Magnite’s (MGNI) “Buy” Rating Reaffirmed at Benchmark

Magnite (NASDAQ:MGNI)‘s stock had its “buy” rating reiterated by investment analysts at Benchmark in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $25.00 price objective on the stock. Benchmark’s target price would suggest a potential upside of 133.58% from the company’s current price.

A number of other equities research analysts have also recently commented on MGNI. Wolfe Research increased their price objective on shares of Magnite from $14.00 to $19.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Wells Fargo & Company increased their target price on shares of Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 16th. Royal Bank of Canada lifted their price objective on shares of Magnite from $19.00 to $22.00 and gave the company an “outperform” rating in a research note on Friday, January 3rd. Susquehanna upped their target price on Magnite from $16.00 to $22.00 and gave the company a “positive” rating in a research report on Thursday, February 27th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $14.00 price target on shares of Magnite in a report on Monday. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $19.17.

Magnite Stock Down 3.8 %

MGNI stock traded down $0.43 during midday trading on Monday, reaching $10.70. 775,477 shares of the company were exchanged, compared to its average volume of 2,106,917. The company has a market cap of $1.53 billion, a price-to-earnings ratio of 178.75, a price-to-earnings-growth ratio of 1.00 and a beta of 2.69. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.11 and a current ratio of 1.11. Magnite has a 1-year low of $8.22 and a 1-year high of $21.29. The stock’s 50-day simple moving average is $13.49 and its 200 day simple moving average is $14.84.

Magnite (NASDAQ:MGNI) last posted its earnings results on Wednesday, February 26th. The company reported $0.25 EPS for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.14). The firm had revenue of $180.20 million for the quarter, compared to analyst estimates of $183.90 million. Magnite had a return on equity of 4.64% and a net margin of 2.62%. On average, equities analysts forecast that Magnite will post 0.33 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Paul Caine sold 5,000 shares of the company’s stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $20.35, for a total value of $101,750.00. Following the transaction, the director now directly owns 182,837 shares in the company, valued at approximately $3,720,732.95. This represents a 2.66 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Sean Patrick Buckley sold 18,693 shares of the business’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $20.00, for a total value of $373,860.00. Following the completion of the sale, the insider now owns 408,529 shares of the company’s stock, valued at approximately $8,170,580. This trade represents a 4.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 244,905 shares of company stock worth $4,718,855. 4.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Magnite

Several hedge funds and other institutional investors have recently modified their holdings of the business. SBI Securities Co. Ltd. bought a new stake in shares of Magnite during the fourth quarter worth $25,000. GAMMA Investing LLC raised its position in Magnite by 10,170.3% in the first quarter. GAMMA Investing LLC now owns 3,800 shares of the company’s stock valued at $43,000 after purchasing an additional 3,763 shares during the last quarter. Larson Financial Group LLC boosted its stake in shares of Magnite by 179.2% during the fourth quarter. Larson Financial Group LLC now owns 3,647 shares of the company’s stock valued at $58,000 after purchasing an additional 2,341 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in shares of Magnite by 7,043.0% during the first quarter. Farther Finance Advisors LLC now owns 6,643 shares of the company’s stock worth $76,000 after purchasing an additional 6,550 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new position in shares of Magnite in the fourth quarter valued at approximately $87,000. 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.