Rosenblatt Securities Initiates Coverage on Magnite (NASDAQ:MGNI)

Rosenblatt Securities started coverage on shares of Magnite (NASDAQ:MGNI) in a note issued to investors on Tuesday, MarketBeat Ratings reports. The firm set a “buy” rating and a $18.00 price target on the stock. Rosenblatt Securities’ price objective suggests a potential upside of 51.39% from the company’s current price.

MGNI has been the topic of a number of other reports. Wolfe Research raised their price objective on shares of Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Benchmark reaffirmed a “buy” rating and set a $25.00 price objective on shares of Magnite in a research note on Monday, April 21st. Susquehanna increased their target price 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 target price on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $14.00 price target on shares of Magnite in a research report on Monday, April 21st. One research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $19.08.

Magnite Stock Down 3.3 %

Shares of MGNI opened at $11.89 on Tuesday. The business’s fifty day moving average price is $12.31 and its two-hundred day moving average price is $14.79. The firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of 198.17, a PEG ratio of 1.00 and a beta of 2.69. Magnite has a 52 week low of $8.22 and a 52 week high of $21.29. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11.

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

Insider Activity

In related news, CAO Brian Gephart sold 6,250 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $16.00, for a total value of $100,000.00. Following the sale, the chief accounting officer now directly owns 132,909 shares of the company’s stock, valued at approximately $2,126,544. The trade was a 4.49 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Paul Caine sold 5,000 shares of the stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $20.35, for a total value of $101,750.00. Following the transaction, the director now owns 182,837 shares of the company’s stock, valued at approximately $3,720,732.95. This trade represents a 2.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 244,905 shares of company stock worth $4,718,855 over the last quarter. 4.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Magnite

Large investors have recently bought and sold shares of the company. SBI Securities Co. Ltd. acquired a new stake in shares of Magnite in the fourth quarter valued at approximately $25,000. Larson Financial Group LLC increased its stake in Magnite by 179.2% in the 4th quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock valued at $58,000 after buying an additional 2,341 shares during the last quarter. GAMMA Investing LLC lifted its position in Magnite by 10,170.3% during the 1st quarter. GAMMA Investing LLC now owns 3,800 shares of the company’s stock worth $43,000 after buying an additional 3,763 shares in the last quarter. Quantbot Technologies LP acquired a new position in shares of Magnite during the 4th quarter worth about $87,000. Finally, Jones Financial Companies Lllp grew its holdings in shares of Magnite by 20.6% in the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock valued at $93,000 after acquiring an additional 1,000 shares in the last quarter. Institutional investors and hedge funds 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.