Magnite (NASDAQ:MGNI) Stock Keeps Buy Rating at Rosenblatt Securities

Magnite (NASDAQ:MGNI)‘s stock had its “buy” rating reaffirmed by equities researchers at Rosenblatt Securities in a note issued to investors on Friday, Benzinga reports. They presently have a $40.00 price target on the stock. Rosenblatt Securities’ price target indicates a potential upside of 60.88% from the stock’s previous close.

Several other research firms have also recently issued reports on MGNI. Craig Hallum reaffirmed a “buy” rating and set a $32.00 price objective on shares of Magnite in a research report on Thursday, September 17th. BTIG Research reaffirmed a “buy” rating and set a $27.00 price objective on shares of Magnite in a research report on Wednesday, September 9th. B. Riley Financial lifted their price objective on shares of Magnite from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, September 18th. Scotiabank reaffirmed an “outperform” rating and set a $27.00 price objective on shares of Magnite in a research report on Thursday, August 6th. Finally, Benchmark lifted their price objective on shares of Magnite from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Ten analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $29.36.

Magnite Stock Down 2.3%

MGNI stock traded down $0.58 during midday trading on Friday, hitting $24.86. The company’s stock had a trading volume of 424,145 shares, compared to its average volume of 2,539,100. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37. Magnite has a 52-week low of $10.82 and a 52-week high of $26.84. The firm has a market capitalization of $3.57 billion, a P/E ratio of 22.81, a PEG ratio of 0.83 and a beta of 2.33. The firm has a 50-day simple moving average of $23.36 and a 200-day simple moving average of $18.00.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.02. The business had revenue of $192.82 million during the quarter, compared to analysts’ expectations of $179.15 million. Magnite had a net margin of 22.49% and a return on equity of 9.33%. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.20 EPS. As a group, equities analysts forecast that Magnite will post 0.61 EPS for the current year.

Insider Transactions at Magnite

In related news, insider Katie Evans sold 13,997 shares of the business’s stock in a transaction on Friday, September 11th. The shares were sold at an average price of $24.00, for a total value of $335,928.00. Following the completion of the sale, the insider directly owned 441,800 shares of the company’s stock, valued at $10,603,200. The trade was a 3.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Paul Caine sold 7,500 shares of the business’s stock in a transaction on Thursday, September 17th. The shares were sold at an average price of $26.50, for a total transaction of $198,750.00. Following the completion of the sale, the director directly owned 137,401 shares of the company’s stock, valued at approximately $3,641,126.50. This trade represents a 5.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 693,216 shares of company stock valued at $16,210,493 over the last quarter. 3.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Magnite

Institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. purchased a new stake in Magnite in the second quarter valued at $241,296,000. Capital Research Global Investors raised its holdings in shares of Magnite by 85.0% in the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock valued at $209,696,000 after buying an additional 5,937,428 shares during the last quarter. Canada Pension Plan Investment Board purchased a new stake in shares of Magnite in the second quarter valued at about $56,847,000. Dimensional Fund Advisors LP raised its holdings in shares of Magnite by 10.2% in the first quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company’s stock valued at $47,322,000 after buying an additional 367,854 shares during the last quarter. Finally, 325 Capital LLC raised its holdings in shares of Magnite by 208.5% in the fourth quarter. 325 Capital LLC now owns 2,005,387 shares of the company’s stock valued at $32,547,000 after buying an additional 1,355,326 shares during the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

Magnite Company Profile

Magnite, Inc is an independent sell-side advertising technology company that helps publishers, broadcasters and other content owners monetize digital advertising inventory. Its platform connects sellers of advertising space with brands, agencies and demand-side platforms, facilitating the automated buying and selling of ads across connected television (CTV), streaming video, mobile applications, websites, audio and digital out-of-home media.

The company offers tools for managing, packaging and selling advertising inventory, including programmatic auctions, direct and private marketplace transactions, audience targeting, yield optimization and measurement.