Magnite (NASDAQ:MGNI) Coverage Initiated by Analysts at B. Riley

B. Riley started coverage on shares of Magnite (NASDAQ:MGNI) in a research report report published on Friday, Marketbeat reports. The brokerage issued a buy rating and a $14.50 price objective on the stock.

Other analysts have also recently issued reports about the stock. Royal Bank of Canada reissued an outperform rating and issued a $15.00 price objective on shares of Magnite in a research note on Thursday, March 7th. Susquehanna increased their price objective 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 increased their price objective 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 restated a buy rating and set a $15.00 target price on shares of Magnite in a research report on Thursday, March 21st. Finally, Benchmark restated a buy rating and set a $18.00 target price on shares of Magnite in a research report on Monday, March 25th. Two equities research analysts have rated the stock with a hold rating and eight have given 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 $14.39.

Magnite Stock Down 2.1 %

Shares of MGNI stock opened at $8.46 on Friday. Magnite has a 12 month low of $6.28 and a 12 month high of $15.73. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.76. The company has a 50 day simple moving average of $10.32 and a two-hundred day simple moving average of $9.02.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings data 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 firm had revenue of $165.28 million during the quarter, compared to analysts’ expectations of $160.24 million. Magnite had a negative net margin of 25.69% and a positive return on equity of 2.52%. On average, analysts expect that Magnite will post 0.47 EPS for the current fiscal year.

Insider Buying and Selling at Magnite

In other Magnite news, CEO Michael G. Barrett sold 75,000 shares of the 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 in the company, valued at $13,840,561.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 4.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Magnite

Several institutional investors have recently made changes to their positions in the company. Cerity Partners LLC lifted its holdings in shares of Magnite by 9.8% in the 4th quarter. Cerity Partners LLC now owns 11,181 shares of the company’s stock worth $118,000 after acquiring an additional 1,000 shares during the last quarter. NBC Securities Inc. lifted its holdings 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 acquiring an additional 1,108 shares during the last quarter. Captrust Financial Advisors lifted its holdings in shares of Magnite by 48.5% in the 1st quarter. Captrust Financial Advisors now owns 3,767 shares of the company’s stock worth $50,000 after acquiring an additional 1,230 shares during the last quarter. Amundi lifted its holdings in shares of Magnite by 16.7% in the 4th quarter. Amundi now owns 8,739 shares of the company’s stock worth $92,000 after acquiring an additional 1,249 shares during the last quarter. Finally, Metropolitan Life Insurance Co NY lifted its holdings in shares of Magnite by 22.5% in the 4th quarter. Metropolitan Life Insurance Co NY now owns 8,112 shares of the company’s stock worth $86,000 after acquiring an additional 1,490 shares during the last quarter. Institutional investors 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.