Magnite’s (MGNI) “Buy” Rating Reiterated at Rosenblatt Securities

Magnite (NASDAQ:MGNI)‘s stock had its “buy” rating reiterated by stock analysts at Rosenblatt Securities in a research note issued to investors on Friday, Benzinga reports. They currently have a $40.00 target price on the stock. Rosenblatt Securities’ price objective indicates a potential upside of 57.77% from the company’s previous close.

A number of other analysts have also commented on the company. B. Riley Financial lifted their price target on Magnite from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, September 18th. Wells Fargo & Company raised their price target on shares of Magnite from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research note on Friday, August 7th. Evercore restated an “outperform” rating and set a $25.00 price target on shares of Magnite in a research note on Thursday, August 6th. Scotiabank restated an “outperform” rating and set a $27.00 price target on shares of Magnite in a research note on Thursday, August 6th. Finally, Craig Hallum restated a “buy” rating and set a $32.00 price target on shares of Magnite in a research note on Thursday, September 17th. Ten research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Magnite has a consensus rating of “Moderate Buy” and a consensus price target of $29.36.

Magnite Stock Down 0.3%

MGNI traded down $0.09 during mid-day trading on Friday, reaching $25.35. 177,049 shares of the stock were exchanged, compared to its average volume of 2,538,018. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.03 and a current ratio of 1.02. The stock has a market capitalization of $3.64 billion, a PE ratio of 23.24, a price-to-earnings-growth ratio of 0.83 and a beta of 2.33. The company has a 50 day moving average price of $23.36 and a two-hundred day moving average price of $18.00. Magnite has a 1 year low of $10.82 and a 1 year high of $26.84.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. The business had revenue of $192.82 million for the quarter, compared to analyst estimates of $179.15 million. Magnite had a return on equity of 9.33% and a net margin of 22.49%.Magnite’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period last year, the company posted $0.20 earnings per share. As a group, research analysts anticipate that Magnite will post 0.61 EPS for the current year.

Insider Buying and Selling at Magnite

In related news, CTO David Buonasera sold 1,165 shares of the stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $24.00, for a total transaction of $27,960.00. Following the sale, the chief technology officer owned 245,155 shares of the company’s stock, valued at approximately $5,883,720. This represents a 0.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Katie Evans sold 13,997 shares of the stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $24.00, for a total value of $335,928.00. Following the sale, the insider directly owned 441,800 shares in the company, valued at $10,603,200. This trade represents a 3.07% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 693,216 shares of company stock worth $16,210,493 in the last three months. 3.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Capital Research Global Investors grew its stake in Magnite by 85.0% in the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock worth $209,696,000 after buying an additional 5,937,428 shares in the last quarter. BlackRock Inc. purchased a new position in Magnite in the 2nd quarter worth approximately $241,296,000. Dimensional Fund Advisors LP grew its stake in Magnite by 10.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company’s stock worth $47,322,000 after buying an additional 367,854 shares in the last quarter. Canada Pension Plan Investment Board purchased a new position in Magnite in the 2nd quarter worth approximately $56,847,000. Finally, 325 Capital LLC grew its stake in Magnite by 208.5% in the 4th quarter. 325 Capital LLC now owns 2,005,387 shares of the company’s stock worth $32,547,000 after buying an additional 1,355,326 shares in the last quarter. Institutional investors own 73.40% of the company’s stock.

About Magnite

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.