Magnite (NASDAQ:MGNI) Given “Buy” Rating at Benchmark

Magnite (NASDAQ:MGNI)‘s stock had its “buy” rating reiterated by research analysts at Benchmark in a report issued on Monday,Benzinga reports. They presently have a $25.00 price target on the stock. Benchmark’s price objective would indicate a potential upside of 133.58% from the company’s current price.

A number of other brokerages have also weighed in on MGNI. Wolfe Research increased their price objective on Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Royal Bank of Canada upped their price objective on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Friday, January 3rd. Needham & Company LLC reissued a “buy” rating and set a $14.00 target price on shares of Magnite in a report on Monday. Susquehanna lifted their price objective on Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a research note on Thursday, February 27th. Finally, Wells Fargo & Company boosted their price target on Magnite from $13.00 to $15.00 and gave the company an “equal weight” rating in a report on Thursday, January 16th. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Magnite presently has an average rating of “Moderate Buy” and an average price target of $19.17.

Magnite Stock Down 3.8 %

Shares of NASDAQ:MGNI traded down $0.43 on Monday, reaching $10.70. The company had a trading volume of 775,477 shares, compared to its average volume of 2,106,917. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.76. The firm has a market capitalization of $1.53 billion, a PE ratio of 178.75, a PEG ratio of 1.00 and a beta of 2.69. Magnite has a 52-week low of $8.22 and a 52-week high of $21.29. The firm’s 50 day simple moving average is $13.49 and its 200-day simple moving average is $14.84.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, February 26th. The company reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.14). The business had revenue of $180.20 million during the quarter, compared to analyst estimates of $183.90 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. As a group, analysts expect that Magnite will post 0.33 earnings per share for the current fiscal year.

Insider Transactions at Magnite

In other Magnite news, insider Sean Patrick Buckley sold 18,693 shares of the business’s stock in a transaction dated Friday, February 7th. The shares were sold at an average price of $20.00, for a total value of $373,860.00. Following the transaction, the insider now directly owns 408,529 shares in the company, valued at $8,170,580. The trade was a 4.38 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Adam Lee Soroca sold 15,499 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $15.75, for a total value of $244,109.25. Following the completion of the transaction, the insider now owns 458,386 shares of the company’s stock, valued at $7,219,579.50. The trade was a 3.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 244,905 shares of company stock valued at $4,718,855 over the last 90 days. 4.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Magnite

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Greenwood Capital Associates LLC raised its stake in shares of Magnite by 2.9% in the 1st quarter. Greenwood Capital Associates LLC now owns 66,221 shares of the company’s stock valued at $756,000 after acquiring an additional 1,852 shares during the period. Farther Finance Advisors LLC boosted its position in shares of Magnite by 7,043.0% during the first quarter. Farther Finance Advisors LLC now owns 6,643 shares of the company’s stock worth $76,000 after buying an additional 6,550 shares during the period. Wedge Capital Management L L P NC boosted its position in shares of Magnite by 18.5% during the first quarter. Wedge Capital Management L L P NC now owns 125,166 shares of the company’s stock worth $1,428,000 after buying an additional 19,500 shares during the period. Patriot Financial Group Insurance Agency LLC purchased a new stake in shares of Magnite in the 1st quarter valued at $128,000. Finally, Contravisory Investment Management Inc. acquired a new position in Magnite during the 1st quarter worth about $193,000. 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.