Macquarie Reiterates "Outperform" Rating for Magnite (NASDAQ:MGNI)

Magnite (NASDAQ:MGNI - Get Free Report)'s stock had its "outperform" rating reissued by equities research analysts at Macquarie in a research note issued to investors on Friday,Benzinga reports. They presently have a $18.00 price target on the stock. Macquarie's target price suggests a potential upside of 32.26% from the company's current price.

MGNI has been the subject of a number of other research reports. Lake Street Capital began coverage on shares of Magnite in a research report on Thursday, July 25th. They issued a "buy" rating and a $21.00 target price for the company. Royal Bank of Canada reaffirmed an "outperform" rating and set a $19.00 price objective on shares of Magnite in a research report on Friday, September 27th. Bank of America boosted their target price on Magnite from $15.00 to $17.00 and gave the stock a "buy" rating in a research note on Monday, July 29th. Needham & Company LLC reaffirmed a "buy" rating and issued a $15.00 price objective on shares of Magnite in a research note on Wednesday, October 2nd. Finally, Benchmark reaffirmed a "buy" rating and issued a $21.00 price objective on shares of Magnite in a research note on Wednesday, October 2nd. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat.com, Magnite has an average rating of "Moderate Buy" and an average target price of $16.96.

Magnite Stock Up 0.9 %

MGNI traded up $0.12 during trading on Friday, reaching $13.61. 3,923,498 shares of the stock were exchanged, compared to its average volume of 1,602,704. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.10 and a current ratio of 1.10. The stock's 50 day moving average price is $12.80 and its two-hundred day moving average price is $12.63. Magnite has a twelve month low of $6.55 and a twelve month high of $15.92. The stock has a market cap of $1.92 billion, a P/E ratio of -123.73, a price-to-earnings-growth ratio of 1.23 and a beta of 2.43.

Magnite (NASDAQ:MGNI - Get Free Report) 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 positive return on equity of 3.74% and a negative net margin of 0.83%. The company 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 firm earned ($0.04) earnings per share. The company's revenue for the quarter was up 6.8% compared to the same quarter last year. Equities analysts expect that Magnite will post 0.29 EPS for the current year.

Insiders Place Their Bets

In other Magnite news, insider Aaron Saltz sold 5,112 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $13.50, for a total transaction of $69,012.00. Following the transaction, the insider now directly owns 307,745 shares in the company, valued at approximately $4,154,557.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Magnite news, CRO Sean Patrick Buckley sold 2,623 shares of the stock in a transaction that occurred 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 transaction, the executive now directly owns 331,742 shares in the company, valued at approximately $4,156,727.26. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Aaron Saltz sold 5,112 shares of the stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $13.50, for a total value of $69,012.00. Following the transaction, the insider now owns 307,745 shares in the company, valued at $4,154,557.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 100,645 shares of company stock worth $1,275,215. Corporate insiders own 4.30% of the company's stock.

Hedge Funds Weigh In On Magnite

A number of large investors have recently modified their holdings of MGNI. Allspring Global Investments Holdings LLC bought a new position in shares of Magnite in the 1st quarter worth $340,000. Empowered Funds LLC lifted its holdings in shares of Magnite by 9.1% in the 1st quarter. Empowered Funds LLC now owns 42,761 shares of the company's stock worth $460,000 after purchasing an additional 3,560 shares in the last quarter. SG Americas Securities LLC lifted its holdings in shares of Magnite by 26.9% in the 1st quarter. SG Americas Securities LLC now owns 61,337 shares of the company's stock worth $659,000 after purchasing an additional 12,987 shares in the last quarter. Swiss National Bank lifted its holdings in shares of Magnite by 6.7% in the 1st quarter. Swiss National Bank now owns 244,900 shares of the company's stock worth $2,633,000 after purchasing an additional 15,400 shares in the last quarter. Finally, Williams Jones Wealth Management LLC. lifted its holdings in shares of Magnite by 5.2% in the 1st quarter. Williams Jones Wealth Management LLC. now owns 748,614 shares of the company's stock worth $8,048,000 after purchasing an additional 36,943 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.