Benchmark Reiterates “Buy” Rating for Magnite (NASDAQ:MGNI)

Benchmark reissued their buy rating on shares of Magnite (NASDAQ:MGNI) in a research note published on Wednesday, Benzinga reports. The brokerage currently has a $21.00 price objective on the stock.

Several other equities analysts have also weighed in on the company. Wolfe Research initiated coverage on Magnite in a report on Tuesday, July 16th. They set an outperform rating and a $16.00 price objective for the company. Bank of America raised their price target on Magnite from $15.00 to $17.00 and gave the stock a buy rating in a report on Monday, July 29th. Craig Hallum reaffirmed a buy rating and issued a $20.00 price target on shares of Magnite in a report on Wednesday, August 21st. Lake Street Capital initiated coverage on Magnite in a report on Thursday, July 25th. They issued a buy rating and a $21.00 price target for the company. Finally, Needham & Company LLC reaffirmed a buy rating and issued a $15.00 price target on shares of Magnite in a report on Tuesday, July 9th. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat, Magnite has a consensus rating of Buy and a consensus target price of $17.25.

Magnite Price Performance

Shares of NASDAQ MGNI opened at $12.96 on Wednesday. The stock has a fifty day simple moving average of $13.65 and a two-hundred day simple moving average of $12.12. Magnite has a 1-year low of $6.28 and a 1-year high of $15.92. The firm has a market cap of $1.83 billion, a price-to-earnings ratio of -20.25, a price-to-earnings-growth ratio of 1.22 and a beta of 2.41. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.77.

Magnite (NASDAQ:MGNI) last announced 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 for the quarter, compared to the consensus estimate of $144.04 million. During the same period last year, the company posted ($0.04) earnings per share. Magnite’s revenue for the quarter was up 6.8% on a year-over-year basis. Analysts anticipate that Magnite will post 0.31 earnings per share for the current year.

Insider Activity at Magnite

In related news, CEO Michael G. Barrett sold 100,000 shares of Magnite stock in a transaction on Monday, July 15th. The stock was sold at an average price of $15.00, for a total transaction of $1,500,000.00. Following the completion of the sale, the chief executive officer now owns 1,052,493 shares of the company’s stock, valued at $15,787,395. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Magnite news, CFO David Day sold 19,077 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $15.00, for a total transaction of $286,155.00. Following the sale, the chief financial officer now owns 430,755 shares in the company, valued at $6,461,325. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael G. Barrett sold 100,000 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 $1,500,000.00. Following the sale, the chief executive officer now owns 1,052,493 shares in the company, valued at approximately $15,787,395. The disclosure for this sale can be found here. Over the last quarter, insiders sold 250,383 shares of company stock valued at $3,519,150. Company insiders own 4.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of MGNI. Cape Investment Advisory Inc. purchased a new position in shares of Magnite in the fourth quarter worth about $25,000. UMB Bank n.a. increased its holdings in Magnite by 111.8% during the 2nd quarter. UMB Bank n.a. now owns 2,251 shares of the company’s stock valued at $30,000 after purchasing an additional 1,188 shares during the period. Asset Dedication LLC purchased a new position in Magnite during the 2nd quarter valued at about $52,000. Blue Trust Inc. purchased a new position in Magnite during the 2nd quarter valued at about $56,000. Finally, Benjamin F. Edwards & Company Inc. increased its holdings in Magnite by 973.5% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 4,380 shares of the company’s stock valued at $58,000 after purchasing an additional 3,972 shares during the period. Hedge funds and other 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.