Magnite (NASDAQ:MGNI) Earns “Outperform” Rating from Macquarie

Macquarie reaffirmed their outperform rating on shares of Magnite (NASDAQ:MGNI) in a research note published on Friday morning,Benzinga reports. Macquarie currently has a $18.00 price target on the stock.

A number of other analysts have also weighed in on MGNI. Benchmark reissued a “buy” rating and set a $21.00 price objective on shares of Magnite in a research note on Wednesday, October 2nd. Wolfe Research initiated coverage on Magnite in a report on Tuesday, July 16th. They set an “outperform” rating and a $16.00 target price for the company. Craig Hallum restated a “buy” rating and set a $20.00 target price on shares of Magnite in a report on Wednesday, August 21st. Wells Fargo & Company began coverage on Magnite in a report on Monday, October 28th. They set an “equal weight” rating and a $13.00 target price for the company. Finally, 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. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $16.96.

Magnite Stock Performance

Shares of NASDAQ MGNI traded up $0.12 during mid-day trading on Friday, reaching $13.61. 3,923,508 shares of the company’s stock were exchanged, compared to its average volume of 1,602,704. The firm has a 50-day moving average price of $12.80 and a two-hundred day moving average price of $12.66. Magnite has a 52 week low of $6.55 and a 52 week high of $15.92. The firm has a market capitalization of $1.92 billion, a price-to-earnings ratio of -123.73, a price-to-earnings-growth ratio of 1.23 and a beta of 2.43. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.10 and a quick ratio of 1.10.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share (EPS) 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 the consensus estimate 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 revenue was up 6.8% compared to the same quarter last year. During the same quarter last year, the business posted ($0.04) EPS. Analysts predict that Magnite will post 0.29 EPS for the current year.

Insiders Place Their Bets

In related news, CTO David Buonasera sold 10,000 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $12.65, for a total value of $126,500.00. Following the completion of the sale, the chief technology officer now owns 258,102 shares of the company’s stock, valued at approximately $3,264,990.30. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Aaron Saltz sold 5,112 shares of Magnite stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $13.50, for a total transaction of $69,012.00. Following the sale, the insider now owns 307,745 shares in the company, valued at approximately $4,154,557.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO David Buonasera sold 10,000 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $12.65, for a total value of $126,500.00. Following the completion of the transaction, the chief technology officer now owns 258,102 shares in the company, valued at $3,264,990.30. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 100,645 shares of company stock worth $1,275,215. 4.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Magnite

Institutional investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC acquired a new position in Magnite in the 1st quarter valued at $340,000. Empowered Funds LLC raised its holdings in shares of Magnite by 9.1% during the first quarter. Empowered Funds LLC now owns 42,761 shares of the company’s stock valued at $460,000 after buying an additional 3,560 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of Magnite by 26.9% during the first quarter. SG Americas Securities LLC now owns 61,337 shares of the company’s stock valued at $659,000 after buying an additional 12,987 shares during the last quarter. Swiss National Bank raised its holdings in Magnite by 6.7% during the first quarter. Swiss National Bank now owns 244,900 shares of the company’s stock worth $2,633,000 after purchasing an additional 15,400 shares in the last quarter. Finally, Williams Jones Wealth Management LLC. grew its position in Magnite by 5.2% in the first quarter. Williams Jones Wealth Management LLC. now owns 748,614 shares of the company’s stock worth $8,048,000 after buying an additional 36,943 shares during the last quarter. Hedge funds and other 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.