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

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

Other analysts also recently issued reports about the company. Rosenblatt Securities reiterated a "buy" rating and set a $18.00 target price on shares of Magnite in a research report on Thursday, May 8th. Benchmark dropped their target price on shares of Magnite from $25.00 to $24.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Needham & Company LLC raised their target price on shares of Magnite from $14.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Craig Hallum set a $24.00 price target on Magnite and gave the company a "buy" rating in a report on Tuesday, May 20th. Finally, Susquehanna increased their price objective on Magnite from $16.00 to $22.00 and gave the stock a "positive" rating in a research note on Thursday, February 27th. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $19.58.

Magnite Trading Up 6.1%

Shares of MGNI stock traded up $1.16 during trading hours on Friday, reaching $20.05. 3,700,457 shares of the stock were exchanged, compared to its average volume of 2,144,383. The firm has a market capitalization of $2.83 billion, a price-to-earnings ratio of 100.26, a price-to-earnings-growth ratio of 1.53 and a beta of 2.87. Magnite has a 12-month low of $8.22 and a 12-month high of $21.29. The company's 50-day moving average price is $15.04 and its 200-day moving average price is $15.21. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.47.

Magnite (NASDAQ:MGNI - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share (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 during the quarter, compared to analyst estimates of $142.18 million. During the same quarter in the previous year, the business earned $0.05 earnings per share. The company's revenue for the quarter was up 4.3% compared to the same quarter last year. As a group, equities analysts anticipate that Magnite will post 0.33 earnings per share for the current year.

Insiders Place Their Bets

In other Magnite news, CEO Michael G. Barrett sold 30,000 shares of the firm's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $19.00, for a total value of $570,000.00. Following the completion of the sale, the chief executive officer now owns 656,708 shares of the company's stock, valued at approximately $12,477,452. This trade represents a 4.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO David Buonasera sold 3,653 shares of the company's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $15.03, for a total transaction of $54,904.59. Following the transaction, the chief technology officer now owns 267,444 shares in the company, valued at approximately $4,019,683.32. This trade represents a 1.35% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 420,224 shares of company stock worth $7,576,098. 4.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Rhumbline Advisers grew its holdings in shares of Magnite by 4.4% during the first quarter. Rhumbline Advisers now owns 192,502 shares of the company's stock valued at $2,196,000 after buying an additional 8,171 shares during the last quarter. Strs Ohio acquired a new stake in Magnite during the 1st quarter worth about $544,000. Intech Investment Management LLC grew its stake in Magnite by 103.6% during the 1st quarter. Intech Investment Management LLC now owns 109,992 shares of the company's stock valued at $1,255,000 after purchasing an additional 55,971 shares during the last quarter. Bayforest Capital Ltd increased its holdings in shares of Magnite by 608.6% in the first quarter. Bayforest Capital Ltd now owns 17,835 shares of the company's stock valued at $203,000 after purchasing an additional 15,318 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Magnite by 9.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 404,717 shares of the company's stock worth $4,618,000 after purchasing an additional 36,097 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.