Magnite (NASDAQ:MGNI) Given “Buy” Rating at Benchmark

Benchmark reissued their buy rating on shares of Magnite (NASDAQ:MGNI) in a research note issued to investors on Monday,Benzinga reports. Benchmark currently has a $25.00 price objective on the stock.

Several other analysts have also issued reports on the stock. Needham & Company LLC restated a “buy” rating and issued a $20.00 price target on shares of Magnite in a research report on Thursday, February 27th. Wolfe Research lifted their target price on Magnite from $14.00 to $19.00 and gave the stock an “outperform” rating in a research report on Friday, January 3rd. Wells Fargo & Company upped their price target on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. Scotiabank assumed coverage on Magnite in a research report on Thursday, December 5th. They issued a “sector outperform” rating and a $22.00 price objective for the company. Finally, Susquehanna boosted their price objective on Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a research report on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $19.27.

Magnite Stock Down 6.1 %

MGNI stock opened at $12.30 on Monday. The stock has a market capitalization of $1.76 billion, a price-to-earnings ratio of 205.00, a price-to-earnings-growth ratio of 1.00 and a beta of 2.79. The company has a 50-day moving average of $16.99 and a two-hundred day moving average of $15.27. Magnite has a 52-week low of $8.38 and a 52-week 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.

Magnite (NASDAQ:MGNI) last announced its earnings results 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 business 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 research analysts anticipate that Magnite will post 0.33 EPS for the current year.

Insider Activity

In other news, CTO David Buonasera sold 1,969 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $16.31, for a total value of $32,114.39. Following the transaction, the chief technology officer now directly owns 223,795 shares of the company’s stock, valued at $3,650,096.45. The trade was a 0.87 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO David Day sold 11,644 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $16.44, for a total value of $191,427.36. Following the sale, the chief financial officer now owns 400,859 shares in the company, valued at approximately $6,590,121.96. This trade represents a 2.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 271,863 shares of company stock worth $5,169,262. Corporate insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in MGNI. Principal Financial Group Inc. grew its holdings in Magnite by 552.2% during the 3rd quarter. Principal Financial Group Inc. now owns 107,515 shares of the company’s stock worth $1,489,000 after acquiring an additional 91,031 shares during the last quarter. Verdence Capital Advisors LLC grew its stake in shares of Magnite by 4.8% during the third quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company’s stock valued at $268,000 after purchasing an additional 892 shares during the last quarter. Versor Investments LP increased its holdings in shares of Magnite by 61.5% in the third quarter. Versor Investments LP now owns 19,700 shares of the company’s stock valued at $273,000 after purchasing an additional 7,500 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Magnite by 2.9% in the third quarter. Victory Capital Management Inc. now owns 1,340,705 shares of the company’s stock valued at $18,569,000 after purchasing an additional 37,601 shares in the last quarter. Finally, Parametrica Management Ltd bought a new position in Magnite in the 3rd quarter worth approximately $177,000. 73.40% of the stock is owned by institutional investors.

About Magnite

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.