Magnite (NASDAQ:MGNI) Stock Rating Upgraded by Wall Street Zen

Magnite (NASDAQ:MGNI) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a note issued to investors on Saturday.

Other analysts also recently issued research reports about the stock. Benchmark lifted their target price on shares of Magnite from $30.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, August 7th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $39.00 price objective on shares of Magnite in a report on Friday, September 26th. Wells Fargo & Company cut their target price on Magnite from $24.00 to $22.00 and set an “equal weight” rating for the company in a research note on Monday, October 6th. Needham & Company LLC lifted their price target on Magnite from $18.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday, August 7th. Finally, Scotiabank reiterated an “outperform” rating and issued a $30.00 price objective (up previously from $22.00) on shares of Magnite in a research report on Thursday, August 7th. Ten research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $25.64.

Magnite Trading Down 2.3%

Shares of MGNI stock opened at $17.88 on Friday. The company has a market capitalization of $2.55 billion, a P/E ratio of 61.66, a price-to-earnings-growth ratio of 1.23 and a beta of 3.02. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. The business’s 50 day moving average is $22.58 and its two-hundred day moving average is $19.25. Magnite has a twelve month low of $8.22 and a twelve month high of $26.65.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.03. The firm had revenue of $162.00 million during the quarter, compared to the consensus estimate of $157.05 million. Magnite had a return on equity of 8.07% and a net margin of 6.30%.The company’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same period last year, the company earned $0.14 earnings per share. Equities analysts forecast that Magnite will post 0.33 EPS for the current year.

Insiders Place Their Bets

In related news, CAO Brian Gephart sold 27,671 shares of the firm’s stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $24.71, for a total value of $683,750.41. Following the completion of the transaction, the chief accounting officer directly owned 92,898 shares of the company’s stock, valued at $2,295,509.58. This trade represents a 22.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Paul Caine sold 7,500 shares of the company’s stock in a transaction on Friday, September 19th. The shares were sold at an average price of $25.00, for a total value of $187,500.00. Following the completion of the sale, the director directly owned 158,603 shares in the company, valued at $3,965,075. This trade represents a 4.52% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 323,275 shares of company stock worth $7,877,776. 4.30% of the stock is owned by insiders.

Institutional Trading of Magnite

Several large investors have recently modified their holdings of the business. Smartleaf Asset Management LLC increased its holdings in Magnite by 20.5% in the 2nd quarter. Smartleaf Asset Management LLC now owns 3,387 shares of the company’s stock valued at $82,000 after purchasing an additional 577 shares in the last quarter. Winthrop Advisory Group LLC lifted its stake in shares of Magnite by 4.5% during the second quarter. Winthrop Advisory Group LLC now owns 14,000 shares of the company’s stock worth $338,000 after purchasing an additional 600 shares in the last quarter. CWM LLC boosted its position in shares of Magnite by 133.6% in the second quarter. CWM LLC now owns 1,775 shares of the company’s stock worth $43,000 after buying an additional 1,015 shares during the period. Nisa Investment Advisors LLC grew its stake in shares of Magnite by 66.0% in the second quarter. Nisa Investment Advisors LLC now owns 2,780 shares of the company’s stock valued at $67,000 after buying an additional 1,105 shares in the last quarter. Finally, Ameritas Investment Partners Inc. raised its holdings in shares of Magnite by 8.6% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 14,299 shares of the company’s stock valued at $345,000 after buying an additional 1,137 shares during the period. 73.40% of the stock is currently owned by institutional investors and hedge funds.

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.