Benchmark Reiterates Buy Rating for Magnite (NASDAQ:MGNI)

Magnite (NASDAQ:MGNIGet Free Report)‘s stock had its “buy” rating reissued by equities researchers at Benchmark in a research note issued to investors on Monday, Benzinga reports. They presently have a $18.00 price objective on the stock. Benchmark’s target price indicates a potential upside of 35.03% from the company’s previous close.

MGNI has been the topic of several other research reports. Bank of America upgraded Magnite from a “neutral” rating to a “buy” rating and upped their target price for the company from $13.00 to $15.00 in a research report on Friday, May 24th. Craig Hallum increased their target price on Magnite from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Thursday, May 16th. B. Riley began coverage on shares of Magnite in a research report on Friday, April 19th. They issued a “buy” rating and a $14.50 price target for the company. Evercore ISI lifted their price target on shares of Magnite from $13.00 to $15.00 and gave the company an “outperform” rating in a research report on Monday, June 3rd. Finally, Royal Bank of Canada lifted their price target on shares of Magnite from $17.00 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, June 5th. Ten research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $15.65.

View Our Latest Stock Report on Magnite

Magnite Trading Down 3.8 %

Shares of MGNI stock opened at $13.33 on Monday. The firm has a market capitalization of $1.87 billion, a P/E ratio of -20.83, a P/E/G ratio of 0.96 and a beta of 2.34. Magnite has a twelve month low of $6.28 and a twelve month high of $15.73. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.79. The stock’s fifty day simple moving average is $10.79 and its 200 day simple moving average is $10.14.

Magnite (NASDAQ:MGNIGet Free Report) last released its quarterly earnings results on Wednesday, May 8th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.05. Magnite had a positive return on equity of 3.23% and a negative net margin of 12.24%. The firm had revenue of $130.55 million for the quarter, compared to analyst estimates of $123.77 million. As a group, sell-side analysts predict that Magnite will post 0.38 EPS for the current fiscal year.

Insider Transactions at Magnite

In related news, insider Aaron Saltz sold 4,778 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $13.65, for a total value of $65,219.70. Following the sale, the insider now directly owns 317,010 shares of the company’s stock, valued at $4,327,186.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CRO Sean Patrick Buckley sold 2,682 shares of the business’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $12.50, for a total transaction of $33,525.00. Following the sale, the executive now owns 404,875 shares in the company, valued at approximately $5,060,937.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Aaron Saltz sold 4,778 shares of the business’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $13.65, for a total transaction of $65,219.70. Following the sale, the insider now owns 317,010 shares in the company, valued at approximately $4,327,186.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 99,629 shares of company stock valued at $1,323,232. 4.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Magnite

A number of hedge funds have recently bought and sold shares of MGNI. Burgundy Asset Management Ltd. lifted its stake in Magnite by 3.2% during the 4th quarter. Burgundy Asset Management Ltd. now owns 2,431,110 shares of the company’s stock valued at $22,707,000 after acquiring an additional 75,852 shares during the period. Rubric Capital Management LP increased its position in shares of Magnite by 80.7% during the 3rd quarter. Rubric Capital Management LP now owns 4,000,000 shares of the company’s stock valued at $30,160,000 after purchasing an additional 1,785,978 shares during the last quarter. Kennedy Capital Management LLC increased its position in shares of Magnite by 2.8% during the 3rd quarter. Kennedy Capital Management LLC now owns 2,692,371 shares of the company’s stock valued at $20,300,000 after purchasing an additional 74,367 shares during the last quarter. Roumell Asset Management LLC increased its position in shares of Magnite by 14.7% during the 4th quarter. Roumell Asset Management LLC now owns 622,511 shares of the company’s stock valued at $5,814,000 after purchasing an additional 80,000 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Magnite during the 4th quarter valued at about $8,164,000. Institutional investors own 73.40% of the company’s stock.

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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