Wall Street Zen upgraded shares of Magnite (NASDAQ:MGNI - Free Report) from a hold rating to a buy rating in a research note issued to investors on Sunday.
Several other equities analysts also recently commented on the company. Craig Hallum set a $24.00 price objective on Magnite and gave the company a "buy" rating in a research report on Tuesday, May 20th. Rosenblatt Securities restated a "buy" rating and issued a $18.00 price objective on shares of Magnite in a research report on Thursday, May 8th. Wells Fargo & Company boosted 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. Royal Bank Of Canada reduced their target price on Magnite from $22.00 to $19.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Finally, Lake Street Capital reduced their target price on Magnite from $21.00 to $19.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. One research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $20.33.
View Our Latest Analysis on Magnite
Magnite Stock Performance
NASDAQ MGNI traded up $0.51 on Friday, hitting $24.06. 2,436,066 shares of the company traded hands, compared to its average volume of 2,283,134. The company has a market capitalization of $3.40 billion, a price-to-earnings ratio of 120.31, a P/E/G ratio of 1.89 and a beta of 2.96. 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 business's 50 day moving average price is $18.69 and its 200-day moving average price is $15.95. 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, May 7th. The company reported $0.12 EPS for the quarter, beating the consensus estimate of $0.06 by $0.06. Magnite had a return on equity of 6.71% and a net margin of 4.58%. The business had revenue of $145.85 million for the quarter, compared to the consensus estimate of $142.18 million. During the same period in the previous year, the business earned $0.05 earnings per share. The business's revenue was up 4.3% on a year-over-year basis. Equities analysts expect that Magnite will post 0.33 earnings per share for the current year.
Insider Activity at Magnite
In other news, CEO Michael G. Barrett sold 300,000 shares of the company's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $20.01, for a total transaction of $6,003,000.00. Following the transaction, the chief executive officer owned 356,708 shares of the company's stock, valued at approximately $7,137,727.08. This represents a 45.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO David Day sold 36,000 shares of the company's stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $20.95, for a total value of $754,200.00. Following the transaction, the chief financial officer directly owned 443,528 shares in the company, valued at approximately $9,291,911.60. This represents a 7.51% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 888,327 shares of company stock valued at $17,204,178 over the last ninety days. 3.80% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Hedge funds have recently modified their holdings of the business. GAMMA Investing LLC grew its stake in shares of Magnite by 355.6% during the second quarter. GAMMA Investing LLC now owns 1,517 shares of the company's stock valued at $37,000 after buying an additional 1,184 shares during the last quarter. MCF Advisors LLC grew its stake in shares of Magnite by 2,100.0% during the first quarter. MCF Advisors LLC now owns 2,200 shares of the company's stock valued at $25,000 after buying an additional 2,100 shares during the last quarter. Smartleaf Asset Management LLC grew its stake in shares of Magnite by 74.9% during the first quarter. Smartleaf Asset Management LLC now owns 2,810 shares of the company's stock valued at $33,000 after buying an additional 1,203 shares during the last quarter. AllSquare Wealth Management LLC grew its stake in shares of Magnite by 76.8% during the first quarter. AllSquare Wealth Management LLC now owns 3,580 shares of the company's stock valued at $41,000 after buying an additional 1,555 shares during the last quarter. Finally, Quantbot Technologies LP bought a new position in shares of Magnite during the fourth quarter valued at approximately $87,000. Institutional investors own 73.40% of the company's stock.
About Magnite
(
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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.
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