Magnite (NASDAQ:MGNI) Earns Buy Rating from Benchmark

Magnite (NASDAQ:MGNI)‘s stock had its “buy” rating restated by Benchmark in a research report issued to clients and investors on Wednesday, Benzinga reports. They presently have a $21.00 price target on the stock. Benchmark’s price objective points to a potential upside of 72.27% from the company’s previous close.

Other analysts have also issued research reports about the company. Lake Street Capital initiated coverage on Magnite in a report on Thursday, July 25th. They set a “buy” rating and a $21.00 price target on the stock. Wolfe Research assumed coverage on shares of Magnite in a report on Tuesday, July 16th. They issued an “outperform” rating and a $16.00 target price for the company. Bank of America lifted their price target on shares of Magnite from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Craig Hallum reissued a “buy” rating and issued a $20.00 price objective on shares of Magnite in a research note on Wednesday, August 21st. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $19.00 target price on shares of Magnite in a research note on Friday, September 27th. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat, Magnite has an average rating of “Buy” and a consensus target price of $17.25.

Magnite Price Performance

Shares of Magnite stock traded down $0.17 on Wednesday, hitting $12.19. 309,303 shares of the company traded hands, compared to its average volume of 1,597,090. The business has a 50-day simple moving average of $13.38 and a 200 day simple moving average of $12.21. Magnite has a 52 week low of $6.28 and a 52 week high of $15.92. The stock has a market capitalization of $1.71 billion, a P/E ratio of -19.05, a price-to-earnings-growth ratio of 1.19 and a beta of 2.41. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.10 and a current ratio of 1.10.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The business had revenue of $162.88 million during the quarter, compared to analysts’ expectations of $144.04 million. During the same period last year, the business posted ($0.04) earnings per share. The company’s revenue for the quarter was up 6.8% compared to the same quarter last year. Research analysts expect that Magnite will post 0.31 earnings per share for the current fiscal year.

Insider Activity at Magnite

In other Magnite news, insider Adam Lee Soroca sold 7,910 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $12.59, for a total transaction of $99,586.90. Following the transaction, the insider now directly owns 436,001 shares in the company, valued at approximately $5,489,252.59. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Adam Lee Soroca sold 7,910 shares of the business’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $12.59, for a total value of $99,586.90. Following the completion of the sale, the insider now owns 436,001 shares in the company, valued at approximately $5,489,252.59. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CRO Sean Patrick Buckley sold 19,607 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $14.50, for a total transaction of $284,301.50. Following the transaction, the executive now owns 363,615 shares in the company, valued at $5,272,417.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 250,383 shares of company stock worth $3,519,150. Company insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. UMB Bank n.a. boosted its position in Magnite by 111.8% during the second quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock valued at $30,000 after purchasing an additional 1,188 shares in the last quarter. Asset Dedication LLC bought a new stake in shares of Magnite in the 2nd quarter valued at about $52,000. Blue Trust Inc. purchased a new position in shares of Magnite in the 2nd quarter worth approximately $56,000. Benjamin F. Edwards & Company Inc. grew its position in shares of Magnite by 973.5% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock worth $58,000 after buying an additional 3,972 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new position in shares of Magnite during the 2nd quarter worth approximately $93,000. 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.