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

Key Points

• Magnite (NASDAQ:MGNI) has received a **"buy" rating** from Rosenblatt Securities, with a target price of **$39.00**, indicating a potential upside of **73.49%** from its current price.
• The company reported **$162 million in revenue** for its latest quarter, exceeding estimates, with a year-over-year revenue increase of **6.4%**.
• Insiders have sold nearly **1 million shares** in the past quarter, representing a **significant divestment**, but the stock is still favored by the majority of analysts, receiving a consensus **"Moderate Buy"** rating.

Magnite (NASDAQ:MGNI - Get Free Report)'s stock had its "buy" rating restated by Rosenblatt Securities in a research report issued on Thursday,Benzinga reports. They currently have a $39.00 target price on the stock. Rosenblatt Securities' price objective would suggest a potential upside of 75.98% from the stock's previous close.

MGNI has been the topic of several other reports. Susquehanna increased their target price on Magnite from $22.00 to $28.00 and gave the stock a "positive" rating in a research report on Thursday. Wall Street Zen raised Magnite from a "hold" rating to a "buy" rating in a research report on Sunday, July 13th. Needham & Company LLC increased their target price on Magnite from $14.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Craig Hallum set a $24.00 target price on Magnite and gave the stock a "buy" rating in a research report on Tuesday, May 20th. Finally, Benchmark increased their target price on Magnite from $24.00 to $30.00 and gave the stock a "buy" rating in a research report on Tuesday, July 22nd. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $25.82.

Magnite Stock Down 1.4%

Shares of Magnite stock traded down $0.31 on Thursday, hitting $22.16. 1,044,086 shares of the company's stock traded hands, compared to its average volume of 2,693,175. The stock has a market cap of $3.16 billion, a P/E ratio of 76.40, a PEG ratio of 1.65 and a beta of 3.05. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.45. The firm's 50-day moving average is $21.37 and its 200 day moving average is $16.82. Magnite has a 52-week low of $8.22 and a 52-week high of $25.27.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.03. Magnite had a return on equity of 8.07% and a net margin of 6.30%. The firm had revenue of $162.00 million for the quarter, compared to analysts' expectations of $157.05 million. During the same period last year, the business posted $0.14 earnings per share. The firm's revenue for the quarter was up 6.4% on a year-over-year basis. Equities analysts anticipate that Magnite will post 0.33 earnings per share for the current year.

Insider Activity

In related news, insider Adam Lee Soroca sold 44,519 shares of the stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $20.00, for a total value of $890,380.00. Following the completion of the transaction, the insider owned 400,927 shares in the company, valued at $8,018,540. This trade represents a 9.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Katie Seitz Evans sold 35,000 shares of the stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $17.36, for a total value of $607,600.00. Following the completion of the transaction, the insider owned 442,788 shares of the company's stock, valued at $7,686,799.68. This trade represents a 7.33% decrease in their position. The disclosure for this sale can be found here. Insiders sold 952,893 shares of company stock valued at $18,751,664 over the last quarter. Insiders own 4.30% of the company's stock.

Hedge Funds Weigh In On Magnite

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Cambridge Investment Research Advisors Inc. boosted its position in Magnite by 74.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 51,815 shares of the company's stock worth $591,000 after acquiring an additional 22,131 shares during the period. Allspring Global Investments Holdings LLC boosted its position in Magnite by 54.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 44,947 shares of the company's stock worth $513,000 after acquiring an additional 15,762 shares during the period. JPMorgan Chase & Co. boosted its position in Magnite by 5.9% during the 4th quarter. JPMorgan Chase & Co. now owns 1,511,439 shares of the company's stock worth $24,062,000 after acquiring an additional 84,497 shares during the period. Calamos Advisors LLC boosted its position in Magnite by 85.7% during the 1st quarter. Calamos Advisors LLC now owns 65,275 shares of the company's stock worth $745,000 after acquiring an additional 30,132 shares during the period. Finally, Brown Advisory Inc. acquired a new stake in Magnite during the 1st quarter worth about $290,000. 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.