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

Benchmark restated their buy rating on shares of Magnite (NASDAQ:MGNI) in a research report report published on Monday morning, Benzinga reports. They currently have a $18.00 target price on the stock.

Several other analysts have also commented on the stock. Royal Bank of Canada restated an outperform rating and set a $15.00 price target on shares of Magnite in a research report on Thursday, March 7th. B. Riley boosted their price target on shares of Magnite from $15.00 to $18.00 and gave the stock a buy rating in a research report on Thursday, February 29th. Needham & Company LLC reaffirmed a buy rating and set a $15.00 target price on shares of Magnite in a research note on Thursday, March 21st. Bank of America lifted their target price on shares of Magnite from $11.00 to $13.00 and gave the stock a neutral rating in a research note on Thursday, February 29th. Finally, Susquehanna boosted their price target on shares of Magnite from $11.00 to $14.00 and gave the company a positive rating in a research note on Thursday, February 29th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, Magnite presently has a consensus rating of Moderate Buy and an average price target of $14.78.

Magnite Price Performance

MGNI stock opened at $10.75 on Monday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.76. The stock has a market cap of $1.46 billion, a PE ratio of -8.67 and a beta of 2.27. The company has a 50-day moving average price of $10.23 and a 200 day moving average price of $8.82. Magnite has a 12 month low of $6.28 and a 12 month high of $15.73.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results on Wednesday, February 28th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.13. The business had revenue of $165.28 million during the quarter, compared to analysts’ expectations of $160.24 million. Magnite had a negative net margin of 25.69% and a positive return on equity of 2.52%.

Insider Activity at Magnite

In related news, CEO Michael G. Barrett sold 75,000 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $11.21, for a total value of $840,750.00. Following the transaction, the chief executive officer now owns 1,234,662 shares in the company, valued at $13,840,561.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 4.30% of the stock is currently owned by insiders.

Institutional Trading of Magnite

A number of hedge funds have recently made changes to their positions in the company. Cape Investment Advisory Inc. acquired a new position in Magnite in the fourth quarter worth $25,000. State of Wyoming acquired a new position in shares of Magnite during the fourth quarter valued at $29,000. Guinness Atkinson Asset Management Inc boosted its holdings in shares of Magnite by 59.1% during the third quarter. Guinness Atkinson Asset Management Inc now owns 4,824 shares of the company’s stock valued at $36,000 after acquiring an additional 1,792 shares during the period. Covestor Ltd boosted its holdings in shares of Magnite by 7,927.8% during the first quarter. Covestor Ltd now owns 2,890 shares of the company’s stock valued at $38,000 after acquiring an additional 2,854 shares during the period. Finally, Meeder Asset Management Inc. acquired a new position in shares of Magnite during the fourth quarter valued at $42,000. 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.