Magnite (NASDAQ:MGNI) Upgraded to “Buy” at Wall Street Zen

Magnite (NASDAQ:MGNI) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday.

A number of other research firms also recently commented on MGNI. Susquehanna increased their price objective on Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a report on Thursday, February 27th. Needham & Company LLC upped their price objective on Magnite from $14.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, May 12th. Lake Street Capital reduced their price objective on Magnite from $21.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. Craig Hallum set a $24.00 target price on Magnite and gave the stock a “buy” rating in a research note on Tuesday, May 20th. Finally, Royal Bank Of Canada dropped their price objective on Magnite from $22.00 to $19.00 and set an “outperform” rating for the company in a research note on Friday, May 2nd. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $19.58.

Magnite Trading Down 0.5%

MGNI opened at $18.72 on Friday. Magnite has a 12 month low of $8.22 and a 12 month high of $21.29. The stock has a market capitalization of $2.64 billion, a price-to-earnings ratio of 93.60, a PEG ratio of 1.54 and a beta of 2.87. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.98. The business has a fifty day moving average price of $14.85 and a 200 day moving average price of $15.23.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, May 7th. The company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.06. Magnite had a return on equity of 6.71% and a net margin of 4.58%. The business had revenue of $145.85 million for the quarter, compared to the consensus estimate of $142.18 million. During the same quarter in the prior year, the business posted $0.05 EPS. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. Sell-side analysts expect that Magnite will post 0.33 earnings per share for the current fiscal year.

Insider Activity

In other Magnite news, CFO David Day sold 38,146 shares of the business’s stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $18.95, for a total transaction of $722,866.70. Following the transaction, the chief financial officer now owns 443,528 shares in the company, valued at $8,404,855.60. The trade was a 7.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO David Buonasera sold 3,653 shares of the business’s stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $15.03, for a total value of $54,904.59. Following the transaction, the chief technology officer now owns 267,444 shares in the company, valued at approximately $4,019,683.32. This represents a 1.35% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 420,224 shares of company stock valued at $7,576,098 over the last quarter. Company insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. SBI Securities Co. Ltd. acquired a new position in shares of Magnite in the fourth quarter worth about $25,000. MCF Advisors LLC lifted its stake in shares of Magnite by 2,100.0% in the first quarter. MCF Advisors LLC now owns 2,200 shares of the company’s stock worth $25,000 after acquiring an additional 2,100 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in shares of Magnite by 74.9% in the first quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company’s stock worth $33,000 after acquiring an additional 1,203 shares in the last quarter. AllSquare Wealth Management LLC lifted its stake in shares of Magnite by 76.8% in the first quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company’s stock worth $41,000 after acquiring an additional 1,555 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of Magnite by 10,170.3% in the first quarter. GAMMA Investing LLC now owns 3,800 shares of the company’s stock worth $43,000 after acquiring an additional 3,763 shares in the last quarter. Institutional investors and hedge funds 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.