Magnite (NASDAQ:MGNI) Stock Keeps Buy Rating at Rosenblatt Securities

Magnite (NASDAQ:MGNI)‘s stock had its “buy” rating restated by research analysts at Rosenblatt Securities in a research report issued to clients and investors on Friday, Benzinga reports. They currently have a $40.00 price target on the stock. Rosenblatt Securities’ price objective would suggest a potential upside of 61.03% from the company’s current price.

Several other research analysts also recently issued reports on the company. B. Riley Financial upped their price objective on Magnite from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, September 18th. Weiss Ratings restated a “hold (c)” rating on shares of Magnite in a research report on Friday, August 7th. Wells Fargo & Company upped their price target on Magnite from $21.00 to $22.00 and gave the company an “equal weight” rating in a research note on Friday, August 7th. Needham & Company LLC raised their price target on Magnite from $25.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, September 3rd. Finally, Susquehanna lifted their price objective on Magnite from $22.00 to $30.00 and gave the stock a “positive” rating in a research report on Thursday, August 6th. Ten investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.36.

Magnite Trading Down 0.5%

MGNI opened at $24.84 on Friday. Magnite has a 1-year low of $10.82 and a 1-year high of $26.84. The stock has a market capitalization of $3.56 billion, a PE ratio of 22.79, a PEG ratio of 0.82 and a beta of 2.33. The company has a current ratio of 1.02, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. The firm has a 50-day moving average price of $23.71 and a two-hundred day moving average price of $18.26.

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

Insider Buying and Selling

In other Magnite news, insider Aaron Saltz sold 40,000 shares of the stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $23.41, for a total value of $936,400.00. Following the transaction, the insider owned 224,389 shares of the company’s stock, valued at approximately $5,252,946.49. This represents a 15.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Douglas S. Knopper sold 37,337 shares of the firm’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $22.72, for a total value of $848,296.64. Following the transaction, the director owned 88,473 shares in the company, valued at approximately $2,010,106.56. This trade represents a 29.68% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 672,759 shares of company stock worth $15,780,319 over the last 90 days. 3.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. bought a new stake in Magnite in the second quarter valued at approximately $241,296,000. Capital Research Global Investors grew 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 buying an additional 5,937,428 shares during the period. Canada Pension Plan Investment Board acquired a new position in shares of Magnite in the 2nd quarter valued at $56,847,000. Dimensional Fund Advisors LP increased its position 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 buying an additional 367,854 shares in the last quarter. Finally, 325 Capital LLC raised its stake in Magnite by 208.5% during the 4th quarter. 325 Capital LLC now owns 2,005,387 shares of the company’s stock worth $32,547,000 after buying an additional 1,355,326 shares during the period. Institutional investors 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.