Wall Street Zen Upgrades Magnite (NASDAQ:MGNI) to Buy

Magnite (NASDAQ:MGNI) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday.

MGNI has been the topic of several other reports. Craig Hallum set a $24.00 price objective on shares of Magnite and gave the stock a “buy” rating in a report on Tuesday, May 20th. Royal Bank Of Canada decreased their price target on Magnite from $22.00 to $19.00 and set an “outperform” rating on the stock in a research note on Friday, May 2nd. Rosenblatt Securities reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Magnite in a research note on Thursday, May 8th. Benchmark cut their price objective on Magnite from $25.00 to $24.00 and set a “buy” rating on the stock in a report on Thursday, May 8th. Finally, Lake Street Capital lowered their target price on Magnite from $21.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, May 8th. One 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 stock has an average rating of “Moderate Buy” and an average target price of $19.58.

Magnite Trading Down 0.5%

Shares of Magnite stock opened at $18.72 on Friday. The firm has a market capitalization of $2.64 billion, a price-to-earnings ratio of 93.60, a PEG ratio of 1.53 and a beta of 2.87. Magnite has a fifty-two week low of $8.22 and a fifty-two week high of $21.29. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.98 and a current ratio of 0.98. The stock has a 50 day moving average of $14.85 and a 200 day moving average of $15.20.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 EPS for the quarter, beating the consensus estimate of $0.06 by $0.06. The business had revenue of $145.85 million for the quarter, compared to analyst estimates of $142.18 million. Magnite had a return on equity of 6.71% and a net margin of 4.58%. The company’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.05 EPS. As a group, research analysts predict that Magnite will post 0.33 earnings per share for the current year.

Insider Transactions at Magnite

In other news, CAO Brian Gephart sold 6,334 shares of Magnite stock in a transaction on Monday, May 12th. The shares were sold at an average price of $16.16, for a total transaction of $102,357.44. Following the completion of the sale, the chief accounting officer now directly owns 126,575 shares of the company’s stock, valued at approximately $2,045,452. The trade was a 4.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO David Day sold 38,146 shares of the business’s stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $18.95, for a total transaction of $722,866.70. Following the transaction, the chief financial officer now owns 443,528 shares of the company’s stock, valued at approximately $8,404,855.60. The trade was a 7.92% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 420,224 shares of company stock valued at $7,576,098. 4.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MGNI. Rhumbline Advisers raised its position in shares of Magnite by 4.4% during the 1st quarter. Rhumbline Advisers now owns 192,502 shares of the company’s stock worth $2,196,000 after acquiring an additional 8,171 shares in the last quarter. Strs Ohio acquired a new stake in Magnite during the first quarter worth approximately $544,000. Intech Investment Management LLC raised its holdings in Magnite by 103.6% during the first quarter. Intech Investment Management LLC now owns 109,992 shares of the company’s stock worth $1,255,000 after purchasing an additional 55,971 shares in the last quarter. Bayforest Capital Ltd lifted its position in shares of Magnite by 608.6% during the 1st quarter. Bayforest Capital Ltd now owns 17,835 shares of the company’s stock worth $203,000 after buying an additional 15,318 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Magnite by 9.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 404,717 shares of the company’s stock worth $4,618,000 after buying an additional 36,097 shares during the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

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.