Royal Bank of Canada Reaffirms “Outperform” Rating for Magnite (NASDAQ:MGNI)

Magnite (NASDAQ:MGNI)‘s stock had its “outperform” rating restated by research analysts at Royal Bank of Canada in a report released on Friday, Benzinga reports. They currently have a $19.00 price objective on the stock. Royal Bank of Canada’s target price would suggest a potential upside of 38.48% from the stock’s previous close.

Several other research analysts also recently weighed in on the company. Bank of America lifted their target price on Magnite from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Lake Street Capital began coverage on shares of Magnite in a research report on Thursday, July 25th. They issued a “buy” rating and a $21.00 price objective on the stock. Wolfe Research started coverage on shares of Magnite in a research report on Tuesday, July 16th. They set an “outperform” rating and a $16.00 price objective for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $15.00 target price on shares of Magnite in a report on Tuesday, July 9th. Finally, Evercore ISI boosted 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. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Magnite has a consensus rating of “Buy” and a consensus target price of $17.25.

Magnite Stock Up 5.2 %

Shares of NASDAQ:MGNI opened at $13.72 on Friday. Magnite has a 1-year low of $6.28 and a 1-year high of $15.92. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.10 and a quick ratio of 1.10. The stock has a market cap of $1.94 billion, a P/E ratio of -21.44, a P/E/G ratio of 1.15 and a beta of 2.41. The firm has a fifty day moving average price of $13.46 and a 200 day moving average price of $12.18.

Magnite (NASDAQ:MGNI) last announced its earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.01). The business 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 quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter last year, the company posted ($0.04) EPS. Sell-side analysts predict that Magnite will post 0.31 EPS for the current year.

Insider Buying and Selling

In other Magnite news, CEO Michael G. Barrett sold 100,000 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $15.00, for a total value of $1,500,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,052,493 shares of the company’s stock, valued at $15,787,395. The sale was disclosed in a filing with the SEC, which is available at this link. In other Magnite news, CEO Michael G. Barrett sold 100,000 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $15.00, for a total transaction of $1,500,000.00. Following the sale, the chief executive officer now directly owns 1,052,493 shares in the company, valued at $15,787,395. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO David Day sold 19,077 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $15.00, for a total value of $286,155.00. Following the completion of the transaction, the chief financial officer now owns 430,755 shares of the company’s stock, valued at approximately $6,461,325. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 250,383 shares of company stock valued at $3,519,150. Corporate insiders own 4.30% of the company’s stock.

Institutional Trading of Magnite

Institutional investors and hedge funds have recently modified their holdings of the business. Charles Schwab Investment Management Inc. lifted its position in shares of Magnite by 1.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 975,662 shares of the company’s stock valued at $9,113,000 after acquiring an additional 16,062 shares in the last quarter. Norges Bank acquired a new position in Magnite in the 4th quarter valued at about $8,164,000. Capstone Investment Advisors LLC lifted its holdings in Magnite by 26.4% in the 4th quarter. Capstone Investment Advisors LLC now owns 42,349 shares of the company’s stock valued at $396,000 after purchasing an additional 8,833 shares in the last quarter. Burgundy Asset Management Ltd. boosted its stake in shares of Magnite by 3.2% during the 4th quarter. Burgundy Asset Management Ltd. now owns 2,431,110 shares of the company’s stock worth $22,707,000 after purchasing an additional 75,852 shares during the last quarter. Finally, Roumell Asset Management LLC grew its holdings in shares of Magnite by 14.7% during the fourth quarter. Roumell Asset Management LLC now owns 622,511 shares of the company’s stock worth $5,814,000 after buying an additional 80,000 shares in the last quarter. 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.