Magnite (NASDAQ:MGNI) Receives Outperform Rating from Macquarie

Macquarie reissued their outperform rating on shares of Magnite (NASDAQ:MGNI) in a research note published on Friday morning,Benzinga reports. They currently have a $18.00 price objective on the stock.

A number of other analysts have also recently issued reports on the stock. Wolfe Research initiated coverage on shares of Magnite in a research note on Tuesday, July 16th. They issued an “outperform” rating and a $16.00 target price for the company. Bank of America upped their target price on shares of Magnite from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Monday, July 29th. Royal Bank of Canada reissued an “outperform” rating and set a $19.00 target price on shares of Magnite in a research note on Friday, September 27th. Lake Street Capital started coverage on shares of Magnite in a research note on Thursday, July 25th. They issued a “buy” rating and a $21.00 target price for the company. Finally, Wells Fargo & Company assumed coverage on Magnite in a research note on Monday, October 28th. They issued an “equal weight” rating and a $13.00 price target for the company. One equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, Magnite currently has an average rating of “Moderate Buy” and a consensus target price of $16.96.

Magnite Trading Up 0.9 %

Shares of Magnite stock traded up $0.12 during trading hours on Friday, hitting $13.61. The company’s stock had a trading volume of 3,923,508 shares, compared to its average volume of 1,602,704. Magnite has a 1-year low of $6.55 and a 1-year high of $15.92. The business has a fifty day moving average of $12.80 and a 200 day moving average of $12.66. The company has a market capitalization of $1.92 billion, a PE ratio of -123.73, a P/E/G ratio of 1.23 and a beta of 2.43. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.77.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.01). Magnite had a negative net margin of 0.83% and a positive return on equity of 3.74%. The firm had revenue of $162.88 million during the quarter, compared to the consensus estimate of $144.04 million. During the same quarter in the prior year, the business earned ($0.04) earnings per share. The company’s revenue for the quarter was up 6.8% compared to the same quarter last year. As a group, equities analysts forecast that Magnite will post 0.29 EPS for the current year.

Insider Buying and Selling

In other Magnite news, CRO Sean Patrick Buckley sold 2,623 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $12.53, for a total transaction of $32,866.19. Following the transaction, the executive now owns 331,742 shares of the company’s stock, valued at approximately $4,156,727.26. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CRO Sean Patrick Buckley sold 2,623 shares of the company’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $12.53, for a total transaction of $32,866.19. Following the completion of the sale, the executive now owns 331,742 shares of the company’s stock, valued at $4,156,727.26. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael G. Barrett sold 75,000 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $12.63, for a total transaction of $947,250.00. Following the completion of the transaction, the chief executive officer now directly owns 944,552 shares in the company, valued at $11,929,691.76. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 100,645 shares of company stock worth $1,275,215. 4.30% of the stock is owned by insiders.

Institutional Trading of Magnite

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. UMB Bank n.a. increased its position in Magnite by 111.8% in the second quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock worth $30,000 after buying an additional 1,188 shares during the period. Asset Dedication LLC bought a new position in shares of Magnite during the 2nd quarter worth approximately $52,000. Blue Trust Inc. bought a new position in Magnite in the 2nd quarter valued at $56,000. Benjamin F. Edwards & Company Inc. grew its stake in shares of Magnite by 973.5% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock worth $58,000 after purchasing an additional 3,972 shares during the period. Finally, DekaBank Deutsche Girozentrale acquired a new position in Magnite in the second quarter valued at about $93,000. 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.