B. Riley Initiates Coverage on Magnite (NASDAQ:MGNI)

B. Riley began coverage on shares of Magnite (NASDAQ:MGNI) in a research note issued on Friday, StockNewsAPI reports. The brokerage set a “buy” rating and a $14.50 price target on the stock. B. Riley’s target price would indicate a potential upside of 65.34% from the company’s previous close.

A number of other brokerages have also issued reports on MGNI. Needham & Company LLC reissued a “buy” rating and set a $15.00 target price on shares of Magnite in a research note on Thursday, March 21st. Benchmark restated a “buy” rating and set a $18.00 price objective on shares of Magnite in a report on Monday, March 25th. Royal Bank of Canada restated an “outperform” rating and issued a $15.00 price objective on shares of Magnite in a report on Thursday, March 7th. Susquehanna increased their target price on shares of Magnite from $11.00 to $14.00 and gave the stock a “positive” rating in a report on Thursday, February 29th. Finally, Bank of America upped their target price on Magnite from $11.00 to $13.00 and gave the stock a “neutral” rating in a report on Thursday, February 29th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $14.39.

Magnite Price Performance

Shares of NASDAQ MGNI traded up $0.13 during midday trading on Friday, reaching $8.77. 70,478 shares of the stock traded hands, compared to its average volume of 1,119,664. The company’s 50 day moving average is $10.34 and its 200 day moving average is $9.01. Magnite has a one year low of $6.28 and a one year high of $15.73. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.09 and a quick ratio of 1.09. The stock has a market capitalization of $1.19 billion, a PE ratio of -7.07, a P/E/G ratio of 0.54 and a beta of 2.25.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, February 28th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.13. The firm had revenue of $165.28 million for the quarter, compared to the consensus estimate of $160.24 million. Magnite had a negative net margin of 25.69% and a positive return on equity of 2.52%. On average, equities research analysts anticipate that Magnite will post 0.47 earnings per share for the current year.

Insider Activity at Magnite

In other news, CEO Michael G. Barrett sold 75,000 shares of Magnite stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $11.21, for a total transaction of $840,750.00. Following the completion of the transaction, the chief executive officer now directly owns 1,234,662 shares of the company’s stock, valued at approximately $13,840,561.02. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 4.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Magnite

A number of institutional investors have recently added to or reduced their stakes in MGNI. Rubric Capital Management LP boosted its holdings in Magnite by 80.7% in the 3rd quarter. Rubric Capital Management LP now owns 4,000,000 shares of the company’s stock worth $30,160,000 after buying an additional 1,785,978 shares during the last quarter. Kennedy Capital Management LLC grew its holdings in shares of Magnite by 2.8% during the third quarter. Kennedy Capital Management LLC now owns 2,692,371 shares of the company’s stock worth $20,300,000 after buying an additional 74,367 shares in the last quarter. Versor Investments LP acquired a new stake in shares of Magnite in the third quarter valued at about $449,000. Burgundy Asset Management Ltd. purchased a new position in shares of Magnite in the third quarter worth about $17,759,000. Finally, Qube Research & Technologies Ltd acquired a new position in Magnite during the third quarter worth about $2,284,000. Institutional investors and hedge funds own 73.40% of the company’s stock.

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.