Rosenblatt Securities Initiates Coverage on Magnite (NASDAQ:MGNI)

Rosenblatt Securities assumed coverage on shares of Magnite (NASDAQ:MGNI) in a report published on Tuesday, MarketBeat reports. The firm issued a buy rating and a $18.00 price target on the stock.

A number of other equities analysts have also commented on the company. Susquehanna lifted their price objective on Magnite from $16.00 to $22.00 and gave the stock a “positive” rating in a research note on Thursday, February 27th. Benchmark reiterated a “buy” rating and set a $25.00 price target on shares of Magnite in a report on Monday, April 21st. Wells Fargo & Company raised their price objective on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 16th. Royal Bank of Canada increased their price target on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Finally, Wolfe Research boosted their price objective on shares of Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a report on Friday, January 3rd. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $19.08.

Magnite Stock Up 0.4 %

MGNI opened at $11.94 on Tuesday. The firm has a market cap of $1.69 billion, a P/E ratio of 199.00, a price-to-earnings-growth ratio of 1.00 and a beta of 2.69. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. The business has a 50 day moving average price of $12.19 and a 200 day moving average price of $14.79. Magnite has a twelve month low of $8.22 and a twelve month high of $21.29.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, February 26th. The company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.14). The firm had revenue of $180.20 million for the quarter, compared to the consensus estimate of $183.90 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. Research analysts forecast that Magnite will post 0.33 EPS for the current year.

Insider Buying and Selling

In other news, insider Sean Patrick Buckley sold 18,693 shares of the stock in a transaction on Friday, February 7th. The stock was sold at an average price of $20.00, for a total transaction of $373,860.00. Following the sale, the insider now owns 408,529 shares in the company, valued at approximately $8,170,580. This represents a 4.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Brian Gephart sold 6,250 shares of the company’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $16.00, for a total transaction of $100,000.00. Following the transaction, the chief accounting officer now owns 132,909 shares in the company, valued at approximately $2,126,544. This trade represents a 4.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 244,905 shares of company stock valued at $4,718,855 over the last quarter. Corporate insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Magnite

A number of institutional investors have recently modified their holdings of the stock. Arizona State Retirement System raised its position in Magnite by 1.5% in the 4th quarter. Arizona State Retirement System now owns 36,846 shares of the company’s stock worth $587,000 after purchasing an additional 559 shares during the last quarter. Truist Financial Corp raised its position in shares of Magnite by 2.0% during the fourth quarter. Truist Financial Corp now owns 34,242 shares of the company’s stock worth $545,000 after acquiring an additional 674 shares during the last quarter. Summit Investment Advisors Inc. lifted its stake in shares of Magnite by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 13,162 shares of the company’s stock valued at $210,000 after acquiring an additional 836 shares during the period. ANTIPODES PARTNERS Ltd lifted its stake in shares of Magnite by 13.4% during the fourth quarter. ANTIPODES PARTNERS Ltd now owns 8,072 shares of the company’s stock valued at $129,000 after acquiring an additional 956 shares during the period. Finally, Jones Financial Companies Lllp boosted its holdings in Magnite by 20.6% in the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock valued at $93,000 after acquiring an additional 1,000 shares during the last quarter. 73.40% of the stock is owned by institutional investors.

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.