Magnite (NASDAQ:MGNI) Rating Reiterated by Benchmark

Benchmark restated their buy rating on shares of Magnite (NASDAQ:MGNI) in a report released on Monday morning, Benzinga reports. Benchmark currently has a $18.00 price objective on the stock.

Other equities analysts have also recently issued reports about the stock. B. Riley lifted their price target on shares of Magnite from $15.00 to $18.00 and gave the stock a buy rating in a research note on Thursday, February 29th. Susquehanna lifted their price target on shares of Magnite from $11.00 to $14.00 and gave the stock a positive rating in a research note on Thursday, February 29th. Bank of America lifted their price target on shares of Magnite from $11.00 to $13.00 and gave the stock a neutral rating in a research note on Thursday, February 29th. Needham & Company LLC reaffirmed a buy rating and set a $15.00 price target on shares of Magnite in a research note on Thursday, March 21st. Finally, Royal Bank of Canada reaffirmed an outperform rating and set a $15.00 price target on shares of Magnite in a research note on Thursday, March 7th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Magnite currently has an average rating of Moderate Buy and a consensus price target of $14.78.

Magnite Stock Performance

Shares of NASDAQ:MGNI opened at $10.38 on Monday. Magnite has a 52 week low of $6.28 and a 52 week high of $15.73. The stock has a market capitalization of $1.41 billion, a P/E ratio of -8.37 and a beta of 2.27. The firm has a fifty day simple moving average of $10.19 and a two-hundred day simple moving average of $8.80. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.76.

Magnite (NASDAQ:MGNI) last issued its quarterly earnings data on Wednesday, February 28th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.13. Magnite had a negative net margin of 25.69% and a positive return on equity of 2.52%. The business had revenue of $165.28 million during the quarter, compared to analysts’ expectations of $160.24 million.

Insiders Place Their Bets

In other Magnite 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 value 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 filing with the SEC, which is available at this link. Corporate insiders own 4.30% of the company’s stock.

Institutional Trading of Magnite

A number of hedge funds and other institutional investors have recently made changes to their positions in MGNI. JPMorgan Chase & Co. increased its stake in shares of Magnite by 12.2% in the first quarter. JPMorgan Chase & Co. now owns 333,176 shares of the company’s stock worth $4,401,000 after acquiring an additional 36,176 shares during the period. Raymond James & Associates grew its position in Magnite by 13.9% during the first quarter. Raymond James & Associates now owns 16,682 shares of the company’s stock valued at $220,000 after buying an additional 2,038 shares during the period. Cambridge Investment Research Advisors Inc. grew its position in Magnite by 27.8% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 25,361 shares of the company’s stock valued at $335,000 after buying an additional 5,512 shares during the period. HighTower Advisors LLC grew its position in Magnite by 8.7% during the first quarter. HighTower Advisors LLC now owns 111,260 shares of the company’s stock valued at $1,470,000 after buying an additional 8,892 shares during the period. Finally, MetLife Investment Management LLC grew its position in Magnite by 55.0% during the first quarter. MetLife Investment Management LLC now owns 69,690 shares of the company’s stock valued at $921,000 after buying an additional 24,725 shares during the period. Institutional investors and hedge funds own 73.40% of the company’s stock.

Magnite Company Profile

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.