Magnite (NASDAQ:MGNI) Lowered to Hold Rating by Wall Street Zen

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

Other analysts also recently issued research reports about the company. Needham & Company LLC boosted their target price on Magnite from $14.00 to $18.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Rosenblatt Securities reiterated a "buy" rating and issued a $18.00 price objective on shares of Magnite in a research report on Thursday, May 8th. Craig Hallum set a $24.00 price objective on Magnite and gave the company a "buy" rating in a research report on Tuesday, May 20th. Lake Street Capital lowered their price objective on Magnite from $21.00 to $19.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Finally, Royal Bank Of Canada lowered their price objective on Magnite from $22.00 to $19.00 and set an "outperform" rating for the company in a research report on Friday, May 2nd. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $19.58.

Magnite Price Performance

NASDAQ:MGNI traded down $0.18 during mid-day trading on Friday, reaching $24.49. The stock had a trading volume of 3,274,899 shares, compared to its average volume of 2,211,657. The firm has a 50 day moving average price of $17.11 and a two-hundred day moving average price of $15.61. The stock has a market capitalization of $3.46 billion, a P/E ratio of 122.46, a P/E/G ratio of 2.00 and a beta of 2.96. Magnite has a one year low of $8.22 and a one year high of $25.27. 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 (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, topping analysts' consensus estimates of $0.06 by $0.06. The company had revenue of $145.85 million during the quarter, compared to the consensus estimate of $142.18 million. Magnite had a return on equity of 6.71% and a net margin of 4.58%. Magnite's quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.05 EPS. As a group, analysts expect that Magnite will post 0.33 earnings per share for the current year.

Insider Activity at Magnite

In related news, insider Katie Seitz Evans sold 35,000 shares of the company's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $17.36, for a total value of $607,600.00. Following the sale, the insider directly owned 442,788 shares of the company's stock, valued at $7,686,799.68. This represents a 7.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO David Day sold 38,146 shares of the company's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $18.95, for a total value of $722,866.70. Following the completion of the sale, the chief financial officer directly owned 443,528 shares in the company, valued at approximately $8,404,855.60. The trade was a 7.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 840,743 shares of company stock valued at $16,021,928 over the last 90 days. Company insiders own 3.80% of the company's stock.

Institutional Investors Weigh In On Magnite

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MGNI. Capital Research Global Investors purchased a new stake in Magnite in the fourth quarter worth $122,986,000. Nuveen LLC purchased a new stake in Magnite in the first quarter worth $41,036,000. American Century Companies Inc. grew its stake in Magnite by 855.2% in the first quarter. American Century Companies Inc. now owns 2,961,009 shares of the company's stock worth $33,785,000 after purchasing an additional 2,651,033 shares during the period. Boston Partners grew its stake in Magnite by 39.1% in the fourth quarter. Boston Partners now owns 4,756,323 shares of the company's stock worth $76,061,000 after purchasing an additional 1,336,458 shares during the period. Finally, Pacer Advisors Inc. purchased a new stake in Magnite in the first quarter worth $12,576,000. 73.40% of the stock is owned by hedge funds and other 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.