Magnite (NASDAQ:MGNI) Lifted to “Buy” at Bank of America

Bank of America upgraded shares of Magnite (NASDAQ:MGNI) from a neutral rating to a buy rating in a research report sent to investors on Friday morning, Marketbeat.com reports. Bank of America currently has $15.00 price target on the stock, up from their prior price target of $13.00.

MGNI has been the subject of several other reports. Royal Bank of Canada reissued an outperform rating and issued a $15.00 price target on shares of Magnite in a report on Thursday, March 7th. B. Riley assumed coverage on Magnite in a report on Friday, April 19th. They issued a buy rating and a $14.50 target price for the company. Craig Hallum boosted their target price on shares of Magnite from $18.00 to $20.00 and gave the stock a buy rating in a research report on Thursday, May 16th. Needham & Company LLC reiterated a buy rating and issued a $15.00 price target on shares of Magnite in a report on Thursday, May 16th. Finally, Susquehanna reissued a positive rating and set a $14.00 price objective on shares of Magnite in a report on Thursday, May 16th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, Magnite presently has an average rating of Moderate Buy and a consensus target price of $15.15.

Magnite Price Performance

Shares of NASDAQ MGNI opened at $12.57 on Friday. The stock has a fifty day moving average price of $9.88 and a 200 day moving average price of $9.52. Magnite has a 1-year low of $6.28 and a 1-year high of $15.73. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.10 and a quick ratio of 1.10. The company has a market cap of $1.76 billion, a PE ratio of -19.64, a P/E/G ratio of 0.99 and a beta of 2.29.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, February 28th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.03 by $0.13. Magnite had a negative net margin of 12.24% and a positive return on equity of 3.23%. The company had revenue of $165.28 million during the quarter, compared to analysts’ expectations of $160.24 million. Sell-side analysts forecast that Magnite will post 0.38 EPS for the current year.

Insiders Place Their Bets

In other news, insider Adam Lee Soroca sold 10,597 shares of the company’s stock in a transaction on Friday, May 17th. The stock was sold at an average price of $12.30, for a total value of $130,343.10. Following the sale, the insider now directly owns 450,655 shares in the company, valued at $5,543,056.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Michael G. Barrett sold 75,000 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $11.21, for a total value of $840,750.00. Following the completion of the transaction, the chief executive officer now owns 1,234,662 shares of the company’s stock, valued at $13,840,561.02. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Adam Lee Soroca sold 10,597 shares of Magnite 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 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. 4.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Magnite

Several hedge funds have recently made changes to their positions in MGNI. Comerica Bank lifted its position in Magnite by 6,214.5% during the first quarter. Comerica Bank now owns 27,847 shares of the company’s stock worth $299,000 after buying an additional 27,406 shares during the period. Tidal Investments LLC lifted its holdings in shares of Magnite by 212.8% during the 1st quarter. Tidal Investments LLC now owns 69,388 shares of the company’s stock worth $746,000 after acquiring an additional 47,205 shares during the period. Bayesian Capital Management LP acquired a new stake in shares of Magnite in the first quarter worth approximately $132,000. Silvercrest Asset Management Group LLC grew its holdings in Magnite by 4.4% in the first quarter. Silvercrest Asset Management Group LLC now owns 853,595 shares of the company’s stock valued at $9,176,000 after purchasing an additional 36,298 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its position in Magnite by 6.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 83,460 shares of the company’s stock worth $898,000 after purchasing an additional 4,879 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

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.