Magnite (NASDAQ:MGNI) Rating Increased to Buy at Wall Street Zen

Magnite (NASDAQ:MGNI - Get Free Report) was upgraded by Wall Street Zen from a "hold" rating to a "buy" rating in a report released on Sunday.

A number of other analysts have also recently commented on the stock. 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. Lake Street Capital decreased their price objective on Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Wells Fargo & Company lifted their price target on shares of Magnite from $13.00 to $24.00 and gave the company an "equal weight" rating in a research note on Tuesday, July 8th. Needham & Company LLC upped their price objective on Magnite from $14.00 to $18.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Finally, Royal Bank Of Canada decreased their price objective on shares of Magnite from $22.00 to $19.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $20.33.

Magnite Price Performance

Shares of MGNI opened at $22.57 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.98 and a current ratio of 0.98. Magnite has a twelve month low of $8.22 and a twelve month high of $25.27. The firm's 50 day moving average price is $18.25 and its 200 day moving average price is $15.86. The firm has a market cap of $3.18 billion, a PE ratio of 112.86, a PEG ratio of 1.84 and a beta of 2.96.

Magnite (NASDAQ:MGNI - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.06. The business had revenue of $145.85 million during the quarter, compared to analysts' expectations of $142.18 million. Magnite had a net margin of 4.58% and a return on equity of 6.71%. The firm's revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the company earned $0.05 earnings per share. As a group, research analysts expect that Magnite will post 0.33 EPS for the current fiscal year.

Insider Transactions at Magnite

In related news, insider Adam Lee Soroca sold 44,519 shares of the firm's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $20.00, for a total value of $890,380.00. Following the sale, the insider directly owned 400,927 shares of the company's stock, valued at $8,018,540. This trade represents a 9.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director James Rossman sold 137,007 shares of the business's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $18.78, for a total transaction of $2,572,991.46. Following the transaction, the director directly owned 93,679 shares in the company, valued at approximately $1,759,291.62. The trade was a 59.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 888,327 shares of company stock worth $17,204,178. 3.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Magnite

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Magnite by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 13,743,521 shares of the company's stock worth $156,814,000 after buying an additional 138,417 shares during the period. Capital Research Global Investors bought a new position in Magnite in the 4th quarter worth approximately $122,986,000. Wellington Management Group LLP raised its position in shares of Magnite by 6.8% during the fourth quarter. Wellington Management Group LLP now owns 7,030,011 shares of the company's stock valued at $111,918,000 after buying an additional 450,341 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Magnite by 3.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,524,643 shares of the company's stock valued at $87,957,000 after buying an additional 170,532 shares during the last quarter. Finally, Boston Partners lifted its holdings in shares of Magnite by 10.9% in the first quarter. Boston Partners now owns 5,276,356 shares of the company's stock worth $60,187,000 after buying an additional 520,033 shares in the last quarter. 73.40% of the stock is currently 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.

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