Magnite (NASDAQ:MGNI) Coverage Initiated at B. Riley

B. Riley assumed coverage on shares of Magnite (NASDAQ:MGNI) in a research note published on Friday, Marketbeat Ratings reports. The firm issued a buy rating and a $14.50 price target on the stock.

Several other research analysts have also commented on MGNI. Needham & Company LLC reiterated a buy rating and set a $15.00 price target on shares of Magnite in a report on Thursday, March 21st. Benchmark reiterated a buy rating and set a $18.00 price target on shares of Magnite in a report on Monday, March 25th. Bank of America lifted their price target on Magnite from $11.00 to $13.00 and gave the stock a neutral rating in a report on Thursday, February 29th. Royal Bank of Canada reiterated an outperform rating and set a $15.00 price target on shares of Magnite in a report on Thursday, March 7th. Finally, Susquehanna lifted their price target on Magnite from $11.00 to $14.00 and gave the stock a positive rating in a report on Thursday, February 29th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $14.39.

Magnite Trading Up 2.7 %

Shares of MGNI stock opened at $8.69 on Friday. The stock’s fifty day moving average is $10.30 and its two-hundred day moving average is $9.05. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.09 and a current ratio of 1.09. The firm has a market capitalization of $1.18 billion, a P/E ratio of -7.01, a PEG ratio of 0.53 and a beta of 2.25. Magnite has a fifty-two week low of $6.28 and a fifty-two week high of $15.73.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings data on Wednesday, February 28th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.13. The company had revenue of $165.28 million for the quarter, compared to analyst estimates of $160.24 million. Magnite had a positive return on equity of 2.52% and a negative net margin of 25.69%. Research analysts expect that Magnite will post 0.47 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Magnite news, CEO Michael G. Barrett sold 75,000 shares of the business’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $11.21, for a total transaction of $840,750.00. Following the sale, the chief executive officer now directly owns 1,234,662 shares in the company, valued at $13,840,561.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 4.30% of the company’s stock.

Institutional Trading of Magnite

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Cape Investment Advisory Inc. purchased a new stake in shares of Magnite during the fourth quarter worth approximately $25,000. Guinness Atkinson Asset Management Inc increased its stake in shares of Magnite by 59.1% during the third quarter. Guinness Atkinson Asset Management Inc now owns 4,824 shares of the company’s stock worth $36,000 after buying an additional 1,792 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Magnite during the fourth quarter worth approximately $99,000. Legato Capital Management LLC purchased a new stake in shares of Magnite during the fourth quarter worth approximately $103,000. Finally, Valeo Financial Advisors LLC purchased a new stake in shares of Magnite during the third quarter worth approximately $112,000. 73.40% of the stock is currently owned by hedge funds and other 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.