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

Magnite (NASDAQ:MGNI)‘s stock had its “buy” rating reaffirmed by equities research analysts at BTIG Research in a report released on Wednesday, Benzinga reports. They presently have a $27.00 price objective on the stock. BTIG Research’s price target suggests a potential upside of 14.57% from the company’s previous close.

MGNI has been the subject of several other reports. Needham & Company LLC lifted their price target on Magnite from $25.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, September 3rd. B. Riley Financial increased their price objective on Magnite from $20.00 to $27.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Benchmark raised their price objective on shares of Magnite from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Scotiabank reiterated an “outperform” rating and issued a $27.00 target price on shares of Magnite in a research note on Thursday, August 6th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Magnite in a research report on Friday, August 7th. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $28.80.

Magnite Price Performance

Shares of NASDAQ:MGNI opened at $23.57 on Wednesday. The company has a current ratio of 1.02, a quick ratio of 1.03 and a debt-to-equity ratio of 0.37. Magnite has a 1 year low of $10.82 and a 1 year high of $26.19. The business has a fifty day simple moving average of $21.84 and a 200 day simple moving average of $16.63. The firm has a market cap of $3.38 billion, a price-to-earnings ratio of 21.54, a P/E/G ratio of 1.05 and a beta of 2.30.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.02. Magnite had a return on equity of 9.33% and a net margin of 22.49%.The firm had revenue of $192.82 million during the quarter, compared to analysts’ expectations of $179.15 million. During the same quarter last year, the firm earned $0.20 earnings per share. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. As a group, sell-side analysts predict that Magnite will post 0.61 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Brian Gephart sold 12,479 shares of the company’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $24.68, for a total transaction of $307,981.72. Following the completion of the sale, the chief accounting officer directly owned 106,117 shares of the company’s stock, valued at approximately $2,618,967.56. This represents a 10.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Sarah Harden sold 18,436 shares of the firm’s stock in a transaction on Friday, August 28th. The shares were sold at an average price of $24.00, for a total transaction of $442,464.00. Following the completion of the transaction, the director owned 114,751 shares in the company, valued at $2,754,024. The trade was a 13.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 967,710 shares of company stock valued at $19,994,151 in the last three months. Company insiders own 3.20% of the company’s stock.

Institutional Investors Weigh In On Magnite

A number of hedge funds have recently bought and sold shares of MGNI. Meros Investment Management LP bought a new position in shares of Magnite in the second quarter worth about $18,815,538. Stephens Investment Management Group LLC boosted its stake in Magnite by 17.0% during the 4th quarter. Stephens Investment Management Group LLC now owns 1,128,578 shares of the company’s stock valued at $18,317,000 after purchasing an additional 164,035 shares during the period. Royce & Associates LP boosted its stake in Magnite by 19.5% during the 4th quarter. Royce & Associates LP now owns 1,166,469 shares of the company’s stock valued at $18,932,000 after purchasing an additional 190,318 shares during the period. Capital Research Global Investors grew its holdings in Magnite by 85.0% in the 4th quarter. Capital Research Global Investors now owns 12,920,289 shares of the company’s stock valued at $209,696,000 after buying an additional 5,937,428 shares during the last quarter. Finally, Manatuck Hill Partners LLC acquired a new stake in Magnite in the 2nd quarter valued at approximately $8,541,000. 73.40% of the stock is currently owned by institutional investors.

About Magnite

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).