Rosenblatt Securities Reaffirms "Buy" Rating for Magnite (NASDAQ:MGNI)

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 reiterated by equities researchers at Rosenblatt Securities in a report issued on Thursday,Benzinga reports. They presently have a $39.00 price target on the stock. Rosenblatt Securities' target price indicates a potential upside of 73.56% from the company's previous close.

A number of other research analysts have also recently weighed in on the stock. Lake Street Capital dropped their price objective on shares of Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Royal Bank Of Canada raised their price target on Magnite from $19.00 to $27.00 and gave the stock an "outperform" rating in a research report on Thursday, July 31st. Wells Fargo & Company upped their price objective on Magnite from $13.00 to $24.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. Needham & Company LLC increased their price objective on Magnite from $14.00 to $18.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Finally, Wall Street Zen raised shares of Magnite from a "hold" rating to a "buy" rating in a research note on Sunday, July 13th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, Magnite has an average rating of "Moderate Buy" and an average target price of $25.82.

Magnite Price Performance

Shares of NASDAQ:MGNI traded up $0.72 during midday trading on Thursday, hitting $22.47. 4,302,281 shares of the stock were exchanged, compared to its average volume of 2,781,658. Magnite has a twelve month low of $8.22 and a twelve month high of $25.27. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.47. The company has a 50 day moving average price of $21.37 and a 200-day moving average price of $16.82. The stock has a market cap of $3.17 billion, a P/E ratio of 77.49, a PEG ratio of 1.78 and a beta of 3.05.

Magnite (NASDAQ:MGNI - Get Free Report) last posted 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. The firm had revenue of $162.00 million during the quarter, compared to the consensus estimate of $157.05 million. Magnite had a net margin of 6.30% and a return on equity of 8.13%. The firm's revenue for the quarter was up 6.4% on a year-over-year basis. During the same period last year, the firm posted $0.14 EPS. On average, research analysts forecast that Magnite will post 0.33 earnings per share for the current year.

Insider Transactions at Magnite

In other news, insider Katie Seitz Evans sold 35,000 shares of the company's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $17.36, for a total transaction 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 represents a 7.33% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO David Day sold 38,146 shares of the stock in a transaction dated 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 owned 443,528 shares in the company, valued at approximately $8,404,855.60. The trade was a 7.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 959,227 shares of company stock valued at $18,854,021. Corporate insiders own 3.80% of the company's stock.

Hedge Funds Weigh In On Magnite

Several institutional investors and hedge funds have recently bought and sold shares of MGNI. GAMMA Investing LLC boosted its holdings in shares of Magnite by 355.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,517 shares of the company's stock valued at $37,000 after purchasing an additional 1,184 shares during the last quarter. CWM LLC raised its position in shares of Magnite by 133.6% in the 2nd quarter. CWM LLC now owns 1,775 shares of the company's stock worth $43,000 after buying an additional 1,015 shares during the period. MCF Advisors LLC boosted its holdings in Magnite by 2,100.0% in the first quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock valued at $25,000 after acquiring an additional 2,100 shares during the last quarter. MTM Investment Management LLC acquired a new position in Magnite in the second quarter valued at $58,000. Finally, Nisa Investment Advisors LLC grew its position in Magnite by 66.0% during the second quarter. Nisa Investment Advisors LLC now owns 2,780 shares of the company's stock valued at $67,000 after acquiring an additional 1,105 shares during the period. Institutional investors and hedge funds own 73.40% of the company's stock.

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.