Magnite (NASDAQ:MGNI) Research Coverage Started at Lake Street Capital

Lake Street Capital began coverage on shares of Magnite (NASDAQ:MGNI) in a report issued on Thursday morning, Marketbeat Ratings reports. The firm issued a buy rating and a $21.00 price objective on the stock.

A number of other analysts have also recently commented on the company. B. Riley assumed coverage on Magnite in a research report on Friday, April 19th. They issued a buy rating and a $14.50 price target for the company. Needham & Company LLC reiterated a buy rating and set a $15.00 target price on shares of Magnite in a research report on Tuesday, July 9th. Wolfe Research assumed coverage on Magnite in a research report on Tuesday, July 16th. They set an outperform rating and a $16.00 target price for the company. Benchmark reiterated a buy rating and set a $18.00 target price on shares of Magnite in a research report on Monday, June 17th. Finally, Craig Hallum increased their target price on Magnite from $18.00 to $20.00 and gave the stock a buy rating in a research report on Thursday, May 16th. Twelve research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of Buy and an average target price of $16.13.

Magnite Trading Down 1.1 %

Shares of MGNI opened at $14.11 on Thursday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.10 and a current ratio of 1.10. The business has a 50-day simple moving average of $13.37 and a two-hundred day simple moving average of $11.04. Magnite has a 52 week low of $6.28 and a 52 week high of $15.92.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, May 8th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.05. The business had revenue of $130.55 million during the quarter, compared to analysts’ expectations of $123.77 million. Magnite had a positive return on equity of 3.23% and a negative net margin of 12.24%. As a group, analysts predict that Magnite will post 0.38 earnings per share for the current year.

Insider Activity at Magnite

In related news, insider Adam Lee Soroca sold 10,597 shares of the stock in a transaction that occurred on Friday, May 17th. The stock was sold at an average price of $12.30, for a total transaction of $130,343.10. Following the completion of the transaction, the insider now directly owns 450,655 shares of the company’s stock, valued at $5,543,056.50. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, CAO Brian Gephart sold 16,166 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $15.00, for a total value of $242,490.00. Following the completion of the sale, the chief accounting officer now directly owns 121,169 shares of the company’s stock, valued at approximately $1,817,535. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Adam Lee Soroca sold 10,597 shares of the firm’s stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $12.30, for a total value of $130,343.10. Following the completion of the sale, the insider now directly owns 450,655 shares of the company’s stock, valued at $5,543,056.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 254,479 shares of company stock valued at $3,636,179. Insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

Several hedge funds and other institutional investors have recently modified their holdings of the business. NBC Securities Inc. increased its holdings in Magnite by 4.2% during the 4th quarter. NBC Securities Inc. now owns 27,485 shares of the company’s stock worth $256,000 after purchasing an additional 1,108 shares during the period. Fulton Bank N.A. increased its holdings in Magnite by 8.1% during the 1st quarter. Fulton Bank N.A. now owns 22,003 shares of the company’s stock worth $237,000 after purchasing an additional 1,653 shares during the period. Moody National Bank Trust Division increased its holdings in Magnite by 2.4% during the 2nd quarter. Moody National Bank Trust Division now owns 75,367 shares of the company’s stock worth $1,002,000 after purchasing an additional 1,783 shares during the period. ProShare Advisors LLC increased its holdings in Magnite by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 24,325 shares of the company’s stock worth $261,000 after purchasing an additional 1,914 shares during the period. Finally, Verdence Capital Advisors LLC increased its holdings in Magnite by 12.9% during the 2nd quarter. Verdence Capital Advisors LLC now owns 18,434 shares of the company’s stock worth $245,000 after purchasing an additional 2,109 shares during the period. 73.40% of the stock is currently owned by hedge funds and other 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.