Magnite (NASDAQ:MGNI) Coverage Initiated at B. Riley

B. Riley began coverage on shares of Magnite (NASDAQ:MGNI - Free Report) in a research report released on Friday morning, MarketBeat reports. The brokerage issued a buy rating and a $14.50 price objective on the stock.

MGNI has been the subject of several other reports. Susquehanna raised their price objective on Magnite from $11.00 to $14.00 and gave the stock a positive rating in a research note on Thursday, February 29th. Bank of America increased their target price on Magnite from $11.00 to $13.00 and gave the company a neutral rating in a report on Thursday, February 29th. Royal Bank of Canada restated an outperform rating and issued a $15.00 target price on shares of Magnite in a report on Thursday, March 7th. Needham & Company LLC restated a buy rating and issued a $15.00 target price on shares of Magnite in a report on Thursday, March 21st. Finally, Benchmark restated a buy rating and issued a $18.00 target price on shares of Magnite in a report on Monday, March 25th. Two equities research analysts have rated the stock with a hold rating and eight have issued 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 $14.39.

Magnite Price Performance

Shares of MGNI traded down $0.18 during trading hours on Friday, hitting $8.46. 1,039,497 shares of the company were exchanged, compared to its average volume of 1,132,257. The company has a market capitalization of $1.15 billion, a PE ratio of -6.83, a PEG ratio of 0.54 and a beta of 2.25. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.09 and a quick ratio of 1.09. The firm has a fifty day simple moving average of $10.34 and a 200-day simple moving average of $9.01. Magnite has a one year low of $6.28 and a one year high of $15.73.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings data on Wednesday, February 28th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.13. The business had revenue of $165.28 million during the quarter, compared to analyst estimates of $160.24 million. Magnite had a positive return on equity of 2.52% and a negative net margin of 25.69%. As a group, sell-side analysts predict that Magnite will post 0.47 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Michael G. Barrett sold 75,000 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $11.21, for a total transaction of $840,750.00. Following the completion of the sale, the chief executive officer now directly owns 1,234,662 shares in the company, valued at $13,840,561.02. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 4.30% of the stock is owned by corporate insiders.

Institutional Trading of Magnite

Several hedge funds and other institutional investors have recently modified their holdings of the company. Cape Investment Advisory Inc. bought a new position in Magnite during the fourth quarter valued at about $25,000. State of Wyoming bought a new position in Magnite during the fourth quarter valued at about $29,000. Covestor Ltd raised its holdings in Magnite by 7,927.8% during the first quarter. Covestor Ltd now owns 2,890 shares of the company's stock valued at $38,000 after buying an additional 2,854 shares in the last quarter. Captrust Financial Advisors raised its holdings in Magnite by 48.5% during the first quarter. Captrust Financial Advisors now owns 3,767 shares of the company's stock valued at $50,000 after buying an additional 1,230 shares in the last quarter. Finally, Coppell Advisory Solutions LLC bought a new position in Magnite during the second quarter valued at about $52,000. 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.