Magnite (NASDAQ:MGNI) Receives “Buy” Rating from Rosenblatt Securities

Rosenblatt Securities reaffirmed their buy rating on shares of Magnite (NASDAQ:MGNI) in a research report released on Thursday,Benzinga reports. They currently have a $39.00 price target on the stock.

A number of other equities analysts also recently commented on the stock. Royal Bank Of Canada upped their target price on shares of Magnite from $19.00 to $27.00 and gave the stock an “outperform” rating in a research note on Thursday, July 31st. Scotiabank restated an “outperform” rating and set a $30.00 price objective (up from $22.00) on shares of Magnite in a report on Thursday, August 7th. Wells Fargo & Company decreased their target price on Magnite from $24.00 to $22.00 and set an “equal weight” rating for the company in a research report on Monday, October 6th. Weiss Ratings reissued a “hold (c)” rating on shares of Magnite in a research report on Wednesday, October 8th. Finally, Susquehanna raised their price target on Magnite from $22.00 to $28.00 and gave the company a “positive” rating in a research note on Thursday, August 7th. Ten investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $25.45.

Magnite Trading Up 1.6%

Shares of MGNI traded up $0.24 during midday trading on Thursday, hitting $15.10. The stock had a trading volume of 4,562,689 shares, compared to its average volume of 2,832,885. The stock’s 50 day moving average is $21.07 and its 200 day moving average is $19.99. The firm has a market cap of $2.15 billion, a PE ratio of 52.07, a price-to-earnings-growth ratio of 1.42 and a beta of 3.13. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.00 and a quick ratio of 1.00. Magnite has a 1 year low of $8.22 and a 1 year high of $26.65.

Magnite (NASDAQ:MGNI) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.20 EPS for the quarter, hitting analysts’ consensus estimates of $0.20. Magnite had a net margin of 6.30% and a return on equity of 8.07%. The firm had revenue of $179.49 million during the quarter, compared to analysts’ expectations of $163.29 million. During the same period in the previous year, the company earned $0.17 EPS. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. Magnite has set its Q4 2025 guidance at EPS. FY 2025 guidance at EPS. As a group, analysts forecast that Magnite will post 0.33 EPS for the current fiscal year.

Insider Buying and Selling at Magnite

In related news, insider Katie Seitz Evans sold 21,509 shares of the company’s stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $25.52, for a total transaction of $548,909.68. Following the transaction, the insider directly owned 394,089 shares of the company’s stock, valued at $10,057,151.28. This represents a 5.18% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Adam Lee Soroca sold 24,986 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $24.69, for a total transaction of $616,904.34. Following the completion of the transaction, the insider directly owned 346,393 shares of the company’s stock, valued at $8,552,443.17. The trade was a 6.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 328,275 shares of company stock valued at $7,977,776. Corporate insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Magnite

Several hedge funds have recently bought and sold shares of the stock. Nuveen LLC acquired a new stake in Magnite during the 1st quarter worth $41,036,000. American Century Companies Inc. lifted its stake in shares of 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 buying an additional 2,651,033 shares in the last quarter. Frontier Capital Management Co. LLC boosted its position in Magnite by 419.4% during the second quarter. Frontier Capital Management Co. LLC now owns 1,793,830 shares of the company’s stock worth $43,267,000 after acquiring an additional 1,448,456 shares during the last quarter. Pacer Advisors Inc. purchased a new stake in Magnite during the 1st quarter valued at about $12,576,000. Finally, Vanguard Group Inc. raised its holdings in Magnite by 8.1% in the 3rd quarter. Vanguard Group Inc. now owns 14,654,432 shares of the company’s stock valued at $319,174,000 after acquiring an additional 1,092,147 shares during the last quarter. Hedge funds and other institutional investors own 73.40% of the company’s stock.

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.