Magnite (NASDAQ:MGNI) Receives Buy Rating from Benchmark

Benchmark restated their buy rating on shares of Magnite (NASDAQ:MGNI) in a research note released on Wednesday, Benzinga reports. The firm currently has a $21.00 target price on the stock.

Other research analysts also recently issued research reports about the company. Wolfe Research started coverage on Magnite in a report on Tuesday, July 16th. They issued an outperform rating and a $16.00 price target for the company. Evercore ISI increased their target price on Magnite from $13.00 to $15.00 and gave the company an outperform rating in a research note on Monday, June 3rd. Lake Street Capital assumed coverage on shares of Magnite in a research note on Thursday, July 25th. They issued a buy rating and a $21.00 price target for the company. Royal Bank of Canada increased their price objective on shares of Magnite from $17.00 to $19.00 and gave the company an outperform rating in a research note on Wednesday, June 5th. Finally, Craig Hallum reissued a buy rating and issued a $20.00 target price on shares of Magnite in a research report on Wednesday, August 21st. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Magnite currently has a consensus rating of Buy and a consensus price target of $17.25.

Magnite Trading Up 1.4 %

MGNI opened at $13.30 on Wednesday. The firm’s 50 day moving average is $13.69 and its 200-day moving average is $12.10. Magnite has a 52-week low of $6.28 and a 52-week high of $15.92. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $1.86 billion, a P/E ratio of -20.78, a P/E/G ratio of 1.18 and a beta of 2.41.

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

Insider Buying and Selling at Magnite

In related news, CRO Sean Patrick Buckley sold 2,623 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $12.53, for a total transaction of $32,866.19. Following the completion of the transaction, the executive now owns 331,742 shares in the company, valued at approximately $4,156,727.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CRO Sean Patrick Buckley sold 2,623 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $12.53, for a total value of $32,866.19. Following the sale, the executive now owns 331,742 shares of the company’s stock, valued at approximately $4,156,727.26. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO David Day sold 19,077 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $15.00, for a total transaction of $286,155.00. Following the transaction, the chief financial officer now directly owns 430,755 shares of the company’s stock, valued at $6,461,325. The disclosure for this sale can be found here. Insiders sold a total of 250,383 shares of company stock worth $3,519,150 over the last ninety days. Company insiders own 4.30% of the company’s stock.

Institutional Trading of Magnite

Several large investors have recently added to or reduced their stakes in MGNI. Vanguard Group Inc. grew its stake in shares of Magnite by 1.3% in the first quarter. Vanguard Group Inc. now owns 12,818,197 shares of the company’s stock worth $137,796,000 after purchasing an additional 166,522 shares in the last quarter. Wellington Management Group LLP grew its position in Magnite by 1.8% in the 4th quarter. Wellington Management Group LLP now owns 2,939,541 shares of the company’s stock valued at $27,455,000 after buying an additional 52,129 shares in the last quarter. Burgundy Asset Management Ltd. increased its stake in Magnite by 1.1% during the 1st quarter. Burgundy Asset Management Ltd. now owns 2,457,031 shares of the company’s stock valued at $26,413,000 after buying an additional 25,921 shares during the period. Marshall Wace LLP raised its position in shares of Magnite by 59.0% during the 2nd quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock worth $20,726,000 after buying an additional 578,678 shares in the last quarter. Finally, Meros Investment Management LP lifted its stake in shares of Magnite by 1.3% in the 2nd quarter. Meros Investment Management LP now owns 1,044,209 shares of the company’s stock worth $13,878,000 after acquiring an additional 13,570 shares during the period. 73.40% of the stock is currently owned by institutional investors and hedge funds.

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.