Magnite (NASDAQ:MGNI) Coverage Initiated at Lake Street Capital

Research analysts at Lake Street Capital began coverage on shares of Magnite (NASDAQ:MGNI) in a research report issued on Thursday, StockNewsAPI reports. The brokerage set a “buy” rating and a $21.00 price target on the stock. Lake Street Capital’s price objective suggests a potential upside of 47.37% from the company’s previous close.

A number of other equities research analysts have also recently commented on the stock. Wolfe Research initiated coverage on shares of Magnite in a report on Tuesday, July 16th. They issued an “outperform” rating and a $16.00 target price for the company. Bank of America raised shares of Magnite from a “neutral” rating to a “buy” rating and increased their price target for the stock from $13.00 to $15.00 in a report on Friday, May 24th. Needham & Company LLC reissued a “buy” rating and set a $15.00 price target on shares of Magnite in a report on Tuesday, July 9th. Evercore ISI upped their target price on shares of Magnite from $13.00 to $15.00 and gave the stock an “outperform” rating in a research report on Monday, June 3rd. Finally, Craig Hallum upped 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. Twelve equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $16.13.

Magnite Stock Down 0.1 %

Shares of NASDAQ:MGNI traded down $0.02 during trading on Thursday, hitting $14.25. The company’s stock had a trading volume of 312,347 shares, compared to its average volume of 1,512,509. The business has a 50 day moving average price of $13.33 and a two-hundred day moving average price of $11.02. The company has a market capitalization of $2.00 billion, a PE ratio of -22.27, a P/E/G ratio of 1.07 and a beta of 2.35. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.10 and a current ratio of 1.10. Magnite has a fifty-two week low of $6.28 and a fifty-two week high of $15.92.

Magnite (NASDAQ:MGNI) last issued its earnings results on Wednesday, May 8th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.05. The firm had revenue of $130.55 million during the quarter, compared to the consensus estimate of $123.77 million. Magnite had a negative net margin of 12.24% and a positive return on equity of 3.23%. As a group, research analysts expect that Magnite will post 0.38 EPS for the current fiscal year.

Insider Buying and Selling

In other Magnite news, CEO Michael G. Barrett sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $15.00, for a total value of $1,500,000.00. Following the sale, the chief executive officer now owns 1,052,493 shares in the company, valued at $15,787,395. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Michael G. Barrett sold 100,000 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $15.00, for a total value of $1,500,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,052,493 shares in the company, valued at $15,787,395. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Brian Gephart sold 16,166 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $15.00, for a total transaction of $242,490.00. Following the completion of the sale, the chief accounting officer now owns 121,169 shares of the company’s stock, valued at approximately $1,817,535. The disclosure for this sale can be found here. Insiders have sold a total of 254,479 shares of company stock worth $3,636,179 over the last quarter. 4.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of MGNI. Norges Bank bought a new position in shares of Magnite during the 4th quarter valued at $8,164,000. Grizzlyrock Capital LLC bought a new position in Magnite during the 4th quarter valued at about $6,656,000. GSA Capital Partners LLP bought a new position in Magnite during the 4th quarter valued at about $4,490,000. Lisanti Capital Growth LLC bought a new position in Magnite during the 1st quarter valued at about $3,063,000. Finally, Harbor Capital Advisors Inc. lifted its holdings in Magnite by 267.5% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 390,462 shares of the company’s stock valued at $5,189,000 after purchasing an additional 284,202 shares during the last quarter. Institutional investors own 73.40% of the company’s stock.

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.