Magnite (NASDAQ:MGNI) Receives Buy Rating from Benchmark

Benchmark reiterated their buy rating on shares of Magnite (NASDAQ:MGNI) in a report released on Wednesday morning, Benzinga reports. Benchmark currently has a $21.00 target price on the stock.

A number of other analysts also recently issued reports on MGNI. Craig Hallum restated a buy rating and set a $20.00 price objective on shares of Magnite in a report on Wednesday, August 21st. Royal Bank of Canada restated an outperform rating and set a $19.00 price target on shares of Magnite in a research note on Friday, September 27th. Bank of America upped their price objective on Magnite from $15.00 to $17.00 and gave the company a buy rating in a research note on Monday, July 29th. Wolfe Research began coverage on Magnite in a research report on Tuesday, July 16th. They issued an outperform rating and a $16.00 target price for the company. Finally, Needham & Company LLC reaffirmed a buy rating and set a $15.00 price target on shares of Magnite in a research report on Wednesday. Ten analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of Buy and a consensus target price of $17.25.

Magnite Stock Performance

MGNI stock opened at $12.30 on Wednesday. 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 cap of $1.72 billion, a PE ratio of -19.22, a P/E/G ratio of 1.19 and a beta of 2.41. The business has a 50 day moving average of $13.25 and a 200-day moving average of $12.21. Magnite has a 12-month low of $6.28 and a 12-month high of $15.92.

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

Insider Activity at Magnite

In other news, CEO Michael G. Barrett sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $15.00, for a total value of $1,500,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,052,493 shares in the company, valued at approximately $15,787,395. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CRO Sean Patrick Buckley sold 19,607 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $14.50, for a total value of $284,301.50. Following the transaction, the executive now directly owns 363,615 shares in the company, valued at approximately $5,272,417.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Michael G. Barrett sold 100,000 shares of Magnite stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $15.00, for a total transaction of $1,500,000.00. Following the sale, the chief executive officer now owns 1,052,493 shares of the company’s stock, valued at approximately $15,787,395. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 250,383 shares of company stock worth $3,519,150. 4.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. UMB Bank n.a. increased its stake in Magnite by 111.8% in the second quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock valued at $30,000 after acquiring an additional 1,188 shares during the last quarter. Asset Dedication LLC bought a new position in shares of Magnite during the 2nd quarter valued at about $52,000. Blue Trust Inc. bought a new position in shares of Magnite during the 2nd quarter valued at about $56,000. Benjamin F. Edwards & Company Inc. raised its holdings in shares of Magnite by 973.5% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock valued at $58,000 after buying an additional 3,972 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new stake in Magnite in the 2nd quarter worth approximately $93,000. 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.