Macquarie Reaffirms Outperform Rating for Magnite (NASDAQ:MGNI)

Magnite (NASDAQ:MGNI)‘s stock had its “outperform” rating reissued by investment analysts at Macquarie in a note issued to investors on Friday,Benzinga reports. They currently have a $18.00 price objective on the stock. Macquarie’s price objective would indicate a potential upside of 32.26% from the company’s current price.

A number of other research analysts have also recently weighed in on MGNI. Royal Bank of Canada reaffirmed an “outperform” rating and set a $19.00 price target on shares of Magnite in a research report on Friday, September 27th. Benchmark restated a “buy” rating and set a $21.00 target price on shares of Magnite in a report on Wednesday, October 2nd. Needham & Company LLC reiterated a “buy” rating and issued a $15.00 price target on shares of Magnite in a report on Wednesday, October 2nd. Wells Fargo & Company began coverage on shares of Magnite in a report on Monday, October 28th. They set an “equal weight” rating and a $13.00 price target for the company. Finally, Craig Hallum reiterated a “buy” rating and issued a $20.00 price objective on shares of Magnite in a report on Wednesday, August 21st. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.96.

Magnite Trading Up 0.9 %

Shares of MGNI stock traded up $0.12 on Friday, reaching $13.61. 3,923,508 shares of the stock were exchanged, compared to its average volume of 1,496,215. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 0.77. The stock has a market cap of $1.92 billion, a P/E ratio of 226.83, a price-to-earnings-growth ratio of 1.27 and a beta of 2.43. The firm has a 50 day moving average of $12.80 and a two-hundred day moving average of $12.69. Magnite has a 1-year low of $6.55 and a 1-year high of $15.92.

Magnite (NASDAQ:MGNI) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). Magnite had a return on equity of 4.68% and a net margin of 2.62%. The firm had revenue of $162.88 million during the quarter, compared to analysts’ expectations of $144.04 million. During the same quarter last year, the business earned ($0.04) earnings per share. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. On average, research analysts anticipate that Magnite will post 0.29 EPS for the current year.

Insider Transactions at Magnite

In other Magnite news, CRO Sean Patrick Buckley sold 2,623 shares of Magnite stock in a transaction on Monday, August 19th. The shares were sold at an average price of $12.53, for a total value of $32,866.19. Following the completion of the transaction, the executive now owns 331,742 shares of the company’s stock, valued at $4,156,727.26. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Magnite news, CRO Sean Patrick Buckley sold 2,623 shares of the business’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $12.53, for a total transaction of $32,866.19. Following the completion of the transaction, the executive now owns 331,742 shares in the company, valued at approximately $4,156,727.26. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Michael G. Barrett sold 75,000 shares of Magnite stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $12.63, for a total transaction of $947,250.00. Following the sale, the chief executive officer now owns 944,552 shares in the company, valued at approximately $11,929,691.76. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 100,645 shares of company stock worth $1,275,215. 4.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in MGNI. Allspring Global Investments Holdings LLC acquired a new stake in shares of Magnite in the first quarter worth about $340,000. Empowered Funds LLC increased its holdings in Magnite by 9.1% in the 1st quarter. Empowered Funds LLC now owns 42,761 shares of the company’s stock valued at $460,000 after buying an additional 3,560 shares during the period. SG Americas Securities LLC boosted its position in shares of Magnite by 26.9% during the 1st quarter. SG Americas Securities LLC now owns 61,337 shares of the company’s stock valued at $659,000 after acquiring an additional 12,987 shares in the last quarter. Swiss National Bank boosted its holdings in Magnite by 6.7% during the first quarter. Swiss National Bank now owns 244,900 shares of the company’s stock valued at $2,633,000 after purchasing an additional 15,400 shares in the last quarter. Finally, Williams Jones Wealth Management LLC. lifted its position in shares of Magnite by 5.2% during the 1st quarter. Williams Jones Wealth Management LLC. now owns 748,614 shares of the company’s stock worth $8,048,000 after buying an additional 36,943 shares during the period. 73.40% of the stock is owned by hedge funds and other institutional investors.

About Magnite

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.