Magnite (NASDAQ:MGNI) Upgraded by BTIG Research to Strong-Buy Rating

Magnite (NASDAQ:MGNI) was upgraded by equities researchers at BTIG Research to a “strong-buy” rating in a research report issued on Tuesday,Zacks.com reports.

Other research analysts have also issued research reports about the company. Royal Bank Of Canada reissued an “outperform” rating on shares of Magnite in a report on Thursday, May 28th. Benchmark cut their price objective on Magnite from $31.00 to $30.00 and set a “buy” rating for the company in a report on Thursday, February 26th. Evercore reissued an “outperform” rating and set a $21.00 price objective on shares of Magnite in a report on Thursday, May 7th. Weiss Ratings raised Magnite from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 11th. Finally, Wells Fargo & Company boosted their price objective on Magnite from $13.00 to $15.00 and gave the stock an “equal weight” rating in a report on Friday, May 8th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.89.

Magnite Trading Up 8.1%

Shares of MGNI opened at $15.81 on Tuesday. The business’s 50-day moving average price is $13.24 and its 200-day moving average price is $13.83. Magnite has a twelve month low of $10.82 and a twelve month high of $26.65. The stock has a market cap of $2.26 billion, a PE ratio of 15.20, a P/E/G ratio of 0.69 and a beta of 2.32. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.38.

Magnite (NASDAQ:MGNI) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.02. Magnite had a return on equity of 8.40% and a net margin of 21.96%.The firm had revenue of $164.37 million for the quarter, compared to analysts’ expectations of $159.24 million. During the same period in the prior year, the business posted $0.12 earnings per share. The company’s revenue was up 5.5% on a year-over-year basis. On average, equities analysts forecast that Magnite will post 0.6 EPS for the current fiscal year.

Insider Transactions at Magnite

In other Magnite news, Director Robert F. Spillane sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $13.33, for a total value of $133,300.00. Following the completion of the sale, the director owned 43,917 shares of the company’s stock, valued at $585,413.61. This represents a 18.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 4.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Magnite

Several hedge funds and other institutional investors have recently bought and sold shares of MGNI. JPMorgan Chase & Co. boosted its holdings in Magnite by 28.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,209,413 shares of the company’s stock valued at $26,341,000 after acquiring an additional 271,325 shares during the period. Kopion Asset Management LLC boosted its holdings in Magnite by 149.2% during the 4th quarter. Kopion Asset Management LLC now owns 614,459 shares of the company’s stock valued at $9,973,000 after acquiring an additional 367,858 shares during the period. Stephens Investment Management Group LLC boosted its stake in shares of Magnite by 17.0% during the fourth quarter. Stephens Investment Management Group LLC now owns 1,128,578 shares of the company’s stock valued at $18,317,000 after purchasing an additional 164,035 shares during the period. Kennedy Capital Management LLC boosted its stake in shares of Magnite by 39.6% during the third quarter. Kennedy Capital Management LLC now owns 1,213,613 shares of the company’s stock valued at $26,432,000 after purchasing an additional 344,466 shares during the period. Finally, Picton Mahoney Asset Management boosted its stake in shares of Magnite by 203.0% during the third quarter. Picton Mahoney Asset Management now owns 387,332 shares of the company’s stock valued at $8,436,000 after purchasing an additional 259,482 shares during the period. Hedge funds and other institutional investors own 73.40% of the company’s stock.

Magnite Company Profile

Magnite, Inc (NASDAQ: MGNI) operates as an independent sell-side advertising platform that enables publishers and digital media owners to monetize their inventory through programmatic advertising. Formed in 2020 through the merger of Rubicon Project and Telaria, Magnite combines technologies for desktop, mobile, connected television (CTV) and digital out-of-home (DOOH) ad exchanges. The company provides an end-to-end solution designed to help media owners optimize yield across open marketplaces, private marketplaces and programmatic guaranteed deals.

At the core of Magnite’s offering is its supply-side platform (SSP), which connects publishers’ ad impressions to demand-side platforms (DSPs) through real-time bidding (RTB).