Benchmark Reiterates “Buy” Rating for Magnite (NASDAQ:MGNI)

Benchmark reissued their buy rating on shares of Magnite (NASDAQ:MGNI) in a report published on Wednesday, Benzinga reports. They currently have a $21.00 price objective on the stock.

Several other equities analysts have also recently weighed in on the company. Lake Street Capital started coverage on Magnite in a report on Thursday, July 25th. They issued a buy rating and a $21.00 price objective for the company. Bank of America lifted their price objective on Magnite from $15.00 to $17.00 and gave the company a buy rating in a report on Monday, July 29th. Royal Bank of Canada lifted their price objective on Magnite from $17.00 to $19.00 and gave the company an outperform rating in a report on Wednesday, June 5th. Needham & Company LLC reissued a buy rating and set a $15.00 price target on shares of Magnite in a report on Tuesday, July 9th. Finally, Craig Hallum reissued a buy rating and set a $20.00 price target on shares of Magnite in a report on Wednesday, August 21st. Ten research analysts have rated the stock with a buy rating, According to MarketBeat.com, Magnite has an average rating of Buy and a consensus target price of $17.25.

Magnite Stock Performance

MGNI opened at $12.96 on Wednesday. The business has a fifty day simple moving average of $13.65 and a 200 day simple moving average of $12.12. The company has a market capitalization of $1.83 billion, a PE ratio of -20.25, a price-to-earnings-growth ratio of 1.22 and a beta of 2.41. Magnite has a 1 year low of $6.28 and a 1 year high of $15.92. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.10 and a quick ratio of 1.10.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.01). The firm had revenue of $162.88 million during the quarter, compared to the consensus estimate of $144.04 million. Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.04) earnings per share. Research analysts expect that Magnite will post 0.31 EPS for the current year.

Insider Buying and Selling at Magnite

In other Magnite news, CRO Sean Patrick Buckley sold 19,607 shares of the company’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $14.50, for a total value of $284,301.50. Following the sale, the executive now owns 363,615 shares in the company, valued at approximately $5,272,417.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Adam Lee Soroca sold 7,910 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $12.59, for a total transaction of $99,586.90. Following the transaction, the insider now directly owns 436,001 shares of the company’s stock, valued at approximately $5,489,252.59. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CRO Sean Patrick Buckley sold 19,607 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $14.50, for a total value of $284,301.50. Following the transaction, the executive now directly owns 363,615 shares in the company, valued at $5,272,417.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 250,383 shares of company stock worth $3,519,150. Insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Cape Investment Advisory Inc. purchased a new stake in shares of Magnite during the fourth quarter valued at approximately $25,000. UMB Bank n.a. increased its position in shares of Magnite by 111.8% during the second quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock valued at $30,000 after acquiring an additional 1,188 shares during the last quarter. Asset Dedication LLC purchased a new stake in shares of Magnite during the second quarter valued at approximately $52,000. Blue Trust Inc. purchased a new stake in shares of Magnite during the second quarter valued at approximately $56,000. Finally, Benjamin F. Edwards & Company Inc. increased its position in shares of Magnite by 973.5% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock valued at $58,000 after acquiring an additional 3,972 shares during the last quarter. 73.40% of the stock is owned by institutional investors and hedge funds.

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.