Magnite (NASDAQ:MGNI) Raised to "Buy" at Wall Street Zen

Key Points

• Magnite has been upgraded from a "hold" rating to a "buy" rating by Wall Street Zen, indicating increased confidence in the company's stock.
• Several research firms have raised their target prices on Magnite, with Susquehanna increasing it from $22.00 to $28.00 and Benchmark from $30.00 to $31.00.
• The company reported a quarterly earnings of $0.20 per share, exceeding analysts' expectations and marking a 6.4% revenue increase compared to the same quarter last year.

Magnite (NASDAQ:MGNI - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a note issued to investors on Saturday.

Several other research firms have also issued reports on MGNI. Susquehanna boosted their target price on Magnite from $22.00 to $28.00 and gave the stock a "positive" rating in a research report on Thursday, August 7th. Weiss Ratings reiterated a "hold (c)" rating on shares of Magnite in a research report on Wednesday, October 8th. Benchmark boosted their price objective on Magnite from $30.00 to $31.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Needham & Company LLC boosted their price objective on Magnite from $18.00 to $25.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Finally, Wells Fargo & Company decreased their price objective on Magnite from $24.00 to $22.00 and set an "equal weight" rating for the company in a research report on Monday, October 6th. Ten research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Magnite presently has a consensus rating of "Moderate Buy" and an average target price of $25.64.

Magnite Stock Performance

Shares of NASDAQ:MGNI opened at $17.88 on Friday. The stock has a market capitalization of $2.55 billion, a P/E ratio of 61.66, a P/E/G ratio of 1.26 and a beta of 3.02. Magnite has a 1-year low of $8.22 and a 1-year high of $26.65. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.45. The business has a 50-day moving average price of $22.58 and a two-hundred day moving average price of $19.13.

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

Insider Activity

In other Magnite news, Director Diane Yu sold 20,000 shares of the company's stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $25.23, for a total transaction of $504,600.00. Following the transaction, the director directly owned 67,481 shares in the company, valued at approximately $1,702,545.63. This represents a 22.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Michael G. Barrett sold 35,951 shares of the company's stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $23.85, for a total transaction of $857,431.35. Following the transaction, the chief executive officer owned 249,857 shares in the company, valued at $5,959,089.45. The trade was a 12.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 323,275 shares of company stock valued at $7,877,776 over the last ninety days. 3.80% of the stock is currently owned by company insiders.

Institutional Trading of Magnite

A number of hedge funds have recently bought and sold shares of MGNI. Nuveen LLC acquired a new stake in Magnite during the first quarter worth approximately $41,036,000. American Century Companies Inc. boosted its position in Magnite by 855.2% during the first quarter. American Century Companies Inc. now owns 2,961,009 shares of the company's stock worth $33,785,000 after acquiring an additional 2,651,033 shares during the last quarter. Frontier Capital Management Co. LLC boosted its position in Magnite by 419.4% during the second quarter. Frontier Capital Management Co. LLC now owns 1,793,830 shares of the company's stock worth $43,267,000 after acquiring an additional 1,448,456 shares during the last quarter. Pacer Advisors Inc. acquired a new stake in Magnite during the first quarter worth approximately $12,576,000. Finally, Boston Partners boosted its position in Magnite by 10.9% during the first quarter. Boston Partners now owns 5,276,356 shares of the company's stock worth $60,187,000 after acquiring an additional 520,033 shares during the last quarter. 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.

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.