Magnite (NASDAQ:MGNI) Receives “Buy” Rating from Rosenblatt Securities

Rosenblatt Securities reaffirmed their buy rating on shares of Magnite (NASDAQ:MGNI) in a research report report published on Friday morning,Benzinga reports. They currently have a $39.00 target price on the stock.

A number of other research analysts have also weighed in on MGNI. Royal Bank Of Canada boosted their target price on shares of Magnite from $19.00 to $27.00 and gave the stock an “outperform” rating in a research report on Thursday, July 31st. Wall Street Zen lowered shares of Magnite from a “buy” rating to a “hold” rating in a research report on Saturday, September 20th. Scotiabank reaffirmed an “outperform” rating and set a $30.00 price objective (up previously from $22.00) on shares of Magnite in a research report on Thursday, August 7th. Needham & Company LLC upped their price objective on shares of Magnite from $18.00 to $25.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Finally, Susquehanna upped their price objective on shares of Magnite from $22.00 to $28.00 and gave the company a “positive” rating in a research report on Thursday, August 7th. Ten investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, Magnite currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.82.

Magnite Stock Down 1.2%

Magnite stock opened at $22.14 on Friday. The firm has a market cap of $3.15 billion, a price-to-earnings ratio of 76.35, a P/E/G ratio of 1.54 and a beta of 3.05. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.00 and a quick ratio of 1.00. Magnite has a fifty-two week low of $8.22 and a fifty-two week high of $26.65. The firm has a fifty day moving average price of $23.66 and a two-hundred day moving average price of $18.44.

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

Insiders Place Their Bets

In other Magnite news, CAO Brian Gephart sold 27,671 shares of the company’s stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $24.71, for a total transaction of $683,750.41. Following the sale, the chief accounting officer directly owned 92,898 shares of the company’s stock, valued at approximately $2,295,509.58. This represents a 22.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO David Buonasera sold 2,950 shares of the company’s stock in a transaction dated Wednesday, September 3rd. The stock was sold at an average price of $25.37, for a total transaction of $74,841.50. Following the sale, the chief technology officer directly owned 238,629 shares in the company, valued at $6,054,017.73. This represents a 1.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 441,759 shares of company stock valued at $10,709,869 over the last 90 days. Company insiders own 3.80% of the company’s stock.

Institutional Trading of Magnite

Large investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its stake in Magnite by 355.6% during the second quarter. GAMMA Investing LLC now owns 1,517 shares of the company’s stock worth $37,000 after buying an additional 1,184 shares during the last quarter. CWM LLC lifted its position in shares of Magnite by 133.6% during the second quarter. CWM LLC now owns 1,775 shares of the company’s stock worth $43,000 after purchasing an additional 1,015 shares in the last quarter. MCF Advisors LLC lifted its position in shares of Magnite by 2,100.0% during the first quarter. MCF Advisors LLC now owns 2,200 shares of the company’s stock worth $25,000 after purchasing an additional 2,100 shares in the last quarter. MTM Investment Management LLC acquired a new position in shares of Magnite during the second quarter worth approximately $58,000. Finally, Nisa Investment Advisors LLC lifted its position in shares of Magnite by 66.0% during the second quarter. Nisa Investment Advisors LLC now owns 2,780 shares of the company’s stock worth $67,000 after purchasing an additional 1,105 shares in the last quarter. 73.40% of the stock is owned by institutional investors.

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.