Magnite (NASDAQ:MGNI) Given Buy Rating at Rosenblatt Securities

Magnite (NASDAQ:MGNI)‘s stock had its “buy” rating reaffirmed by investment analysts at Rosenblatt Securities in a note issued to investors on Friday, Benzinga reports. They presently have a $40.00 price objective on the stock. Rosenblatt Securities’ target price indicates a potential upside of 56.18% from the company’s current price.

Other equities analysts have also issued research reports about the company. B. Riley Financial boosted their price objective on Magnite from $27.00 to $30.00 and gave the stock a “buy” rating in a research note on Friday, September 18th. Royal Bank Of Canada upped their price target on Magnite from $20.00 to $27.00 and gave the company an “outperform” rating in a research note on Thursday, August 6th. Craig Hallum reaffirmed a “buy” rating and issued a $32.00 price target on shares of Magnite in a research note on Thursday, September 17th. Needham & Company LLC upped their price target on Magnite from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Thursday, September 3rd. Finally, Evercore reaffirmed an “outperform” rating and issued a $25.00 price target on shares of Magnite in a research note on Thursday, August 6th. Ten research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $29.36.

Magnite Price Performance

Shares of Magnite stock traded up $0.17 on Friday, reaching $25.61. The company’s stock had a trading volume of 125,189 shares, compared to its average volume of 2,537,957. The company has a market capitalization of $3.67 billion, a P/E ratio of 23.50, a PEG ratio of 0.83 and a beta of 2.33. Magnite has a 52-week low of $10.82 and a 52-week high of $26.84. The stock has a 50-day moving average price of $23.36 and a 200-day moving average price of $18.00. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.24 by $0.02. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The firm had revenue of $192.82 million during the quarter, compared to analysts’ expectations of $179.15 million. During the same period in the previous year, the business earned $0.20 earnings per share. The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. Analysts expect that Magnite will post 0.61 EPS for the current year.

Insider Transactions at Magnite

In other Magnite news, Director Douglas S. Knopper sold 37,337 shares of the stock in a transaction dated Thursday, September 17th. The stock was sold at an average price of $26.28, for a total value of $981,216.36. Following the sale, the director owned 51,136 shares of the company’s stock, valued at $1,343,854.08. This trade represents a 42.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert F. Spillane sold 10,363 shares of the stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $23.76, for a total value of $246,224.88. Following the completion of the sale, the director directly owned 57,715 shares in the company, valued at $1,371,308.40. This represents a 15.22% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 693,216 shares of company stock worth $16,210,493. 3.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Magnite

A number of hedge funds have recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in shares of Magnite in the 2nd quarter valued at about $241,296,000. Capital Research Global Investors increased its holdings in shares of Magnite by 85.0% in the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock valued at $209,696,000 after acquiring an additional 5,937,428 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of Magnite in the 2nd quarter valued at about $56,847,000. Dimensional Fund Advisors LP increased its holdings in shares of Magnite by 10.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company’s stock valued at $47,322,000 after acquiring an additional 367,854 shares during the last quarter. Finally, 325 Capital LLC increased its holdings in shares of Magnite by 208.5% in the 4th quarter. 325 Capital LLC now owns 2,005,387 shares of the company’s stock valued at $32,547,000 after acquiring an additional 1,355,326 shares during the last quarter. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Company Profile

Magnite, Inc is an independent sell-side advertising technology company that helps publishers, broadcasters and other content owners monetize digital advertising inventory. Its platform connects sellers of advertising space with brands, agencies and demand-side platforms, facilitating the automated buying and selling of ads across connected television (CTV), streaming video, mobile applications, websites, audio and digital out-of-home media.

The company offers tools for managing, packaging and selling advertising inventory, including programmatic auctions, direct and private marketplace transactions, audience targeting, yield optimization and measurement.