Magnite (NASDAQ:MGNI) Now Covered by Analysts at B. Riley

B. Riley began coverage on shares of Magnite (NASDAQ:MGNI) in a research report sent to investors on Friday morning, MarketBeat.com reports. The firm issued a buy rating and a $14.50 price objective on the stock.

MGNI has been the subject of a number of other reports. Susquehanna boosted their price target on Magnite from $11.00 to $14.00 and gave the company a positive rating in a report on Thursday, February 29th. Needham & Company LLC reiterated a buy rating and set a $15.00 price target on shares of Magnite in a research report on Thursday, March 21st. Benchmark reiterated a buy rating and set a $18.00 price target on shares of Magnite in a research report on Monday, March 25th. Royal Bank of Canada reissued an outperform rating and issued a $15.00 price objective on shares of Magnite in a research note on Thursday, March 7th. Finally, Bank of America boosted their price objective on Magnite from $11.00 to $13.00 and gave the stock a neutral rating in a research note on Thursday, February 29th. Two 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, the stock currently has an average rating of Moderate Buy and an average price target of $14.39.

Magnite Stock Performance

Shares of NASDAQ:MGNI opened at $8.69 on Friday. The company has a market cap of $1.18 billion, a P/E ratio of -7.01, a PEG ratio of 0.53 and a beta of 2.25. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.09 and a current ratio of 1.09. Magnite has a one year low of $6.28 and a one year high of $15.73. The business’s 50-day simple moving average is $10.30 and its 200 day simple moving average is $9.05.

Magnite (NASDAQ:MGNI) last posted its quarterly earnings data on Wednesday, February 28th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.13. Magnite had a positive return on equity of 2.52% and a negative net margin of 25.69%. The company had revenue of $165.28 million for the quarter, compared to the consensus estimate of $160.24 million. On average, sell-side analysts forecast that Magnite will post 0.47 earnings per share for the current fiscal year.

Insider Activity at Magnite

In other Magnite news, CEO Michael G. Barrett sold 75,000 shares of the business’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $11.21, for a total value of $840,750.00. Following the transaction, the chief executive officer now owns 1,234,662 shares in the company, valued at $13,840,561.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Magnite by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 12,651,675 shares of the company’s stock worth $118,167,000 after acquiring an additional 209,771 shares in the last quarter. Rubric Capital Management LP raised its holdings in Magnite by 80.7% in the 3rd quarter. Rubric Capital Management LP now owns 4,000,000 shares of the company’s stock valued at $30,160,000 after acquiring an additional 1,785,978 shares in the last quarter. Wellington Management Group LLP raised its holdings in Magnite by 1.8% in the 4th quarter. Wellington Management Group LLP now owns 2,939,541 shares of the company’s stock valued at $27,455,000 after acquiring an additional 52,129 shares in the last quarter. Kennedy Capital Management LLC raised its holdings in shares of Magnite by 2.8% in the 3rd quarter. Kennedy Capital Management LLC now owns 2,692,371 shares of the company’s stock worth $20,300,000 after buying an additional 74,367 shares in the last quarter. Finally, Burgundy Asset Management Ltd. raised its holdings in shares of Magnite by 3.2% in the 4th quarter. Burgundy Asset Management Ltd. now owns 2,431,110 shares of the company’s stock worth $22,707,000 after buying an additional 75,852 shares in the last quarter. 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.