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

Benchmark reaffirmed their buy rating on shares of Magnite (NASDAQ:MGNI) in a research report report published on Monday, Benzinga reports. They currently have a $18.00 target price on the stock.

A number of other equities analysts have also commented on MGNI. Needham & Company LLC reiterated a buy rating and issued a $15.00 price objective on shares of Magnite in a report on Thursday, March 21st. Royal Bank of Canada restated an outperform rating and issued a $15.00 target price on shares of Magnite in a research note on Thursday, March 7th. Bank of America upped their target price on shares of Magnite from $11.00 to $13.00 and gave the company a neutral rating in a research note on Thursday, February 29th. Susquehanna upped their target price on shares of Magnite from $11.00 to $14.00 and gave the company a positive rating in a research note on Thursday, February 29th. Finally, B. Riley upped their target price on shares of Magnite from $15.00 to $18.00 and gave the company a buy rating in a research note on Thursday, February 29th. Two research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus price target of $14.78.

Magnite Stock Down 0.9 %

Shares of NASDAQ MGNI opened at $10.38 on Monday. Magnite has a 52-week low of $6.28 and a 52-week high of $15.73. The firm has a fifty day moving average of $10.19 and a 200-day moving average of $8.80. The stock has a market capitalization of $1.41 billion, a PE ratio of -8.37 and a beta of 2.27. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.76.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings data on Wednesday, February 28th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.13. Magnite had a negative net margin of 25.69% and a positive return on equity of 2.52%. The company had revenue of $165.28 million during the quarter, compared to analysts’ expectations of $160.24 million.

Insider Activity at Magnite

In related news, CEO Michael G. Barrett sold 75,000 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $11.21, for a total value of $840,750.00. Following the completion of the sale, the chief executive officer now owns 1,234,662 shares in the company, valued at approximately $13,840,561.02. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 4.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Magnite

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MGNI. Dimensional Fund Advisors LP lifted its position in Magnite by 132.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,221,231 shares of the company’s stock worth $39,087,000 after buying an additional 2,403,904 shares in the last quarter. Burgundy Asset Management Ltd. purchased a new stake in Magnite in the 3rd quarter worth approximately $17,759,000. Rubric Capital Management LP lifted its position in Magnite by 80.7% in the 3rd quarter. Rubric Capital Management LP now owns 4,000,000 shares of the company’s stock worth $30,160,000 after buying an additional 1,785,978 shares in the last quarter. Driehaus Capital Management LLC lifted its position in Magnite by 297.9% in the 2nd quarter. Driehaus Capital Management LLC now owns 2,000,168 shares of the company’s stock worth $27,302,000 after buying an additional 1,497,537 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its position in Magnite by 9,584.5% in the 4th quarter. Victory Capital Management Inc. now owns 1,257,147 shares of the company’s stock worth $13,313,000 after buying an additional 1,244,166 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.