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

Rosenblatt Securities reissued their buy rating on shares of Magnite (NASDAQ:MGNI) in a research report sent to investors on Thursday,Benzinga reports. They currently have a $18.00 price target on the stock.

MGNI has been the subject of a number of other research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $14.00 price target on shares of Magnite in a research report on Monday, April 21st. Benchmark reaffirmed a “buy” rating and issued a $25.00 price target on shares of Magnite in a research note on Monday, April 21st. Wells Fargo & Company boosted their price objective on shares of Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research report on Thursday, January 16th. Susquehanna raised their target price on shares of Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a research report on Thursday, February 27th. Finally, Royal Bank of Canada reduced their price target on shares of Magnite from $22.00 to $19.00 and set an “outperform” rating on the stock in a research report on Friday, May 2nd. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $18.62.

Magnite Price Performance

Shares of Magnite stock opened at $15.10 on Thursday. The stock has a market capitalization of $2.13 billion, a P/E ratio of 251.67, a price-to-earnings-growth ratio of 1.00 and a beta of 2.73. Magnite has a one year low of $8.22 and a one year high of $21.29. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The business’s 50 day simple moving average is $11.86 and its two-hundred day simple moving average is $14.85.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 EPS for the quarter, beating analysts’ consensus estimates of $0.06 by $0.06. The company had revenue of $145.85 million during the quarter, compared to analyst estimates of $142.18 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. The firm’s revenue was up 4.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.05 EPS. Analysts forecast that Magnite will post 0.33 EPS for the current year.

Insider Transactions at Magnite

In other news, CAO Brian Gephart sold 6,250 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $16.00, for a total transaction of $100,000.00. Following the sale, the chief accounting officer now owns 132,909 shares in the company, valued at $2,126,544. This represents a 4.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Adam Lee Soroca sold 15,499 shares of the business’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 transaction of $244,109.25. Following the completion of the transaction, the insider now owns 458,386 shares of the company’s stock, valued at approximately $7,219,579.50. The trade was a 3.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 37,276 shares of company stock valued at $647,241 in the last ninety days. 3.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Magnite

Institutional investors have recently added to or reduced their stakes in the business. SBI Securities Co. Ltd. purchased a new stake in shares of Magnite during the fourth quarter valued at $25,000. MCF Advisors LLC boosted its holdings in shares of Magnite by 2,100.0% during the 1st quarter. MCF Advisors LLC now owns 2,200 shares of the company’s stock valued at $25,000 after acquiring an additional 2,100 shares during the last quarter. AllSquare Wealth Management LLC grew its stake in shares of Magnite by 76.8% in the first quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company’s stock worth $41,000 after acquiring an additional 1,555 shares during the period. GAMMA Investing LLC grew its stake in shares of Magnite by 10,170.3% in the first quarter. GAMMA Investing LLC now owns 3,800 shares of the company’s stock worth $43,000 after acquiring an additional 3,763 shares during the period. Finally, Larson Financial Group LLC raised 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 valued at $58,000 after purchasing an additional 2,341 shares during the last quarter. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

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.