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

Rosenblatt Securities reaffirmed their buy rating on shares of Magnite (NASDAQ:MGNI - Free Report) in a research note issued to investors on Thursday,Benzinga reports. Rosenblatt Securities currently has a $18.00 price target on the stock.

MGNI has been the subject of several other reports. Wells Fargo & Company lifted their price target on Magnite from $13.00 to $15.00 and gave the company an "equal weight" rating in a research report on Thursday, January 16th. Royal Bank of Canada dropped their price target on shares of Magnite from $22.00 to $19.00 and set an "outperform" rating on the stock in a research note on Friday, May 2nd. Benchmark reissued a "buy" rating and set a $25.00 target price on shares of Magnite in a report on Monday, April 21st. Susquehanna increased their target price on shares of Magnite from $16.00 to $22.00 and gave the company a "positive" rating in a research report on Thursday, February 27th. Finally, Needham & Company LLC reissued a "buy" rating and set a $14.00 price objective on shares of Magnite in a research note on Monday, April 21st. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Magnite presently has a consensus rating of "Moderate Buy" and an average price target of $18.62.

Magnite Stock Performance

Shares of NASDAQ MGNI traded up $0.21 during midday trading on Thursday, reaching $15.10. The company had a trading volume of 5,343,453 shares, compared to its average volume of 2,190,097. The stock has a market cap of $2.13 billion, a P/E ratio of 251.67, a P/E/G ratio of 1.00 and a beta of 2.73. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. Magnite has a 1 year low of $8.22 and a 1 year high of $21.29. The business's 50-day simple moving average is $11.86 and its 200 day simple moving average is $14.85.

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

Insider Buying and Selling

In other Magnite news, CAO Brian Gephart sold 6,250 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $16.00, for a total transaction of $100,000.00. Following the completion of the sale, the chief accounting officer now directly owns 132,909 shares of the company's stock, valued at $2,126,544. This represents a 4.49 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Adam Lee Soroca sold 15,499 shares of Magnite stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $15.75, for a total transaction of $244,109.25. Following the completion of the transaction, the insider now owns 458,386 shares in the company, valued at approximately $7,219,579.50. This trade represents a 3.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 37,276 shares of company stock worth $647,241 over the last 90 days. 3.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Arizona State Retirement System boosted its position in shares of Magnite by 1.5% in the 4th quarter. Arizona State Retirement System now owns 36,846 shares of the company's stock worth $587,000 after buying an additional 559 shares in the last quarter. Truist Financial Corp lifted its holdings in shares of Magnite by 2.0% during the 4th quarter. Truist Financial Corp now owns 34,242 shares of the company's stock worth $545,000 after acquiring an additional 674 shares during the period. Summit Investment Advisors Inc. increased its position in Magnite by 6.8% during the fourth quarter. Summit Investment Advisors Inc. now owns 13,162 shares of the company's stock worth $210,000 after purchasing an additional 836 shares during the last quarter. ANTIPODES PARTNERS Ltd raised its stake in Magnite by 13.4% during the fourth quarter. ANTIPODES PARTNERS Ltd now owns 8,072 shares of the company's stock worth $129,000 after purchasing an additional 956 shares during the period. Finally, Jones Financial Companies Lllp boosted its holdings in shares of Magnite by 20.6% in the 4th quarter. Jones Financial Companies Lllp now owns 5,853 shares of the company's stock valued at $93,000 after purchasing an additional 1,000 shares during the last quarter. Hedge funds and other institutional investors 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.