Magnite’s (MGNI) “Buy” Rating Reaffirmed at Rosenblatt Securities

Rosenblatt Securities restated their buy rating on shares of Magnite (NASDAQ:MGNI) in a research report report published on Wednesday morning,Benzinga reports. The firm currently has a $39.00 target price on the stock.

A number of other brokerages have also issued reports on MGNI. Wall Street Zen raised shares of Magnite from a “hold” rating to a “buy” rating in a report on Sunday, July 13th. Royal Bank Of Canada raised their price target on Magnite from $19.00 to $27.00 and gave the company an “outperform” rating in a research note on Thursday, July 31st. Benchmark boosted their price target on Magnite from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday, August 7th. Scotiabank reissued an “outperform” rating and issued a $30.00 price target (up from $22.00) on shares of Magnite in a report on Thursday, August 7th. Finally, Wells Fargo & Company upped their price target on Magnite from $13.00 to $24.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 8th. Ten research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $25.82.

Magnite Price Performance

Shares of MGNI opened at $23.85 on Wednesday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $3.40 billion, a P/E ratio of 82.24, a price-to-earnings-growth ratio of 1.59 and a beta of 3.05. The firm has a 50 day moving average of $23.67 and a 200 day moving average of $17.97. Magnite has a twelve month low of $8.22 and a twelve month high of $26.65.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.17 by $0.03. Magnite had a net margin of 6.30% and a return on equity of 8.07%. The firm had revenue of $162.00 million during the quarter, compared to analyst estimates of $157.05 million. During the same quarter in the prior year, the firm earned $0.14 EPS. The business’s revenue for the quarter was up 6.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Magnite will post 0.33 earnings per share for the current fiscal year.

Insider Transactions at Magnite

In related news, CFO David Day sold 36,000 shares of the firm’s stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $20.95, for a total transaction of $754,200.00. Following the completion of the sale, the chief financial officer directly owned 443,528 shares of the company’s stock, valued at $9,291,911.60. This trade represents a 7.51% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Adam Lee Soroca sold 44,519 shares of Magnite stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $20.00, for a total value of $890,380.00. Following the completion of the sale, the insider directly owned 400,927 shares in the company, valued at approximately $8,018,540. This represents a 9.99% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 846,256 shares of company stock worth $18,759,410. 3.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Magnite

Large investors have recently made changes to their positions in the stock. Cambridge Investment Research Advisors Inc. lifted its stake in Magnite by 74.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 51,815 shares of the company’s stock worth $591,000 after purchasing an additional 22,131 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in Magnite by 54.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 44,947 shares of the company’s stock valued at $513,000 after acquiring an additional 15,762 shares in the last quarter. Calamos Advisors LLC grew its stake in shares of Magnite by 85.7% in the 1st quarter. Calamos Advisors LLC now owns 65,275 shares of the company’s stock worth $745,000 after buying an additional 30,132 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Magnite by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company’s stock worth $156,814,000 after buying an additional 138,417 shares during the last quarter. Finally, Brown Advisory Inc. purchased a new stake in shares of Magnite in the 1st quarter worth approximately $290,000. 73.40% of the stock is owned by institutional investors.

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.