Magnite (NASDAQ:MGNI) Given “Buy” Rating at Benchmark

Benchmark reissued their buy rating on shares of Magnite (NASDAQ:MGNI) in a research note released on Monday,Benzinga reports. Benchmark currently has a $25.00 price objective on the stock.

Several other equities analysts have also recently issued reports on the company. Susquehanna raised their price target on Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a report on Thursday, February 27th. Wells Fargo & Company increased their target price on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, January 16th. Scotiabank began coverage on Magnite in a research note on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 target price on the stock. Wolfe Research increased their target price on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Finally, Needham & Company LLC reissued a “buy” rating and issued a $20.00 target price on shares of Magnite in a research note on Thursday, February 27th. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $19.27.

Magnite Price Performance

Magnite stock opened at $13.04 on Monday. The business’s 50-day simple moving average is $16.86 and its 200 day simple moving average is $15.25. The stock has a market cap of $1.86 billion, a price-to-earnings ratio of 217.33, a P/E/G ratio of 1.00 and a beta of 2.79. Magnite has a 12-month low of $8.38 and a 12-month high of $21.29. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $183.90 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. As a group, research analysts anticipate that Magnite will post 0.33 earnings per share for the current year.

Insider Transactions at Magnite

In related news, insider Sean Patrick Buckley sold 18,693 shares of the stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $20.00, for a total transaction of $373,860.00. Following the completion of the transaction, the insider now directly owns 408,529 shares in the company, valued at approximately $8,170,580. This trade represents a 4.38 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Adam Lee Soroca sold 15,499 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $15.75, for a total value of $244,109.25. Following the transaction, the insider now owns 458,386 shares of the company’s stock, valued at approximately $7,219,579.50. The trade was a 3.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 271,863 shares of company stock valued at $5,169,262 over the last 90 days. 4.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. SBI Securities Co. Ltd. bought a new position in shares of Magnite during the fourth quarter worth about $25,000. Larson Financial Group LLC grew its stake in Magnite by 179.2% in the fourth quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock valued at $58,000 after purchasing an additional 2,341 shares in the last quarter. Quantbot Technologies LP bought a new position in Magnite in the fourth quarter valued at approximately $87,000. Quarry LP grew its stake in Magnite by 446.8% in the third quarter. Quarry LP now owns 5,517 shares of the company’s stock valued at $76,000 after purchasing an additional 4,508 shares in the last quarter. Finally, Jones Financial Companies Lllp grew its stake 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 purchasing an additional 1,000 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors.

About Magnite

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.