Magnite (NASDAQ:MGNI) Earns “Buy” Rating from Benchmark

Benchmark reissued their buy rating on shares of Magnite (NASDAQ:MGNI) in a research report report published on Wednesday morning, Benzinga reports. Benchmark currently has a $21.00 target price on the stock.

Several other research firms also recently commented on MGNI. Wolfe Research began coverage on shares of Magnite in a research report on Tuesday, July 16th. They set an outperform rating and a $16.00 target price on the stock. Lake Street Capital initiated coverage on Magnite in a research report on Thursday, July 25th. They issued a buy rating and a $21.00 price target on the stock. Craig Hallum restated a buy rating and set a $20.00 price objective on shares of Magnite in a research report on Wednesday, August 21st. Needham & Company LLC reaffirmed a buy rating and issued a $15.00 price objective on shares of Magnite in a research note on Wednesday. Finally, Bank of America increased their target price on shares of Magnite from $15.00 to $17.00 and gave the company a buy rating in a research report on Monday, July 29th. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of Buy and an average target price of $17.25.

Magnite Price Performance

Magnite stock opened at $12.30 on Wednesday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.10 and a current ratio of 1.10. Magnite has a 52 week low of $6.28 and a 52 week high of $15.92. The stock has a market capitalization of $1.72 billion, a P/E ratio of -19.22, a price-to-earnings-growth ratio of 1.19 and a beta of 2.41. The stock has a fifty day moving average of $13.25 and a 200-day moving average of $12.21.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, August 7th. The company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). The company had revenue of $162.88 million during the quarter, compared to the consensus estimate of $144.04 million. Magnite had a positive return on equity of 3.74% and a negative net margin of 0.83%. The firm’s revenue was up 6.8% compared to the same quarter last year. During the same period last year, the company posted ($0.04) EPS. On average, sell-side analysts expect that Magnite will post 0.31 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Michael G. Barrett sold 100,000 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $15.00, for a total transaction of $1,500,000.00. Following the transaction, the chief executive officer now directly owns 1,052,493 shares of the company’s stock, valued at $15,787,395. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Michael G. Barrett sold 100,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now owns 1,052,493 shares in the company, valued at $15,787,395. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CRO Sean Patrick Buckley sold 2,623 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $12.53, for a total value of $32,866.19. Following the transaction, the executive now directly owns 331,742 shares in the company, valued at $4,156,727.26. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 250,383 shares of company stock worth $3,519,150 in the last quarter. 4.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Magnite

Several large investors have recently added to or reduced their stakes in the business. Norges Bank bought a new stake in Magnite during the 4th quarter worth approximately $8,164,000. Granite Investment Partners LLC purchased a new position in shares of Magnite during the second quarter valued at approximately $11,227,000. Driehaus Capital Management LLC bought a new stake in Magnite during the second quarter worth $9,938,000. Grizzlyrock Capital LLC purchased a new stake in Magnite in the 4th quarter valued at $6,656,000. Finally, Marshall Wace LLP lifted its stake in Magnite by 59.0% during the 2nd quarter. Marshall Wace LLP now owns 1,559,520 shares of the company’s stock valued at $20,726,000 after acquiring an additional 578,678 shares in the last quarter. 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.