Magnite (NASDAQ:MGNI) Earns Buy Rating from Benchmark

Benchmark reiterated their buy rating on shares of Magnite (NASDAQ:MGNI) in a research note released on Wednesday morning, Benzinga reports. The firm currently has a $21.00 price objective on the stock.

Several other equities analysts also recently commented on MGNI. Needham & Company LLC reaffirmed a buy rating and set a $15.00 price objective on shares of Magnite in a research note on Tuesday, July 9th. Wolfe Research began coverage on shares of Magnite in a research note on Tuesday, July 16th. They issued an outperform rating and a $16.00 price target for the company. Evercore ISI increased their price target on shares of Magnite from $13.00 to $15.00 and gave the stock an outperform rating in a research note on Monday, June 3rd. Craig Hallum reissued a buy rating and issued a $20.00 price target on shares of Magnite in a research note on Wednesday, August 21st. Finally, Lake Street Capital began coverage on shares of Magnite in a research note on Thursday, July 25th. They issued a buy rating and a $21.00 price target for the company. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of Buy and an average price target of $17.25.

Magnite Stock Performance

Shares of NASDAQ:MGNI opened at $12.96 on Wednesday. The company has a market cap of $1.83 billion, a price-to-earnings ratio of -20.25, a price-to-earnings-growth ratio of 1.22 and a beta of 2.41. The company has a 50-day moving average price of $13.65 and a 200-day moving average price of $12.11. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.77. Magnite has a 12 month low of $6.28 and a 12 month high of $15.92.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.14 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 the consensus estimate of $144.04 million. Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The business’s revenue was up 6.8% on a year-over-year basis. During the same period last year, the company posted ($0.04) earnings per share. As a group, equities analysts anticipate that Magnite will post 0.31 EPS for the current year.

Insiders Place Their Bets

In other news, CRO Sean Patrick Buckley sold 2,623 shares of the stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $12.53, for a total transaction of $32,866.19. Following the sale, the executive now owns 331,742 shares in the company, valued at $4,156,727.26. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, CRO Sean Patrick Buckley sold 2,623 shares of the stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $12.53, for a total transaction of $32,866.19. Following the sale, the executive now owns 331,742 shares in the company, valued at $4,156,727.26. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Adam Lee Soroca sold 7,910 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $12.59, for a total transaction of $99,586.90. Following the completion of the sale, the insider now owns 436,001 shares in the company, valued at approximately $5,489,252.59. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 250,383 shares of company stock worth $3,519,150. 4.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Magnite

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Arizona State Retirement System boosted its holdings in Magnite by 3.4% in the second quarter. Arizona State Retirement System now owns 35,256 shares of the company’s stock worth $469,000 after purchasing an additional 1,160 shares during the last quarter. UMB Bank n.a. raised its position in Magnite by 111.8% in the second quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock worth $30,000 after acquiring an additional 1,188 shares during the period. Fulton Bank N.A. raised its position in shares of Magnite by 8.1% during the 1st quarter. Fulton Bank N.A. now owns 22,003 shares of the company’s stock valued at $237,000 after purchasing an additional 1,653 shares during the period. Moody National Bank Trust Division raised its position in shares of Magnite by 2.4% during the 2nd quarter. Moody National Bank Trust Division now owns 75,367 shares of the company’s stock valued at $1,002,000 after purchasing an additional 1,783 shares during the period. Finally, ProShare Advisors LLC raised its position in shares of Magnite by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 24,325 shares of the company’s stock valued at $261,000 after purchasing an additional 1,914 shares during the period. Hedge funds and other institutional investors own 73.40% of the company’s stock.

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.