Magnite's (MGNI) "Buy" Rating Reiterated at Benchmark

Magnite (NASDAQ:MGNI - Get Free Report)'s stock had its "buy" rating reissued by Benchmark in a note issued to investors on Monday,Benzinga reports. They presently have a $25.00 price target on the stock. Benchmark's price target would suggest a potential upside of 100.14% from the company's current price.

MGNI has been the subject of several other research reports. Needham & Company LLC reissued a "buy" rating and issued a $20.00 price target on shares of Magnite in a research note on Thursday, February 27th. Royal Bank of Canada lifted their price objective on shares of Magnite from $19.00 to $22.00 and gave the stock an "outperform" rating in a research report on Friday, January 3rd. Wolfe Research increased their target price on Magnite from $14.00 to $19.00 and gave the company an "outperform" rating in a report on Friday, January 3rd. Wells Fargo & Company upped their target price on shares of Magnite from $13.00 to $15.00 and gave the company an "equal weight" rating in a research note on Thursday, January 16th. Finally, Susquehanna lifted their target price on Magnite from $16.00 to $22.00 and gave the company a "positive" rating in a research note on Thursday, February 27th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $19.27.

Magnite Trading Down 4.6 %

Shares of MGNI stock traded down $0.61 during trading hours on Monday, reaching $12.49. The company had a trading volume of 513,231 shares, compared to its average volume of 2,509,926. The firm has a market cap of $1.79 billion, a price-to-earnings ratio of 207.95, a P/E/G ratio of 1.00 and a beta of 2.79. Magnite has a 1-year low of $8.38 and a 1-year high of $21.29. The company has a 50 day moving average of $17.07 and a 200 day moving average of $15.28. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.11 and a quick ratio of 1.11.

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

Insider Buying and Selling at Magnite

In other news, Director Paul Caine sold 5,000 shares of the firm's stock in a transaction on Monday, February 10th. The shares were sold at an average price of $20.35, for a total value of $101,750.00. Following the sale, the director now owns 182,837 shares in the company, valued at approximately $3,720,732.95. This trade represents a 2.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Brian Gephart sold 6,250 shares of the business's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $16.00, for a total value of $100,000.00. Following the transaction, the chief accounting officer now owns 132,909 shares in the company, valued at $2,126,544. This represents a 4.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 271,863 shares of company stock valued at $5,169,262 in the last 90 days. 4.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Magnite

Institutional investors have recently modified their holdings of the stock. Arizona State Retirement System raised its holdings in shares of Magnite by 1.5% in the fourth quarter. Arizona State Retirement System now owns 36,846 shares of the company's stock valued at $587,000 after purchasing an additional 559 shares during the last quarter. Truist Financial Corp raised its holdings in Magnite by 2.0% in the 4th quarter. Truist Financial Corp now owns 34,242 shares of the company's stock valued at $545,000 after acquiring an additional 674 shares during the period. Summit Investment Advisors Inc. boosted its stake in Magnite by 6.8% in the 4th quarter. Summit Investment Advisors Inc. now owns 13,162 shares of the company's stock valued at $210,000 after purchasing an additional 836 shares during the period. Verdence Capital Advisors LLC increased its holdings in shares of Magnite by 4.8% during the third quarter. Verdence Capital Advisors LLC now owns 19,326 shares of the company's stock worth $268,000 after purchasing an additional 892 shares during the period. Finally, ANTIPODES PARTNERS Ltd raised its holdings in Magnite by 13.4% in the 4th quarter. ANTIPODES PARTNERS Ltd now owns 8,072 shares of the company's stock valued at $129,000 after acquiring an additional 956 shares in the last quarter. 73.40% of the stock is currently owned by institutional investors and hedge funds.

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.

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