Magnite (NASDAQ:MGNI) Stock Rating Reaffirmed by Royal Bank of Canada

Magnite (NASDAQ:MGNI)‘s stock had its “outperform” rating restated by equities research analysts at Royal Bank of Canada in a research note issued to investors on Friday, Benzinga reports. They presently have a $19.00 price target on the stock. Royal Bank of Canada’s target price points to a potential upside of 38.48% from the company’s previous close.

MGNI has been the topic of a number of other reports. Evercore ISI upped their price objective on Magnite from $13.00 to $15.00 and gave the company an “outperform” rating in a report on Monday, June 3rd. Craig Hallum reaffirmed a “buy” rating and issued a $20.00 price target on shares of Magnite in a research note on Wednesday, August 21st. Lake Street Capital initiated coverage on Magnite in a research report on Thursday, July 25th. They set a “buy” rating and a $21.00 price objective for the company. Benchmark restated a “buy” rating and issued a $21.00 price objective on shares of Magnite in a report on Wednesday, September 18th. Finally, Bank of America lifted their price target on shares of Magnite from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Magnite presently has an average rating of “Buy” and an average target price of $17.25.

Magnite Stock Up 5.2 %

Shares of MGNI opened at $13.72 on Friday. Magnite has a 52-week low of $6.28 and a 52-week high of $15.92. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.77. The stock has a fifty day simple moving average of $13.46 and a two-hundred day simple moving average of $12.18. The company has a market capitalization of $1.94 billion, a PE ratio of -21.44, a price-to-earnings-growth ratio of 1.15 and a beta of 2.41.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.01). The firm had revenue of $162.88 million for the quarter, compared to analyst estimates of $144.04 million. Magnite had a positive return on equity of 3.74% and a negative net margin of 0.83%. Magnite’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.04) earnings per share. As a group, equities analysts forecast that Magnite will post 0.31 EPS for the current year.

Insider Activity

In related news, insider Adam Lee Soroca sold 7,910 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $12.59, for a total transaction of $99,586.90. Following the sale, the insider now directly owns 436,001 shares of the company’s stock, valued at approximately $5,489,252.59. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Magnite news, CAO Brian Gephart sold 16,166 shares of the company’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $15.00, for a total transaction of $242,490.00. Following the sale, the chief accounting officer now owns 121,169 shares in the company, valued at approximately $1,817,535. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Adam Lee Soroca sold 7,910 shares of Magnite stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $12.59, for a total value of $99,586.90. Following the completion of the transaction, the insider now owns 436,001 shares of the company’s stock, valued at approximately $5,489,252.59. The disclosure for this sale can be found here. Over the last quarter, insiders sold 250,383 shares of company stock valued at $3,519,150. 4.30% of the stock is currently owned by company insiders.

Institutional Trading of Magnite

A number of large investors have recently made changes to their positions in MGNI. UMB Bank n.a. raised its stake in Magnite by 111.8% in the second quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock valued at $30,000 after buying an additional 1,188 shares in the last quarter. Asset Dedication LLC purchased a new position in shares of Magnite in the 2nd quarter valued at about $52,000. Blue Trust Inc. acquired a new stake in shares of Magnite during the 2nd quarter worth about $56,000. Benjamin F. Edwards & Company Inc. lifted its stake in Magnite by 973.5% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock worth $58,000 after purchasing an additional 3,972 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new position in Magnite in the second quarter valued at approximately $93,000. 73.40% of the stock is currently owned by hedge funds and other 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.