Benchmark Reiterates "Buy" Rating for Magnite (NASDAQ:MGNI)

Benchmark reiterated their buy rating on shares of Magnite (NASDAQ:MGNI - Free Report) in a research report report published on Monday morning,Benzinga reports. They currently have a $25.00 target price on the stock.

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

Magnite Stock Performance

Shares of MGNI traded up $0.16 during mid-day trading on Monday, hitting $12.38. The stock had a trading volume of 1,558,636 shares, compared to its average volume of 2,140,426. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market cap of $1.75 billion, a P/E ratio of 206.33, a PEG ratio of 1.00 and a beta of 2.69. Magnite has a 52 week low of $8.22 and a 52 week high of $21.29. The business has a fifty day moving average price of $12.68 and a 200-day moving average price of $14.79.

Magnite (NASDAQ:MGNI - Get Free Report) last released its quarterly earnings data on Wednesday, February 26th. The company reported $0.25 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.14). Magnite had a return on equity of 4.64% and a net margin of 2.62%. The business had revenue of $180.20 million during the quarter, compared to the consensus estimate of $183.90 million. On average, equities research analysts expect that Magnite will post 0.33 EPS for the current year.

Insider Activity at Magnite

In other Magnite news, Director James Rossman sold 149,936 shares of the stock in a transaction on Friday, February 7th. The shares were sold at an average price of $19.46, for a total transaction of $2,917,754.56. Following the completion of the sale, the director now owns 219,920 shares of the company's stock, valued at $4,279,643.20. This represents a 40.54 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Paul Caine sold 5,000 shares of the business's stock in a transaction dated Monday, February 10th. The shares were sold at an average price of $20.35, for a total transaction of $101,750.00. Following the completion of the transaction, the director now owns 182,837 shares in the company, valued at $3,720,732.95. The trade was a 2.66 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 244,905 shares of company stock valued at $4,718,855. Insiders own 4.30% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Merit Financial Group LLC bought a new position in shares of Magnite during the fourth quarter valued at approximately $586,000. Rice Hall James & Associates LLC purchased a new position in shares of Magnite during the fourth quarter valued at about $3,000,000. Jennison Associates LLC bought a new position in Magnite in the fourth quarter worth about $818,000. JPMorgan Chase & Co. boosted its position in Magnite by 5.9% during the 4th quarter. JPMorgan Chase & Co. now owns 1,511,439 shares of the company's stock valued at $24,062,000 after acquiring an additional 84,497 shares in the last quarter. Finally, Penbrook Management LLC grew its holdings in shares of Magnite by 60.8% during the 4th quarter. Penbrook Management LLC now owns 38,480 shares of the company's stock worth $613,000 after acquiring an additional 14,550 shares during the period. 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.