Magnite (NASDAQ:MGNI) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Magnite (NASDAQ:MGNI) from a hold rating to a buy rating in a report released on Saturday.

Other analysts have also recently issued reports about the company. Needham & Company LLC upped their target price on Magnite from $14.00 to $18.00 and gave the company a “buy” rating in a report on Monday, May 12th. Craig Hallum set a $24.00 price objective on shares of Magnite and gave the company a “buy” rating in a report on Tuesday, May 20th. Rosenblatt Securities reissued a “buy” rating and issued a $18.00 price objective on shares of Magnite in a report on Thursday, May 8th. Lake Street Capital dropped their price target on shares of Magnite from $21.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. Finally, Royal Bank Of Canada dropped their price target on shares of Magnite from $22.00 to $19.00 and set an “outperform” rating for the company in a research note on Friday, May 2nd. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.58.

Magnite Stock Up 0.9%

Shares of MGNI opened at $18.89 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.98 and a current ratio of 0.98. Magnite has a one year low of $8.22 and a one year high of $21.29. The stock has a market capitalization of $2.67 billion, a price-to-earnings ratio of 94.45, a PEG ratio of 1.53 and a beta of 2.87. The stock has a 50 day moving average price of $15.04 and a 200 day moving average price of $15.21.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data 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 the consensus estimate of $142.18 million. Magnite had a net margin of 4.58% and a return on equity of 6.71%. Magnite’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.05 EPS. Equities research analysts forecast that Magnite will post 0.33 earnings per share for the current fiscal year.

Insider Transactions at Magnite

In other news, Director James Rossman sold 137,007 shares of the business’s stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $18.78, for a total transaction of $2,572,991.46. Following the completion of the sale, the director now owns 93,679 shares in the company, valued at approximately $1,759,291.62. The trade was a 59.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Aaron Saltz sold 15,328 shares of the business’s stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $16.71, for a total value of $256,130.88. Following the completion of the sale, the insider now directly owns 296,176 shares of the company’s stock, valued at $4,949,100.96. The trade was a 4.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 420,224 shares of company stock valued at $7,576,098. Insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

Large investors have recently modified their holdings of the stock. Rhumbline Advisers raised its position in Magnite by 4.4% during the 1st quarter. Rhumbline Advisers now owns 192,502 shares of the company’s stock worth $2,196,000 after buying an additional 8,171 shares during the last quarter. Strs Ohio purchased a new position in shares of Magnite during the 1st quarter worth approximately $544,000. Intech Investment Management LLC raised its stake in shares of Magnite by 103.6% during the 1st quarter. Intech Investment Management LLC now owns 109,992 shares of the company’s stock worth $1,255,000 after buying an additional 55,971 shares in the last quarter. Bayforest Capital Ltd raised its stake in shares of Magnite by 608.6% during the 1st quarter. Bayforest Capital Ltd now owns 17,835 shares of the company’s stock worth $203,000 after buying an additional 15,318 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Magnite by 9.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 404,717 shares of the company’s stock worth $4,618,000 after buying an additional 36,097 shares in the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

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.