | |
|---|---|---|---|---|
| MGNI | -4.3% | 58.2% | 0.14 | - |
| Sector ETF (XLC) | -3.7% | 15.8% | -0.43 | 40.4% |
| Equity (SPY) | 17.6% | 13.0% | 0.98 | 24.1% |
| Gold (GLD) | 18.0% | 29.3% | 0.56 | 4.0% |
| Commodities (DBC) | 46.6% | 20.7% | 1.75 | -9.6% |
| Real Estate (VNQ) | 5.2% | 13.6% | 0.12 | 15.8% |
| Bitcoin (BTCUSD) | -26.0% | 44.9% | -0.54 | 13.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MGNI | |
|---|---|---|---|---|
| MGNI | -3.2% | 74.9% | 0.26 | - |
| Sector ETF (XLC) | 7.4% | 21.0% | 0.26 | 53.4% |
| Equity (SPY) | 13.3% | 17.2% | 0.59 | 49.6% |
| Gold (GLD) | 18.9% | 18.8% | 0.81 | 4.6% |
| Commodities (DBC) | 10.8% | 19.6% | 0.43 | 7.2% |
| Real Estate (VNQ) | 1.0% | 18.9% | -0.05 | 37.2% |
| Bitcoin (BTCUSD) | 12.7% | 52.6% | 0.42 | 27.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MGNI | |
|---|---|---|---|---|
| MGNI | 11.6% | 76.3% | 0.48 | - |
| Sector ETF (XLC) | 9.4% | 22.1% | 0.47 | 48.8% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 43.8% |
| Gold (GLD) | 12.2% | 16.4% | 0.61 | 2.7% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 11.7% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 32.9% |
| Bitcoin (BTCUSD) | 64.0% | 66.2% | 1.04 | 16.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/8/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 17.7% | 17.8% | 19.2% |
| 5/6/2026 | 4.6% | -3.6% | 9.6% |
| 2/25/2026 | 12.6% | 15.5% | -1.0% |
| 11/5/2025 | -13.1% | -16.9% | -12.8% |
| 8/6/2025 | -3.2% | 1.6% | 10.5% |
| 5/7/2025 | 19.8% | 33.5% | 41.6% |
| 2/26/2025 | -1.8% | -14.1% | -27.0% |
| 11/7/2024 | 0.9% | 23.5% | 24.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 14 | 16 |
| # Negative | 11 | 10 | 8 |
| Median Positive | 12.6% | 13.3% | 18.9% |
| Median Negative | -3.4% | -16.1% | -23.3% |
| Max Positive | 65.6% | 94.1% | 92.0% |
| Max Negative | -35.1% | -32.4% | -38.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 17.7% | 17.8% | 19.2% |
| 5/6/2026 | 4.6% | -3.6% | 9.6% |
| 2/25/2026 | 12.6% | 15.5% | -1.0% |
| 11/5/2025 | -13.1% | -16.9% | -12.8% |
| 8/6/2025 | -3.2% | 1.6% | 10.5% |
| 5/7/2025 | 19.8% | 33.5% | 41.6% |
| 2/26/2025 | -1.8% | -14.1% | -27.0% |
| 11/7/2024 | 0.9% | 23.5% | 24.3% |
| 8/7/2024 | -1.2% | -2.9% | 1.7% |
| 5/8/2024 | 3.7% | 10.1% | 45.3% |
| 2/28/2024 | 14.8% | 11.0% | 2.7% |
| 11/8/2023 | -0.3% | 7.3% | 15.1% |
| 8/9/2023 | -35.1% | -32.4% | -34.8% |
| 5/10/2023 | 26.1% | 15.6% | 42.6% |
| 2/22/2023 | -16.2% | -20.0% | -32.0% |
| 11/9/2022 | 65.6% | 94.1% | 92.0% |
| 8/9/2022 | -1.4% | 5.6% | -19.6% |
| 5/4/2022 | 3.0% | -15.6% | 2.2% |
| 2/23/2022 | 18.4% | 20.9% | 19.7% |
| 11/3/2021 | -16.1% | -17.7% | -38.2% |
| 8/5/2021 | 10.3% | 2.2% | 2.7% |
| 5/10/2021 | -3.4% | -10.5% | 18.6% |
| 2/25/2021 | 0.9% | -16.5% | -15.5% |
| 11/9/2020 | -7.7% | 1.6% | 68.3% |
| SUMMARY STATS | |||
| # Positive | 13 | 14 | 16 |
| # Negative | 11 | 10 | 8 |
| Median Positive | 12.6% | 13.3% | 18.9% |
| Median Negative | -3.4% | -16.1% | -23.3% |
| Max Positive | 65.6% | 94.1% | 92.0% |
| Max Negative | -35.1% | -32.4% | -38.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
| 09/30/2019 | 11/06/2019 | 10-Q |
Recent Forward Guidance
Updated 8/6/2026Latest: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Total Contribution ex-TAC | Reported | 188.00 Mil | 190.00 Mil | 192.00 Mil | 6.1% | Higher New | Guidance: 179.00 Mil for Q2 2026 | |
| Q3 2026 Contribution ex-TAC attributable to CTV | Reported | 98.00 Mil | 99.00 Mil | 100.00 Mil | 8.8% | Higher New | Guidance: 91.00 Mil for Q2 2026 | |
| Q3 2026 Contribution ex-TAC attributable to DV+ | Reported | 90.00 Mil | 91.00 Mil | 92.00 Mil | 3.4% | Higher New | Guidance: 88.00 Mil for Q2 2026 | |
| Q3 2026 Adjusted EBITDA operating expenses | Reported | 119.00 Mil | 120.00 Mil | 121.00 Mil | 3.4% | Higher New | Guidance: 116.00 Mil for Q2 2026 | |
| 2026 Total Contribution ex-TAC growth | Reported | 13.0% | 13.5% | 14.0% | 22.7% | 2.5% | Raised | Guidance: 11.0% for 2026 |
| 2026 Adjusted EBITDA percentage growth | Reported | 20.0% | Raised | |||||
| 2026 Adjusted EBITDA margin | Reported | 37.0% | 1.5% | Raised | Guidance: 35.5% for 2026 | |||
| 2026 Free cash flow growth | Reported | Raised | Guidance: 35.0% for 2026 | |||||
Prior: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Total Contribution ex-TAC | Reported | 177.00 Mil | 179.00 Mil | 181.00 Mil | 12.6% | Higher New | Guidance: 159.00 Mil for Q1 2026 | |
| Q2 2026 Contribution ex-TAC attributable to CTV | Reported | 90.00 Mil | 91.00 Mil | 92.00 Mil | 11.0% | Higher New | Guidance: 82.00 Mil for Q1 2026 | |
| Q2 2026 Contribution ex-TAC attributable to DV+ | Reported | 87.00 Mil | 88.00 Mil | 89.00 Mil | 14.3% | Higher New | Guidance: 77.00 Mil for Q1 2026 | |
| Q2 2026 Adjusted EBITDA operating expenses | Reported | 115.00 Mil | 116.00 Mil | 117.00 Mil | -4.9% | Lower New | Guidance: 122.00 Mil for Q1 2026 | |
| 2026 Total Contribution ex-TAC growth | Reported | 11.0% | 0.0% | Affirmed | Guidance: 11.0% for 2026 | |||
| 2026 Adjusted EBITDA margin | Reported | 35.5% | 0.5% | Raised | Guidance: 35.0% for 2026 | |||
| 2026 Free cash flow growth | Reported | 35.0% | 5.0% | Raised | Guidance: 30.0% for 2026 | |||
Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Total Contribution ex-TAC | Reported | 157.00 Mil | 159.00 Mil | 161.00 Mil | -17.8% | Lower New | Actual: 193.50 Mil for Q4 2025 | |
| Q1 2026 Contribution ex-TAC attributable to CTV | Reported | 81.00 Mil | 82.00 Mil | 83.00 Mil | -6.8% | Lower New | Actual: 88.00 Mil for Q4 2025 | |
| Q1 2026 Contribution ex-TAC attributable to DV+ | Reported | 76.00 Mil | 77.00 Mil | 78.00 Mil | -27.0% | Lower New | Actual: 105.50 Mil for Q4 2025 | |
| Q1 2026 Adjusted EBITDA operating expenses | Reported | 122.00 Mil | 8.0% | Higher New | Actual: 113.00 Mil for Q4 2025 | |||
| 2026 Total Contribution ex-TAC growth | Reported | 11.0% | 0.0% | Affirmed | Guidance: 11.0% for 2026 | |||
| 2026 Adjusted EBITDA percentage growth | Reported | 15.0% | ||||||
| 2026 Adjusted EBITDA margin | Reported | 35.0% | 0.0% | Affirmed | Guidance: 35.0% for 2026 | |||
| 2026 Capital Expenditures | Reported | 60.00 Mil | ||||||
| 2026 Free cash flow growth | Reported | 30.0% | ||||||
Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Total Contribution ex-TAC | Reported | 191.00 Mil | 193.50 Mil | 196.00 Mil | ||||
| Q4 2025 Contribution ex-TAC attributable to CTV | Reported | 87.00 Mil | 88.00 Mil | 89.00 Mil | ||||
| Q4 2025 Contribution ex-TAC attributable to DV+ | Reported | 104.00 Mil | 105.50 Mil | 107.00 Mil | ||||
| Q4 2025 Adjusted EBITDA operating expenses | Reported | 112.00 Mil | 113.00 Mil | 114.00 Mil | ||||
| 2025 Total Contribution ex-TAC growth | Reported | 10.0% | 0.0% | Affirmed | Guidance: 10.0% for 2025 | |||
| 2025 Adjusted EBITDA growth | Reported | 15.0% | 0.0% | Affirmed | Guidance: 15.0% for 2025 | |||
| 2025 Adjusted EBITDA margin expansion | Reported | 1.8% | ||||||
| 2026 Total Contribution ex-TAC growth | Reported | 11.0% | ||||||
| 2026 Adjusted EBITDA margin | Reported | 35.0% | ||||||
Insider Activity
Updated 9/18/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Caine, Paul | Direct | Sell | 9182026 | 26.50 | 7,500 | 198,750 | 3,641,126 | Form | |
| 2 | Knopper, Douglas S | Direct | Sell | 9182026 | 26.28 | 37,337 | 981,216 | 1,343,854 | Form | |
| 3 | Buonasera, David | CHIEF TECHNOLOGY OFFICER | Direct | Sell | 9162026 | 24.00 | 1,165 | 27,960 | 5,883,720 | Form |
| 4 | Spillane, Robert F | Direct | Sell | 9162026 | 23.76 | 10,363 | 246,225 | 1,371,308 | Form | |
| 5 | Evans, Katie Seitz | See Remarks | Direct | Sell | 9112026 | 24.00 | 13,997 | 335,928 | 10,603,200 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Caine, Paul | Direct | Sell | 9182026 | 26.50 | 7,500 | 198,750 | 3,641,126 | Form | |
| 2 | Knopper, Douglas S | Direct | Sell | 9182026 | 26.28 | 37,337 | 981,216 | 1,343,854 | Form | |
| 3 | Buonasera, David | CHIEF TECHNOLOGY OFFICER | Direct | Sell | 9162026 | 24.00 | 1,165 | 27,960 | 5,883,720 | Form |
| 4 | Spillane, Robert F | Direct | Sell | 9162026 | 23.76 | 10,363 | 246,225 | 1,371,308 | Form | |
| 5 | Evans, Katie Seitz | See Remarks | Direct | Sell | 9112026 | 24.00 | 13,997 | 335,928 | 10,603,200 | Form |
| 6 | Saltz, Aaron | CHIEF LEGAL OFFICER | Direct | Sell | 9112026 | 23.41 | 40,000 | 936,400 | 5,252,946 | Form |
| 7 | Caine, Paul | Direct | Sell | 9112026 | 23.53 | 5,000 | 117,650 | 3,409,521 | Form | |
| 8 | Evans, Katie Seitz | See Remarks | Direct | Sell | 9102026 | 23.46 | 11,100 | 260,406 | 10,692,998 | Form |
| 9 | Evans, Katie Seitz | See Remarks | Direct | Sell | 9102026 | 23.63 | 32,285 | 762,895 | 11,032,776 | Form |
| 10 | Buonasera, David | CHIEF TECHNOLOGY OFFICER | Direct | Sell | 9032026 | 25.00 | 1,043 | 26,075 | 6,158,000 | Form |
| 11 | Buonasera, David | CHIEF TECHNOLOGY OFFICER | Direct | Sell | 9032026 | 23.42 | 5,371 | 125,789 | 5,793,241 | Form |
| 12 | Harden, Sarah Patricia | Direct | Sell | 8282026 | 24.00 | 18,436 | 442,464 | 2,754,024 | Form | |
| 13 | Harden, Sarah Patricia | Direct | Sell | 8282026 | 23.31 | 30,550 | 712,120 | 3,104,589 | Form | |
| 14 | Buckley, Sean Patrick | See Remarks | Direct | Sell | 8182026 | 25.00 | 2,759 | 68,975 | 7,326,500 | Form |
| 15 | Buckley, Sean Patrick | See Remarks | Direct | Sell | 8182026 | 24.31 | 8,271 | 201,068 | 7,191,360 | Form |
| 16 | Caine, Paul | Direct | Sell | 8182026 | 25.00 | 7,500 | 187,500 | 3,747,525 | Form | |
| 17 | Gephart, Brian | CHIEF ACCOUNTING OFFICER | Direct | Sell | 8122026 | 24.68 | 12,479 | 307,982 | 2,618,968 | Form |
| 18 | Lam, Rachel | Direct | Sell | 8122026 | 24.16 | 10,000 | 241,600 | 5,571,779 | Form | |
| 19 | Caine, Paul | Direct | Sell | 8122026 | 24.35 | 5,000 | 121,750 | 3,832,714 | Form | |
| 20 | Buckley, Sean Patrick | See Remarks | Direct | Sell | 8072026 | 24.49 | 67,179 | 1,645,316 | 7,734,544 | Form |
| 21 | Knopper, Douglas S | Direct | Sell | 8072026 | 22.72 | 37,337 | 848,297 | 2,010,107 | Form | |
| 22 | Buonasera, David | CHIEF TECHNOLOGY OFFICER | Direct | Sell | 8072026 | 23.46 | 7,649 | 179,478 | 6,120,304 | Form |
| 23 | Evans, Katie Seitz | See Remarks | Direct | Sell | 8072026 | 24.00 | 20,000 | 480,000 | 11,924,160 | Form |
| 24 | Barrett, Michael G | CEO | Direct | Sell | 8072026 | 22.72 | 293,968 | 6,678,953 | 9,157,841 | Form |
| 25 | Barrett, Michael G | CEO | Direct | Sell | 7172026 | 20.35 | 38,596 | 785,429 | 8,202,556 | Form |
| 26 | Caine, Paul | Direct | Sell | 7142026 | 20.64 | 5,000 | 103,200 | 3,351,957 | Form | |
| 27 | Buonasera, David | CHIEF TECHNOLOGY OFFICER | Direct | Sell | 7092026 | 21.00 | 1,224 | 25,704 | 5,638,185 | Form |
| 28 | Buckley, Sean Patrick | See Remarks | Direct | Sell | 7092026 | 21.03 | 19,233 | 404,470 | 7,450,529 | Form |
| 29 | Buonasera, David | CHIEF TECHNOLOGY OFFICER | Direct | Sell | 7022026 | 20.00 | 9,376 | 187,520 | 5,394,180 | Form |
| 30 | Barrett, Michael G | CEO | Direct | Sell | 7012026 | 19.50 | 75,000 | 1,462,500 | 7,859,943 | Form |
| 31 | Buckley, Sean Patrick | See Remarks | Direct | Sell | 6182026 | 19.00 | 19,233 | 365,427 | 7,096,766 | Form |
| 32 | Buonasera, David | CHIEF TECHNOLOGY OFFICER | Direct | Sell | 6172026 | 19.00 | 1,409 | 26,771 | 5,302,615 | Form |
| 33 | Knopper, Douglas S | Direct | Sell | 6172026 | 18.10 | 37,337 | 675,800 | 2,277,161 | Form | |
| 34 | Buonasera, David | CHIEF TECHNOLOGY OFFICER | Direct | Sell | 6172026 | 18.00 | 11,233 | 202,194 | 5,048,892 | Form |
| 35 | Barrett, Michael G | CEO | Direct | Sell | 6172026 | 17.50 | 100,000 | 1,750,000 | 7,053,795 | Form |
| 36 | Buonasera, David | CHIEF TECHNOLOGY OFFICER | Direct | Sell | 6172026 | 17.00 | 1,057 | 17,969 | 4,959,359 | Form |
| 37 | Barrett, Michael G | CEO | Direct | Sell | 6172026 | 16.59 | 178,596 | 2,962,908 | 6,686,998 | Form |
| 38 | Knopper, Douglas S | Direct | Sell | 6102026 | 15.73 | 10,766 | 169,349 | 2,566,302 | Form | |
| 39 | Pearson, David T | Direct | Sell | 6102026 | 15.65 | 10,766 | 168,488 | 1,236,366 | Form | |
| 40 | Buonasera, David | CHIEF TECHNOLOGY OFFICER | Direct | Sell | 6032026 | 15.00 | 1,409 | 21,135 | 4,391,760 | Form |
| 41 | Spillane, Robert F | Direct | Sell | 5212026 | 13.33 | 10,000 | 133,300 | 585,414 | Form | |
| 42 | Soroca, Adam Lee | CHIEF PRODUCT OFFICER | Direct | Sell | 2182026 | 12.00 | 21,529 | 258,348 | 4,661,100 | Form |
| 43 | Soroca, Adam Lee | CHIEF PRODUCT OFFICER | Direct | Sell | 12192025 | 17.00 | 16,656 | 283,152 | 5,543,938 | Form |
| 44 | Buckley, Sean Patrick | President, Revenue | Direct | Sell | 11262025 | 14.50 | 2,213 | 32,088 | 3,899,224 | Form |
| 45 | Spillane, Robert F | Direct | Sell | 11212025 | 14.22 | 12,500 | 177,750 | 766,700 | Form | |
| 46 | Buckley, Sean Patrick | President, Revenue | Direct | Sell | 11182025 | 13.36 | 4,426 | 59,131 | 3,622,230 | Form |
| 47 | Soroca, Adam Lee | CHIEF PRODUCT OFFICER | Direct | Sell | 11182025 | 13.23 | 10,857 | 143,638 | 4,314,488 | Form |
| 48 | Caine, Paul | Direct | Sell | 10282025 | 20.00 | 5,000 | 100,000 | 3,072,060 | Form | |
| 49 | Caine, Paul | Direct | Sell | 9192025 | 25.00 | 7,500 | 187,500 | 3,965,075 | Form | |
| 50 | Saltz, Aaron | CHIEF LEGAL OFFICER | Direct | Sell | 9192025 | 24.50 | 8,522 | 208,789 | 5,269,436 | Form |
| 51 | Saltz, Aaron | CHIEF LEGAL OFFICER | Direct | Sell | 9172025 | 23.94 | 6,180 | 147,949 | 5,353,008 | Form |
| 52 | Caine, Paul | Direct | Sell | 9122025 | 23.60 | 5,000 | 117,987 | 3,919,615 | Form | |
| 53 | Buckley, Sean Patrick | President, Revenue | Direct | Sell | 9102025 | 24.61 | 20,000 | 492,200 | 7,067,820 | Form |
| 54 | Buckley, Sean Patrick | President, Revenue | Direct | Sell | 9102025 | 25.56 | 20,000 | 511,200 | 7,851,853 | Form |
| 55 | Gephart, Brian | CHIEF ACCOUNTING OFFICER | Direct | Sell | 9052025 | 24.71 | 27,671 | 683,750 | 2,295,510 | Form |
| 56 | Buonasera, David | CHIEF TECHNOLOGY OFFICER | Direct | Sell | 9042025 | 25.37 | 2,950 | 74,842 | 6,054,018 | Form |
| 57 | Soroca, Adam Lee | CHIEF PRODUCT OFFICER | Direct | Sell | 9042025 | 24.69 | 24,986 | 616,949 | 8,553,058 | Form |
Investor Activity (13F)
Updated Sep 23, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Nine Ten Capital Management LLC | $41.4 Mil | 13.1% | 8 | ADD +15.9% | 13F |
| 325 Capital LLC | $23.8 Mil | 8.7% | 12 | Hold | 13F |
| Maestria Partners LLC | $16.2 Mil | 5.9% | 13 | Hold | 13F |
| Ophir Asset Management Pty Ltd | $25.2 Mil | 2.9% | 34 | TRIM -11.2% | 13F |
| Blue Grotto Capital, LLC | $15.8 Mil | 1.8% | 21 | TRIM -18.4% | 13F |
| No Street GP LP | $19.3 Mil | 1.3% | 31 | ADD +10.4% | 13F |
| Park West Asset Management LLC | $7.1 Mil | 0.6% | 48 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Nine Ten Capital Management LLC | $41.4 Mil | 13.1% | 8 | ADD +15.9% | 13F |
| Ophir Asset Management Pty Ltd | $25.2 Mil | 2.9% | 34 | TRIM -11.2% | 13F |
| 325 Capital LLC | $23.8 Mil | 8.7% | 12 | Hold | 13F |
| No Street GP LP | $19.3 Mil | 1.3% | 31 | ADD +10.4% | 13F |
| Maestria Partners LLC | $16.2 Mil | 5.9% | 13 | Hold | 13F |
| Blue Grotto Capital, LLC | $15.8 Mil | 1.8% | 21 | TRIM -18.4% | 13F |
| Park West Asset Management LLC | $7.1 Mil | 0.6% | 48 | New | 13F |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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