Benchmark Reiterates Buy Rating for Magnite (NASDAQ:MGNI)

Magnite (NASDAQ:MGNI)‘s stock had its “buy” rating reiterated by investment analysts at Benchmark in a research note issued on Wednesday, Benzinga reports. They presently have a $21.00 price target on the stock. Benchmark’s price objective would indicate a potential upside of 71.71% from the stock’s previous close.

Several other analysts have also recently commented on the stock. Lake Street Capital initiated coverage on shares of Magnite in a report on Thursday, July 25th. They set a “buy” rating and a $21.00 price target for the company. Needham & Company LLC restated a “buy” rating and set a $15.00 price target on shares of Magnite in a report on Wednesday. Bank of America increased their price objective on Magnite from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Monday, July 29th. Craig Hallum restated a “buy” rating and issued a $20.00 target price on shares of Magnite in a research note on Wednesday, August 21st. Finally, Wolfe Research began coverage on Magnite in a research note on Tuesday, July 16th. They set an “outperform” rating and a $16.00 price target for the company. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $17.25.

Magnite Trading Up 2.7 %

NASDAQ MGNI opened at $12.23 on Wednesday. The firm’s 50 day moving average price is $13.29 and its two-hundred day moving average price is $12.21. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.10 and a current ratio of 1.10. Magnite has a twelve month low of $6.28 and a twelve month high of $15.92. The stock has a market cap of $1.71 billion, a price-to-earnings ratio of -19.11, a PEG ratio of 1.19 and a beta of 2.41.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). The business had revenue of $162.88 million for the quarter, compared to analysts’ expectations of $144.04 million. Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.04) EPS. Equities analysts anticipate that Magnite will post 0.31 EPS for the current year.

Insiders Place Their Bets

In related news, CAO Brian Gephart sold 16,166 shares of Magnite stock in a transaction on Monday, July 15th. The shares were sold at an average price of $15.00, for a total value of $242,490.00. Following the transaction, the chief accounting officer now owns 121,169 shares in the company, valued at approximately $1,817,535. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CRO Sean Patrick Buckley sold 2,623 shares of Magnite stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $12.53, for a total transaction of $32,866.19. Following the sale, the executive now directly owns 331,742 shares of the company’s stock, valued at $4,156,727.26. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Brian Gephart sold 16,166 shares of the company’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 $242,490.00. Following the completion of the transaction, the chief accounting officer now directly 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 sold 250,383 shares of company stock valued at $3,519,150 over the last 90 days. 4.30% of the stock is currently owned by company insiders.

Institutional Trading of Magnite

A number of institutional investors and hedge funds have recently modified their holdings of MGNI. Vanguard Group Inc. lifted its position in Magnite by 1.3% in the first quarter. Vanguard Group Inc. now owns 12,818,197 shares of the company’s stock worth $137,796,000 after purchasing an additional 166,522 shares during the period. Wellington Management Group LLP boosted its position in shares of Magnite by 1.8% during the 4th quarter. Wellington Management Group LLP now owns 2,939,541 shares of the company’s stock valued at $27,455,000 after acquiring an additional 52,129 shares in the last quarter. Burgundy Asset Management Ltd. boosted its position in shares of Magnite by 1.1% during the 1st quarter. Burgundy Asset Management Ltd. now owns 2,457,031 shares of the company’s stock valued at $26,413,000 after acquiring an additional 25,921 shares in the last quarter. Marshall Wace LLP raised its position in Magnite by 59.0% in the second quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock worth $20,726,000 after purchasing an additional 578,678 shares in the last quarter. Finally, Meros Investment Management LP raised its position in Magnite by 1.3% in the second quarter. Meros Investment Management LP now owns 1,044,209 shares of the company’s stock worth $13,878,000 after purchasing an additional 13,570 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors.

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.