Magnite (NASDAQ:MGNI) Stock Rating Reaffirmed as “Buy” by Rosenblatt Securities

Magnite (NASDAQ:MGNI)‘s stock had its “buy” rating reissued by Rosenblatt Securities in a research note issued to investors on Friday, Benzinga reports. They currently have a $40.00 target price on the stock. Rosenblatt Securities’ price target points to a potential upside of 57.91% from the stock’s previous close.

Other analysts also recently issued reports about the company. Needham & Company LLC raised their price target on Magnite from $25.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, September 3rd. Craig Hallum reiterated a “buy” rating and set a $32.00 target price on shares of Magnite in a research report on Thursday, September 17th. Evercore reiterated an “outperform” rating and set a $25.00 target price on shares of Magnite in a research report on Thursday, August 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a research report on Friday, August 7th. Finally, Royal Bank Of Canada lifted their target price on Magnite from $20.00 to $27.00 and gave the stock an “outperform” rating in a research report on Thursday, August 6th. Ten equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Magnite has an average rating of “Moderate Buy” and a consensus target price of $29.36.

Magnite Trading Up 2.4%

MGNI traded up $0.60 during trading on Friday, reaching $25.33. The company had a trading volume of 131,156 shares, compared to its average volume of 2,532,675. The stock has a market cap of $3.63 billion, a P/E ratio of 23.21, a PEG ratio of 0.81 and a beta of 2.33. The business has a 50 day simple moving average of $23.49 and a 200-day simple moving average of $18.09. Magnite has a 52 week low of $10.82 and a 52 week high of $26.84. The company has a quick ratio of 1.03, a current ratio of 1.02 and a debt-to-equity ratio of 0.37.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. The company had revenue of $192.82 million during the quarter, compared to the consensus estimate of $179.15 million. Magnite had a return on equity of 9.33% and a net margin of 22.49%.Magnite’s revenue was up 11.3% on a year-over-year basis. During the same period last year, the company earned $0.20 earnings per share. On average, equities analysts anticipate that Magnite will post 0.61 EPS for the current fiscal year.

Insider Activity

In other news, insider Sean Buckley sold 67,179 shares of the firm’s stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $24.49, for a total transaction of $1,645,213.71. Following the transaction, the insider owned 315,805 shares in the company, valued at approximately $7,734,064.45. This trade represents a 17.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Katie Evans sold 32,285 shares of the firm’s stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $23.63, for a total value of $762,894.55. Following the transaction, the insider owned 466,897 shares in the company, valued at approximately $11,032,776.11. This represents a 6.47% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 693,216 shares of company stock valued at $16,210,493. Company insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Magnite

Several institutional investors have recently made changes to their positions in MGNI. BlackRock Inc. purchased a new position in Magnite in the second quarter valued at about $241,296,000. Capital Research Global Investors grew its stake in Magnite by 85.0% in the fourth quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock valued at $209,696,000 after purchasing an additional 5,937,428 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in Magnite in the second quarter valued at about $56,847,000. Dimensional Fund Advisors LP grew its stake in Magnite by 10.2% in the first quarter. Dimensional Fund Advisors LP now owns 3,983,674 shares of the company’s stock valued at $47,322,000 after purchasing an additional 367,854 shares during the last quarter. Finally, 325 Capital LLC grew its stake in Magnite by 208.5% in the fourth quarter. 325 Capital LLC now owns 2,005,387 shares of the company’s stock valued at $32,547,000 after purchasing an additional 1,355,326 shares during the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Magnite Company Profile

Magnite, Inc is an independent sell-side advertising technology company that helps publishers, broadcasters and other content owners monetize digital advertising inventory. Its platform connects sellers of advertising space with brands, agencies and demand-side platforms, facilitating the automated buying and selling of ads across connected television (CTV), streaming video, mobile applications, websites, audio and digital out-of-home media.

The company offers tools for managing, packaging and selling advertising inventory, including programmatic auctions, direct and private marketplace transactions, audience targeting, yield optimization and measurement.