Magnite (NASDAQ:MGNI) Given "Buy" Rating at Rosenblatt Securities

Rosenblatt Securities reissued their buy rating on shares of Magnite (NASDAQ:MGNI - Free Report) in a research note released on Thursday,Benzinga reports. They currently have a $18.00 target price on the stock.

Several other research firms have also recently issued reports on MGNI. Royal Bank of Canada decreased their price objective on Magnite from $22.00 to $19.00 and set an "outperform" rating on the stock in a report on Friday, May 2nd. Needham & Company LLC restated a "buy" rating and set a $14.00 price objective on shares of Magnite in a report on Monday, April 21st. Benchmark restated a "buy" rating and set a $25.00 price objective on shares of Magnite in a report on Monday, April 21st. Susquehanna raised their price objective on Magnite from $16.00 to $22.00 and gave the stock a "positive" rating in a report on Thursday, February 27th. Finally, Wells Fargo & Company increased their target price on Magnite from $13.00 to $15.00 and gave the stock an "equal weight" rating in a research report on Thursday, January 16th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, Magnite currently has a consensus rating of "Moderate Buy" and an average target price of $18.92.

Magnite Stock Performance

MGNI stock traded up $0.20 during trading on Thursday, hitting $16.33. The company had a trading volume of 1,027,099 shares, compared to its average volume of 2,189,168. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.76. The firm has a 50-day moving average price of $11.89 and a 200-day moving average price of $14.89. Magnite has a 1-year low of $8.22 and a 1-year high of $21.29. The firm has a market cap of $2.31 billion, a PE ratio of 272.17, a price-to-earnings-growth ratio of 1.00 and a beta of 2.73.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.12 earnings per share for the quarter, topping analysts' consensus estimates of $0.06 by $0.06. The business had revenue of $145.85 million for the quarter, compared to analysts' expectations of $142.18 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. The company's revenue was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.05 EPS. On average, analysts expect that Magnite will post 0.33 earnings per share for the current year.

Insider Buying and Selling at Magnite

In other Magnite news, insider Adam Lee Soroca sold 15,499 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $15.75, for a total transaction of $244,109.25. Following the completion of the sale, the insider now owns 458,386 shares in the company, valued at $7,219,579.50. This trade represents a 3.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Sean Patrick Buckley sold 10,527 shares of the firm's stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $19.13, for a total value of $201,381.51. Following the sale, the insider now owns 370,558 shares of the company's stock, valued at approximately $7,088,774.54. This trade represents a 2.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 32,276 shares of company stock valued at $545,491 over the last three months. 3.80% of the stock is owned by company insiders.

Institutional Trading of Magnite

Several hedge funds and other institutional investors have recently bought and sold shares of MGNI. Capital Research Global Investors bought a new stake in Magnite in the fourth quarter valued at about $122,986,000. Nuveen LLC bought a new position in shares of Magnite during the first quarter valued at approximately $41,036,000. Boston Partners grew its holdings in shares of Magnite by 39.1% during the fourth quarter. Boston Partners now owns 4,756,323 shares of the company's stock valued at $76,061,000 after purchasing an additional 1,336,458 shares during the last quarter. Pacer Advisors Inc. bought a new position in shares of Magnite during the first quarter valued at approximately $12,576,000. Finally, Maestria Partners LLC bought a new position in shares of Magnite during the fourth quarter valued at approximately $15,161,000. 73.40% of the stock is owned by institutional investors.

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.