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

Benchmark reiterated their buy rating on shares of Magnite (NASDAQ:MGNI) in a research report report published on Monday, Benzinga reports. Benchmark currently has a $18.00 target price on the stock.

MGNI has been the topic of a number of other reports. Susquehanna raised their target price on shares of Magnite from $11.00 to $14.00 and gave the stock a positive rating in a research report on Thursday, February 29th. Royal Bank of Canada reiterated an outperform rating and issued a $15.00 price objective on shares of Magnite in a research report on Thursday, March 7th. B. Riley lifted their price objective on shares of Magnite from $15.00 to $18.00 and gave the company a buy rating in a research report on Thursday, February 29th. Bank of America lifted their price objective on shares of Magnite from $11.00 to $13.00 and gave the company a neutral rating in a research report on Thursday, February 29th. Finally, Needham & Company LLC reiterated a buy rating and issued a $15.00 price objective on shares of Magnite in a research report on Thursday, March 21st. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Magnite has an average rating of Moderate Buy and a consensus price target of $14.78.

Magnite Stock Performance

Shares of Magnite stock opened at $10.75 on Monday. The firm has a market capitalization of $1.46 billion, a P/E ratio of -8.67 and a beta of 2.27. Magnite has a 52 week low of $6.28 and a 52 week 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 firm’s 50 day moving average is $10.23 and its two-hundred day moving average is $8.82.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results on Wednesday, February 28th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.03 by $0.13. The company had revenue of $165.28 million for the quarter, compared to analyst estimates of $160.24 million. Magnite had a negative net margin of 25.69% and a positive return on equity of 2.52%.

Insider Buying and Selling at Magnite

In other news, CEO Michael G. Barrett sold 75,000 shares of Magnite stock in a transaction on Friday, March 15th. The stock was 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 of the company’s stock, valued at approximately $13,840,561.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 4.30% of the stock is owned by corporate insiders.

Institutional Trading of Magnite

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cape Investment Advisory Inc. purchased a new stake in shares of Magnite during the 4th quarter worth about $25,000. State of Wyoming purchased a new stake in shares of Magnite during the 4th quarter worth about $29,000. Covestor Ltd grew its holdings in shares of Magnite by 7,927.8% during the 1st quarter. Covestor Ltd now owns 2,890 shares of the company’s stock worth $38,000 after purchasing an additional 2,854 shares during the period. Captrust Financial Advisors grew its holdings in shares of Magnite by 48.5% during the 1st quarter. Captrust Financial Advisors now owns 3,767 shares of the company’s stock worth $50,000 after purchasing an additional 1,230 shares during the period. Finally, Coppell Advisory Solutions LLC acquired a new position in Magnite during the 2nd quarter worth approximately $52,000. 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.