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

Benchmark restated their buy rating on shares of Magnite (NASDAQ:MGNI) in a research report released on Monday morning,Benzinga reports. They currently have a $25.00 target price on the stock.

Several other equities analysts have also recently weighed in on the company. Wolfe Research lifted their target price on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price target on shares of Magnite in a research note on Thursday, February 27th. Susquehanna boosted their price target on Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a research note on Thursday, February 27th. Wells Fargo & Company boosted their price target on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. Finally, Royal Bank of Canada boosted their price target on Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $19.27.

Magnite Price Performance

NASDAQ MGNI opened at $13.04 on Monday. The stock’s 50-day moving average price is $16.86 and its two-hundred day moving average price is $15.25. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The company has a market cap of $1.86 billion, a PE ratio of 217.33, a PEG ratio of 1.00 and a beta of 2.79. Magnite has a 1 year low of $8.38 and a 1 year high of $21.29.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, February 26th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.14). Magnite had a return on equity of 4.64% and a net margin of 2.62%. The company had revenue of $180.20 million for the quarter, compared to analyst estimates of $183.90 million. On average, analysts predict that Magnite will post 0.33 EPS for the current year.

Insider Buying and Selling

In other news, CAO Brian Gephart sold 6,250 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $16.00, for a total transaction of $100,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 132,909 shares in the company, valued at $2,126,544. The trade was a 4.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Adam Lee Soroca sold 15,499 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $15.75, for a total value of $244,109.25. Following the transaction, the insider now owns 458,386 shares of the company’s stock, valued at approximately $7,219,579.50. This trade represents a 3.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 271,863 shares of company stock worth $5,169,262. 4.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. SBI Securities Co. Ltd. bought a new stake in Magnite in the fourth quarter valued at $25,000. Larson Financial Group LLC grew its holdings in shares of Magnite by 179.2% during the fourth quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock worth $58,000 after purchasing an additional 2,341 shares during the last quarter. Quarry LP grew its holdings in shares of Magnite by 446.8% during the third quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after purchasing an additional 4,508 shares during the last quarter. Quantbot Technologies LP bought a new stake in shares of Magnite during the fourth quarter worth $87,000. Finally, Jones Financial Companies Lllp grew its holdings in shares of Magnite by 20.6% during the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock worth $93,000 after purchasing an additional 1,000 shares during the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

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.