Magnite (NASDAQ:MGNI) Research Coverage Started at Lake Street Capital

Lake Street Capital assumed coverage on shares of Magnite (NASDAQ:MGNI) in a report issued on Thursday, MarketBeat.com reports. The firm issued a buy rating and a $21.00 price objective on the stock.

MGNI has been the subject of several other reports. Needham & Company LLC restated a buy rating and set a $15.00 price objective on shares of Magnite in a research report on Tuesday, July 9th. Bank of America upgraded Magnite from a neutral rating to a buy rating and boosted their price target for the company from $13.00 to $15.00 in a research note on Friday, May 24th. Craig Hallum increased their price objective on Magnite from $18.00 to $20.00 and gave the stock a buy rating in a research report on Thursday, May 16th. Wolfe Research initiated coverage on shares of Magnite in a research report on Tuesday, July 16th. They issued an outperform rating and a $16.00 target price for the company. Finally, Royal Bank of Canada raised their price target on shares of Magnite from $17.00 to $19.00 and gave the stock an outperform rating in a research report on Wednesday, June 5th. Twelve equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Magnite currently has an average rating of Buy and an average target price of $16.13.

Magnite Price Performance

NASDAQ:MGNI opened at $14.39 on Thursday. Magnite has a 12-month low of $6.28 and a 12-month high of $15.92. The firm has a market capitalization of $2.01 billion, a price-to-earnings ratio of -22.48, a P/E/G ratio of 1.00 and a beta of 2.35. The stock’s 50 day moving average price is $13.42 and its two-hundred day moving average price is $11.10. 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 (NASDAQ:MGNI) last announced its quarterly earnings results on Wednesday, May 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.05. The business had revenue of $130.55 million during the quarter, compared to the consensus estimate of $123.77 million. Magnite had a positive return on equity of 3.23% and a negative net margin of 12.24%. On average, analysts anticipate that Magnite will post 0.38 earnings per share for the current year.

Insider Activity at Magnite

In other Magnite news, CAO Brian Gephart sold 16,166 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $15.00, for a total transaction of $242,490.00. Following the completion of the sale, the chief accounting officer now directly owns 121,169 shares in the company, valued at $1,817,535. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Brian Gephart sold 16,166 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $15.00, for a total transaction of $242,490.00. Following the completion of the transaction, the chief accounting officer now owns 121,169 shares of the company’s stock, valued at approximately $1,817,535. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO David Day sold 19,077 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $15.00, for a total value of $286,155.00. Following the completion of the sale, the chief financial officer now directly owns 430,755 shares in the company, valued at $6,461,325. The disclosure for this sale can be found here. Insiders have sold 254,479 shares of company stock valued at $3,636,179 over the last three months. 4.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Magnite

Institutional investors have recently added to or reduced their stakes in the stock. Cape Investment Advisory Inc. acquired a new position in shares of Magnite during the fourth quarter worth $25,000. Blue Trust Inc. bought a new position in Magnite in the second quarter valued at about $56,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Magnite during the fourth quarter valued at about $99,000. O Shaughnessy Asset Management LLC bought a new stake in shares of Magnite during the first quarter worth about $108,000. Finally, HCR Wealth Advisors acquired a new position in shares of Magnite in the fourth quarter valued at approximately $121,000. 73.40% of the stock is currently owned by institutional investors and hedge funds.

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.