We theoretically study the levitation of a single magnetic domain nanosphere in an external static magnetic field. We show that apart from the stability provided by the mechanical rotation of the nanomagnet (as in the classical Levitron), the quantum spin origin of its magnetization provides two additional mechanisms to stably levitate the system. Despite of the Earnshaw theorem, such stable phases are present even in the absence of mechanical rotation. For large magnetic fields, the Larmor precession of the quantum magnetic moment stabilizes the system in full analogy with magnetic trapping of a neutral atom. For low magnetic fields, the magnetic anisotropy stabilizes the system via the Einstein-de Haas effect. These results are obtained with a linear stability analysis of a single magnetic domain rigid nanosphere with uniaxial anisotropy in a Ioffe-Pritchard magnetic field.