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

Benchmark restated their buy rating on shares of Magnite (NASDAQ:MGNIFree Report) in a report released on Thursday morning, Benzinga reports. They currently have a $18.00 price objective on the stock.

Several other brokerages also recently commented on MGNI. B. Riley began coverage on shares of Magnite in a research report on Friday, April 19th. They set a buy rating and a $14.50 price objective for the company. Bank of America raised their price objective on Magnite from $11.00 to $13.00 and gave the company a neutral rating in a research note on Thursday, February 29th. Needham & Company LLC reissued a buy rating and set a $15.00 target price on shares of Magnite in a research note on Thursday. Royal Bank of Canada reissued an outperform rating and issued a $15.00 target price on shares of Magnite in a report on Thursday, March 7th. Finally, Susquehanna lifted their price target on shares of Magnite from $11.00 to $14.00 and gave the company a positive rating in a report on Thursday, February 29th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Magnite has an average rating of Moderate Buy and a consensus price target of $14.95.

Get Our Latest Analysis on Magnite

Magnite Stock Performance

Shares of NASDAQ:MGNI opened at $11.75 on Thursday. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.79. Magnite has a 12-month low of $6.28 and a 12-month high of $15.73. The company’s 50 day moving average price is $9.86 and its two-hundred day moving average price is $9.37. The firm has a market cap of $1.65 billion, a PE ratio of -18.36, a PEG ratio of 0.93 and a beta of 2.29.

Magnite (NASDAQ:MGNIGet Free Report) last issued its quarterly earnings results on Wednesday, February 28th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.13. The business had revenue of $165.28 million for the quarter, compared to the consensus estimate of $160.24 million. Magnite had a positive return on equity of 3.23% and a negative net margin of 12.24%. Equities research analysts predict that Magnite will post 0.38 earnings per share for the current year.

Insider Buying and Selling

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

Institutional Trading of Magnite

Several institutional investors have recently added to or reduced their stakes in the stock. NBC Securities Inc. lifted its position in shares of Magnite by 4.2% in the 4th quarter. NBC Securities Inc. now owns 27,485 shares of the company’s stock worth $256,000 after purchasing an additional 1,108 shares during the period. Fulton Bank N.A. boosted its position in Magnite by 8.1% during the first quarter. Fulton Bank N.A. now owns 22,003 shares of the company’s stock valued at $237,000 after acquiring an additional 1,653 shares during the last quarter. Guinness Atkinson Asset Management Inc boosted its position in Magnite by 59.1% during the third quarter. Guinness Atkinson Asset Management Inc now owns 4,824 shares of the company’s stock valued at $36,000 after acquiring an additional 1,792 shares during the last quarter. ProShare Advisors LLC grew its holdings in Magnite by 8.5% during the 1st quarter. ProShare Advisors LLC now owns 24,325 shares of the company’s stock worth $261,000 after acquiring an additional 1,914 shares during the period. Finally, Advisory Services Network LLC lifted its stake in shares of Magnite by 1.9% in the 4th quarter. Advisory Services Network LLC now owns 127,106 shares of the company’s stock valued at $1,187,000 after purchasing an additional 2,377 shares during the period. 73.40% of the stock is currently owned by institutional investors.

About Magnite

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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.

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Analyst Recommendations for Magnite (NASDAQ:MGNI)

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