Magnite (NASDAQ:MGNI) Given Buy Rating at Benchmark

Magnite (NASDAQ:MGNI)‘s stock had its “buy” rating reissued by investment analysts at Benchmark in a research note issued to investors on Monday,Benzinga reports. They presently have a $25.00 price target on the stock. Benchmark’s price target points to a potential upside of 100.14% from the stock’s previous close.

A number of other research firms have also recently commented on MGNI. Royal Bank of Canada increased their price target on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Susquehanna boosted their price objective on Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a report on Thursday, February 27th. Wells Fargo & Company raised their price objective on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Thursday, January 16th. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 price target on shares of Magnite in a research report on Thursday, February 27th. Finally, Wolfe Research upped their price objective on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research note on Friday, January 3rd. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, Magnite presently has a consensus rating of “Moderate Buy” and an average target price of $19.27.

Magnite Stock Performance

Shares of NASDAQ MGNI traded down $0.61 during midday trading on Monday, reaching $12.49. The company’s stock had a trading volume of 513,231 shares, compared to its average volume of 2,509,926. The stock has a market capitalization of $1.79 billion, a P/E ratio of 207.95, a PEG ratio of 1.00 and a beta of 2.79. Magnite has a 12-month low of $8.38 and a 12-month high of $21.29. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a 50 day moving average price of $17.07 and a 200-day moving average price of $15.28.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings data on Wednesday, February 26th. The company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.14). The firm had revenue of $180.20 million for the quarter, compared to the consensus estimate of $183.90 million. Magnite had a net margin of 2.62% and a return on equity of 4.64%. As a group, equities analysts predict that Magnite will post 0.33 earnings per share for the current year.

Insider Activity at Magnite

In other Magnite news, CAO Brian Gephart sold 6,250 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $16.00, for a total value of $100,000.00. Following the sale, the chief accounting officer now directly owns 132,909 shares in the company, valued at approximately $2,126,544. This trade represents a 4.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Adam Lee Soroca sold 15,499 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $15.75, for a total transaction of $244,109.25. Following the sale, the insider now directly owns 458,386 shares of the company’s stock, valued at approximately $7,219,579.50. This represents a 3.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 271,863 shares of company stock worth $5,169,262. 4.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Magnite

Several hedge funds have recently bought and sold shares of MGNI. SBI Securities Co. Ltd. acquired a new stake in shares of Magnite during the 4th quarter valued at $25,000. Larson Financial Group LLC raised its stake in shares of Magnite by 179.2% during the 4th quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock worth $58,000 after purchasing an additional 2,341 shares in the last quarter. Quarry LP raised its stake in shares of Magnite by 446.8% during the 3rd quarter. Quarry LP now owns 5,517 shares of the company’s stock worth $76,000 after purchasing an additional 4,508 shares in the last quarter. Quantbot Technologies LP bought a new position in Magnite during the fourth quarter valued at approximately $87,000. Finally, Jones Financial Companies Lllp lifted its stake in Magnite by 20.6% in the fourth quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company’s stock valued at $93,000 after acquiring an additional 1,000 shares during the last quarter. 73.40% of the stock is owned by hedge funds and other institutional investors.

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.