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

Magnite (NASDAQ:MGNI)‘s stock had its “buy” rating reaffirmed by analysts at Rosenblatt Securities in a research note issued on Friday, Benzinga reports. They presently have a $40.00 target price on the stock. Rosenblatt Securities’ target price points to a potential upside of 56.29% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the stock. BTIG Research reaffirmed a “buy” rating and set a $27.00 price objective on shares of Magnite in a research note on Wednesday, September 9th. B. Riley Financial boosted their price target on Magnite from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, September 18th. Evercore restated an “outperform” rating and issued a $25.00 price objective on shares of Magnite in a report on Thursday, August 6th. Susquehanna raised 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. Finally, Benchmark boosted their price target on Magnite from $30.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Ten investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $29.36.

Magnite Trading Up 0.6%

MGNI stock opened at $25.59 on Friday. The stock has a market cap of $3.67 billion, a price-to-earnings ratio of 23.62, a price-to-earnings-growth ratio of 0.83 and a beta of 2.33. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.02 and a quick ratio of 1.03. Magnite has a one year low of $10.82 and a one year high of $26.84. The company has a fifty day moving average price of $23.36 and a two-hundred day moving average price of $18.00.

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

Insider Buying and Selling at Magnite

In other news, insider Katie Evans sold 32,285 shares of the business’s stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $23.63, for a total transaction of $762,894.55. Following the sale, the insider directly owned 466,897 shares in the company, valued at approximately $11,032,776.11. The trade was a 6.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Sean Buckley sold 67,179 shares of the firm’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $24.49, for a total value of $1,645,213.71. Following the completion of the transaction, the insider owned 315,805 shares of the company’s stock, valued at approximately $7,734,064.45. This represents a 17.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 693,216 shares of company stock worth $16,210,493 in the last three months. 3.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Magnite

A number of hedge funds and other institutional investors have recently modified their holdings of MGNI. BlackRock Inc. purchased a new position in Magnite in the 2nd quarter worth $241,296,000. Capital Research Global Investors increased its position 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 worth $209,696,000 after purchasing an additional 5,937,428 shares during the last quarter. Canada Pension Plan Investment Board acquired a new position in Magnite during the 2nd quarter valued at about $56,847,000. 325 Capital LLC raised 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 worth $32,547,000 after purchasing an additional 1,355,326 shares in the last quarter. Finally, Bank of America Corp DE acquired a new position in shares of Magnite in the 2nd quarter valued at $22,431,000. 73.40% of the stock is currently owned by hedge funds and other institutional investors.

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.