Magnite (NASDAQ:MGNI) Upgraded by BTIG Research to Strong-Buy Rating

Magnite (NASDAQ:MGNI) was upgraded by equities researchers at BTIG Research to a “strong-buy” rating in a report released on Tuesday,Zacks.com reports.

A number of other equities analysts also recently weighed in on the stock. Scotiabank boosted their price target on shares of Magnite from $16.00 to $17.00 and gave the stock a “sector outperform” rating in a report on Thursday, May 7th. Wells Fargo & Company boosted their price target on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Friday, May 8th. Needham & Company LLC reissued a “buy” rating and issued a $25.00 price target on shares of Magnite in a report on Thursday, April 16th. Evercore reissued an “outperform” rating and issued a $21.00 price target on shares of Magnite in a report on Thursday, May 7th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $39.00 price target on shares of Magnite in a report on Thursday, February 26th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $23.89.

Magnite Stock Performance

Shares of MGNI stock opened at $15.81 on Tuesday. The firm has a 50-day moving average of $13.24 and a 200-day moving average of $13.83. The company has a market cap of $2.26 billion, a P/E ratio of 15.20, a P/E/G ratio of 0.69 and a beta of 2.32. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.02 and a quick ratio of 1.02. Magnite has a one year low of $10.82 and a one year high of $26.65.

Magnite (NASDAQ:MGNI) last announced its earnings results on Wednesday, May 6th. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.11 by $0.02. The company had revenue of $164.37 million during the quarter, compared to the consensus estimate of $159.24 million. Magnite had a net margin of 21.96% and a return on equity of 8.40%. The firm’s revenue for the quarter was up 5.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.12 earnings per share. Equities research analysts forecast that Magnite will post 0.6 EPS for the current fiscal year.

Insider Transactions at Magnite

In related news, Director Robert F. Spillane sold 10,000 shares of the business’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $13.33, for a total value of $133,300.00. Following the sale, the director directly owned 43,917 shares in the company, valued at approximately $585,413.61. The trade was a 18.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 4.30% of the company’s stock.

Institutional Investors Weigh In On Magnite

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MGNI. Capital Research Global Investors raised its stake in 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 acquiring an additional 5,937,428 shares during the period. Wellington Management Group LLP raised its stake in Magnite by 67.7% in the 4th quarter. Wellington Management Group LLP now owns 8,629,238 shares of the company’s stock valued at $140,053,000 after acquiring an additional 3,484,689 shares during the period. Ophir Asset Management Pty Ltd bought a new stake in shares of Magnite during the fourth quarter valued at about $38,695,000. 325 Capital LLC increased its position in shares of Magnite by 208.5% during the fourth quarter. 325 Capital LLC now owns 2,005,387 shares of the company’s stock valued at $32,547,000 after buying an additional 1,355,326 shares during the period. Finally, Blue Grotto Capital LLC increased its position in shares of Magnite by 443.8% during the third quarter. Blue Grotto Capital LLC now owns 1,548,796 shares of the company’s stock valued at $33,733,000 after buying an additional 1,263,992 shares during the period. 73.40% of the stock is currently owned by institutional investors.

About Magnite

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).