Magnite (NASDAQ:MGNI) Coverage Initiated at Rosenblatt Securities

Rosenblatt Securities initiated coverage on shares of Magnite (NASDAQ:MGNI - Free Report) in a research report released on Tuesday morning, MarketBeat.com reports. The firm issued a buy rating and a $18.00 target price on the stock.

Several other equities research analysts have also issued reports on the stock. Needham & Company LLC restated a "buy" rating and issued a $14.00 target price on shares of Magnite in a report on Monday, April 21st. Susquehanna raised their price objective on shares of Magnite from $16.00 to $22.00 and gave the stock a "positive" rating in a research note on Thursday, February 27th. Wells Fargo & Company upped their target price on Magnite from $13.00 to $15.00 and gave the company an "equal weight" rating in a research note on Thursday, January 16th. Royal Bank of Canada raised their price target on Magnite from $19.00 to $22.00 and gave the stock an "outperform" rating in a research note on Friday, January 3rd. Finally, Wolfe Research boosted their price objective on Magnite from $14.00 to $19.00 and gave the company an "outperform" rating in a report on Friday, January 3rd. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $19.08.

Magnite Price Performance

Magnite stock traded up $0.05 during midday trading on Tuesday, reaching $11.94. 1,740,542 shares of the stock traded hands, compared to its average volume of 2,148,595. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. The stock has a market cap of $1.69 billion, a P/E ratio of 199.00, a PEG ratio of 1.00 and a beta of 2.69. Magnite has a 12 month low of $8.22 and a 12 month high of $21.29. The stock's fifty day moving average is $12.19 and its 200-day moving average is $14.79.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $0.25 EPS for the quarter, missing analysts' consensus estimates of $0.39 by ($0.14). Magnite had a net margin of 2.62% and a return on equity of 4.64%. The business had revenue of $180.20 million during the quarter, compared to the consensus estimate of $183.90 million. As a group, equities research analysts anticipate that Magnite will post 0.33 EPS for the current year.

Insider Activity at Magnite

In other news, Director Paul Caine sold 5,000 shares of the firm's stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $20.35, for a total value of $101,750.00. Following the completion of the transaction, the director now directly owns 182,837 shares in the company, valued at $3,720,732.95. This trade represents a 2.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Adam Lee Soroca sold 15,499 shares of Magnite stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $15.75, for a total transaction of $244,109.25. Following the sale, the insider now owns 458,386 shares of the company's stock, valued at approximately $7,219,579.50. The trade was a 3.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 244,905 shares of company stock valued at $4,718,855 over the last 90 days. Insiders own 4.30% of the company's stock.

Institutional Investors Weigh In On Magnite

Several hedge funds have recently added to or reduced their stakes in the business. Merit Financial Group LLC purchased a new stake in Magnite during the fourth quarter worth $586,000. Rice Hall James & Associates LLC acquired a new stake in shares of Magnite in the fourth quarter valued at approximately $3,000,000. Jennison Associates LLC purchased a new position in shares of Magnite during the 4th quarter worth $818,000. JPMorgan Chase & Co. boosted its holdings in Magnite by 5.9% in the 4th quarter. JPMorgan Chase & Co. now owns 1,511,439 shares of the company's stock valued at $24,062,000 after purchasing an additional 84,497 shares during the last quarter. Finally, Penbrook Management LLC grew its position in Magnite by 60.8% in the fourth quarter. Penbrook Management LLC now owns 38,480 shares of the company's stock worth $613,000 after acquiring an additional 14,550 shares during the period. 73.40% of the stock is owned by hedge funds and other institutional investors.

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.