Magnite’s (MGNI) Buy Rating Reaffirmed at Rosenblatt Securities

Magnite (NASDAQ:MGNI)‘s stock had its “buy” rating restated by research analysts at Rosenblatt Securities in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $39.00 target price on the stock. Rosenblatt Securities’ price target suggests a potential upside of 225.81% from the stock’s previous close.

Several other brokerages also recently commented on MGNI. Wells Fargo & Company lowered their price objective on shares of Magnite from $22.00 to $20.00 and set an “equal weight” rating for the company in a research note on Friday, November 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Magnite in a research report on Thursday, January 22nd. Wall Street Zen cut Magnite from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Benchmark reiterated a “buy” rating on shares of Magnite in a research note on Monday, January 12th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $27.00.

Magnite Stock Performance

NASDAQ MGNI opened at $11.97 on Thursday. The company has a fifty day moving average of $14.37 and a 200-day moving average of $17.71. Magnite has a 52-week low of $8.22 and a 52-week high of $26.65. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market capitalization of $1.72 billion, a P/E ratio of 31.50, a P/E/G ratio of 0.64 and a beta of 2.39.

Insider Buying and Selling at Magnite

In related news, insider Adam Lee Soroca sold 21,529 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $12.00, for a total transaction of $258,348.00. Following the completion of the sale, the insider directly owned 388,425 shares of the company’s stock, valued at approximately $4,661,100. This trade represents a 5.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.80% of the company’s stock.

Institutional Trading of Magnite

Institutional investors have recently modified their holdings of the company. Neo Ivy Capital Management purchased a new position in shares of Magnite in the third quarter worth $27,000. US Bancorp DE increased its stake in shares of Magnite by 75.8% in the 3rd quarter. US Bancorp DE now owns 1,596 shares of the company’s stock valued at $35,000 after purchasing an additional 688 shares in the last quarter. State of Wyoming acquired a new stake in Magnite in the third quarter valued at approximately $39,000. USA Financial Formulas purchased a new stake in shares of Magnite in the third quarter valued at approximately $40,000. Finally, Central Pacific Bank Trust Division acquired a new position in shares of Magnite during the 4th quarter worth approximately $41,000. 73.40% of the stock is currently owned by institutional investors.

About Magnite

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).