Magnite (NASDAQ:MGNI) Coverage Initiated by Analysts at B. Riley

B. Riley started coverage on shares of Magnite (NASDAQ:MGNI) in a research report sent to investors on Friday morning, Marketbeat reports. The brokerage issued a buy rating and a $14.50 price objective on the stock.

A number of other research firms have also issued reports on MGNI. Susquehanna upped their target price on shares of Magnite from $11.00 to $14.00 and gave the stock a positive rating in a report on Thursday, February 29th. Benchmark reissued a buy rating and set a $18.00 price target on shares of Magnite in a research report on Monday, March 25th. Royal Bank of Canada reissued an outperform rating and set a $15.00 price target on shares of Magnite in a research report on Thursday, March 7th. Bank of America boosted their price target on shares of Magnite from $11.00 to $13.00 and gave the company a neutral rating in a research report on Thursday, February 29th. Finally, Needham & Company LLC reissued a buy rating and set a $15.00 price target on shares of Magnite in a research report on Thursday, March 21st. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $14.39.

Magnite Stock Performance

Magnite stock opened at $8.46 on Friday. Magnite has a 52-week low of $6.28 and a 52-week high of $15.73. The company has a fifty day simple moving average of $10.32 and a 200-day simple moving average of $9.02. 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 released its earnings results on Wednesday, February 28th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $165.28 million during the quarter, compared to analyst estimates of $160.24 million. As a group, sell-side analysts predict that Magnite will post 0.47 EPS for the current year.

Insider Buying and Selling at Magnite

In other news, CEO Michael G. Barrett sold 75,000 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $11.21, for a total transaction of $840,750.00. Following the sale, the chief executive officer now owns 1,234,662 shares of the company’s stock, valued at $13,840,561.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Magnite

Several hedge funds have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC acquired a new stake in shares of Magnite during the first quarter worth about $340,000. Fulton Bank N.A. lifted its position in shares of Magnite by 8.1% during the first quarter. Fulton Bank N.A. now owns 22,003 shares of the company’s stock worth $237,000 after purchasing an additional 1,653 shares in the last quarter. Strategic Advocates LLC acquired a new stake in shares of Magnite during the first quarter worth about $190,000. Vanguard Group Inc. lifted its position in shares of Magnite by 1.7% during the fourth quarter. Vanguard Group Inc. now owns 12,651,675 shares of the company’s stock worth $118,167,000 after purchasing an additional 209,771 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in shares of Magnite by 1.8% during the fourth quarter. Wellington Management Group LLP now owns 2,939,541 shares of the company’s stock worth $27,455,000 after buying an additional 52,129 shares during the period. Institutional investors and hedge funds own 73.40% of the company’s stock.

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.