Magnite (NASDAQ:MGNI) Earns Buy Rating from Rosenblatt Securities

Key Points

• Rosenblatt Securities has restated its "buy" rating for Magnite (NASDAQ:MGNI) with a price target of $39.00, suggesting a potential upside of 73.95% from the current stock price.
• Magnite has received positive ratings from multiple analysts, with ten analysts issuing a "buy" rating and a consensus target price of $25.82.
• Following a recent quarterly earnings report, Magnite reported $162 million in revenue, exceeding expectations, and a year-over-year revenue increase of 6.4%.

Magnite (NASDAQ:MGNI - Get Free Report)'s stock had its "buy" rating restated by stock analysts at Rosenblatt Securities in a research report issued to clients and investors on Friday,Benzinga reports. They presently have a $39.00 price target on the stock. Rosenblatt Securities' target price points to a potential upside of 73.95% from the company's previous close.

Other analysts also recently issued reports about the stock. Needham & Company LLC raised their price objective on shares of Magnite from $18.00 to $25.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Benchmark raised their price objective 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. Royal Bank Of Canada raised their price objective on shares of Magnite from $19.00 to $27.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. Wells Fargo & Company raised their price objective on shares of Magnite from $13.00 to $24.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 8th. Finally, Scotiabank reiterated an "outperform" rating and issued a $30.00 price target (up from $22.00) on shares of Magnite in a report on Thursday, August 7th. Ten analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Magnite currently has a consensus rating of "Moderate Buy" and a consensus price target of $25.82.

Magnite Stock Down 1.7%

Shares of MGNI stock opened at $22.42 on Friday. The company has a market capitalization of $3.19 billion, a price-to-earnings ratio of 77.31, a PEG ratio of 1.57 and a beta of 3.05. Magnite has a one year low of $8.22 and a one year high of $26.65. The company's fifty day moving average price is $23.70 and its 200-day moving average price is $18.38. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.00 and a quick ratio of 1.00.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.17 by $0.03. The firm had revenue of $162.00 million for 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 8.07%. The company's revenue was up 6.4% on a year-over-year basis. During the same period last year, the firm earned $0.14 EPS. Sell-side analysts expect that Magnite will post 0.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other Magnite news, Director Diane Yu sold 20,000 shares of Magnite 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 completion of the transaction, the director directly owned 67,481 shares of the company's stock, valued at $1,702,545.63. This trade represents a 22.86% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Michael G. Barrett sold 70,900 shares of Magnite stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $23.27, for a total transaction of $1,649,843.00. Following the completion of the transaction, the chief executive officer directly owned 285,808 shares of the company's stock, valued at $6,650,752.16. The trade was a 19.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 441,759 shares of company stock worth $10,709,869. Insiders own 3.80% of the company's stock.

Hedge Funds Weigh In On Magnite

A number of institutional investors and hedge funds have recently made changes to their positions in MGNI. MCF Advisors LLC grew its stake in shares of Magnite by 2,100.0% in the 1st quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock worth $25,000 after buying an additional 2,100 shares in the last quarter. Smartleaf Asset Management LLC grew its stake in shares of Magnite by 74.9% in the 1st quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company's stock worth $33,000 after buying an additional 1,203 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Magnite by 355.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,517 shares of the company's stock worth $37,000 after buying an additional 1,184 shares in the last quarter. AllSquare Wealth Management LLC grew its stake in shares of Magnite by 76.8% in the 1st quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company's stock worth $41,000 after buying an additional 1,555 shares in the last quarter. Finally, CWM LLC grew its stake 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 in the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.