Magnite’s (MGNI) Buy Rating Reaffirmed at Benchmark

Benchmark reissued their buy rating on shares of Magnite (NASDAQ:MGNI) in a research report sent to investors on Monday,Benzinga reports. They currently have a $25.00 price target on the stock.

Other equities analysts also recently issued reports about the company. Wolfe Research boosted their price objective on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research report on Friday, January 3rd. Needham & Company LLC reaffirmed a “buy” rating and set a $14.00 price objective on shares of Magnite in a report on Monday. Susquehanna boosted their target price on shares of Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a report on Thursday, February 27th. Royal Bank of Canada lifted their price target on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Finally, Wells Fargo & Company increased their price objective on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $19.17.

Magnite Trading Down 1.1 %

Shares of MGNI stock opened at $11.01 on Monday. Magnite has a 1 year low of $8.22 and a 1 year high of $21.29. The firm has a fifty day moving average price of $13.30 and a 200-day moving average price of $14.83. The company has a market cap of $1.57 billion, a price-to-earnings ratio of 183.50, a PEG ratio of 1.00 and a beta of 2.69. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.14). The company had revenue of $180.20 million during the quarter, compared to analysts’ expectations of $183.90 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. As a group, equities analysts predict that Magnite will post 0.33 earnings per share for the current year.

Insider Activity

In related news, Director James Rossman sold 149,936 shares of the firm’s stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $19.46, for a total transaction of $2,917,754.56. Following the completion of the sale, the director now directly owns 219,920 shares of the company’s stock, valued at approximately $4,279,643.20. This trade represents a 40.54 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Adam Lee Soroca sold 15,499 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $15.75, for a total value of $244,109.25. Following the completion of the transaction, the insider now directly owns 458,386 shares in the company, valued at $7,219,579.50. This trade represents a 3.27 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 244,905 shares of company stock valued at $4,718,855 in the last ninety days. Insiders own 4.30% of the company’s stock.

Institutional Trading of Magnite

Large investors have recently modified their holdings of the company. Capital Research Global Investors bought a new stake in Magnite during the 4th quarter valued at $122,986,000. Boston Partners lifted its stake in shares of Magnite by 39.1% during the 4th quarter. Boston Partners now owns 4,756,323 shares of the company’s stock worth $76,061,000 after purchasing an additional 1,336,458 shares during the last quarter. Maestria Partners LLC bought a new stake in shares of Magnite in the 4th quarter valued at about $15,161,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Magnite in the 4th quarter worth $11,076,000. Finally, CenterBook Partners LP acquired a new position in shares of Magnite during the fourth quarter valued at about $9,962,000. Hedge funds and other institutional investors own 73.40% of the company’s stock.

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.