Magnite’s (MGNI) Buy Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities reissued their buy rating on shares of Magnite (NASDAQ:MGNI) in a report issued on Friday morning,Benzinga reports. The brokerage currently has a $39.00 target price on the stock.

MGNI has been the topic of a number of other reports. Needham & Company LLC boosted their price objective on Magnite from $18.00 to $25.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Wells Fargo & Company lifted their price target on shares of Magnite from $13.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 8th. Royal Bank Of Canada boosted their price target on shares of Magnite from $19.00 to $27.00 and gave the company an “outperform” rating in a report on Thursday, July 31st. Susquehanna increased their price objective on shares of Magnite from $22.00 to $28.00 and gave the company a “positive” rating in a research note on Thursday, August 7th. Finally, Benchmark lifted their target price on shares of Magnite from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Ten equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $25.82.

Magnite Stock Performance

NASDAQ:MGNI opened at $22.14 on Friday. The firm’s 50-day moving average is $23.66 and its 200-day moving average is $18.53. The company has a market cap of $3.15 billion, a price-to-earnings ratio of 76.35, a PEG ratio of 1.52 and a beta of 3.05. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.00. Magnite has a 52-week low of $8.22 and a 52-week high of $26.65.

Magnite (NASDAQ:MGNI) last released its earnings results on Wednesday, August 6th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.03. Magnite had a net margin of 6.30% and a return on equity of 8.07%. The business had revenue of $162.00 million during the quarter, compared to analysts’ expectations of $157.05 million. During the same quarter last year, the company earned $0.14 earnings per share. The firm’s revenue was up 6.4% on a year-over-year basis. Equities research analysts anticipate that Magnite will post 0.33 earnings per share for the current year.

Insider Activity at Magnite

In other news, Director Diane Yu sold 20,000 shares of the business’s stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $25.23, for a total value of $504,600.00. Following the sale, the director owned 67,481 shares in the company, valued at approximately $1,702,545.63. The trade was a 22.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Brian Gephart sold 27,671 shares of the stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $24.71, for a total transaction of $683,750.41. Following the sale, the chief accounting officer owned 92,898 shares of the company’s stock, valued at $2,295,509.58. This trade represents a 22.95% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 441,759 shares of company stock valued at $10,709,869. Insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Cambridge Investment Research Advisors Inc. increased its holdings in Magnite by 74.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 51,815 shares of the company’s stock valued at $591,000 after purchasing an additional 22,131 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Magnite by 54.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 44,947 shares of the company’s stock worth $513,000 after purchasing an additional 15,762 shares during the last quarter. Calamos Advisors LLC grew its holdings in shares of Magnite by 85.7% during the first quarter. Calamos Advisors LLC now owns 65,275 shares of the company’s stock worth $745,000 after purchasing an additional 30,132 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Magnite by 1.0% in the first quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company’s stock valued at $156,814,000 after buying an additional 138,417 shares in the last quarter. Finally, Brown Advisory Inc. bought a new position in shares of Magnite in the first quarter valued at about $290,000. 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.