Magnite’s (MGNI) “Buy” Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities reaffirmed their buy rating on shares of Magnite (NASDAQ:MGNI) in a research report report published on Friday,Benzinga reports. They currently have a $40.00 target price on the stock.

A number of other equities analysts have also issued reports on the stock. Benchmark raised their target price on shares of Magnite from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. B. Riley Financial upped their price target on shares of Magnite from $27.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, September 18th. Craig Hallum reiterated a “buy” rating and set a $32.00 price target on shares of Magnite in a research note on Thursday, September 17th. Weiss Ratings reiterated a “hold (c)” rating on shares of Magnite in a research note on Friday, August 7th. Finally, Evercore reissued an “outperform” rating and set a $25.00 price objective on shares of Magnite in a research report on Thursday, August 6th. Ten investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $29.36.

Magnite Stock Performance

Shares of Magnite stock opened at $24.73 on Friday. 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 has a 52 week low of $10.82 and a 52 week high of $26.84. The firm’s 50 day moving average is $23.49 and its two-hundred day moving average is $18.09. The firm has a market capitalization of $3.55 billion, a P/E ratio of 22.69, a P/E/G ratio of 0.81 and a beta of 2.33.

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

Insider Transactions at Magnite

In other Magnite news, Director Douglas Knopper sold 37,337 shares of the stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $22.72, for a total value of $848,296.64. Following the completion of the transaction, the director owned 88,473 shares in the company, valued at approximately $2,010,106.56. This represents a 29.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed 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 company’s stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $23.63, for a total transaction of $762,894.55. Following the transaction, the insider directly owned 466,897 shares in the company, valued at approximately $11,032,776.11. This trade represents a 6.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 693,216 shares of company stock valued at $16,210,493 in the last three months. Insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Magnite

Hedge funds and other institutional investors have recently modified their holdings of the stock. Versant Capital Management Inc grew its holdings in shares of Magnite by 20.1% in the 3rd quarter. Versant Capital Management Inc now owns 5,662 shares of the company’s stock worth $143,000 after acquiring an additional 947 shares during the period. Tidal Investments LLC raised its holdings in Magnite by 24.0% during the second quarter. Tidal Investments LLC now owns 165,838 shares of the company’s stock worth $3,148,000 after purchasing an additional 32,074 shares during the last quarter. WINTON GROUP Ltd acquired a new position in Magnite during the second quarter worth $2,314,000. Allworth Financial LP raised its holdings in Magnite by 63.7% during the second quarter. Allworth Financial LP now owns 1,567 shares of the company’s stock worth $30,000 after purchasing an additional 610 shares during the last quarter. Finally, Nykredit A S purchased a new stake in Magnite during the second quarter worth $25,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

About Magnite

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.